The Biden 'loan' scam

 Jonathon Turley:

...

What is new now, according to House Republicans, is an emerging pattern of how the Bidens turned influence-peddling into the equivalent of the family’s personal savings & loan operation. Money moving between key family members was labeled as a "loan" in at least one instance, and Hunter has claimed other money as “loans” — a framing that not only offered plausible deniability but non-taxable income.

Two IRS whistleblowers, who testified before House investigators in July, highlighted the use of a loan allegedly to evade public disclosure and taxation. Hunter allegedly took large payments from dubious foreign sources and listed them as “loans,” despite no evidence of repayment or any standard loan agreement.

This month, House investigators discovered that, in 2018, the president’s brother James received two loans totaling $600,000 from Americore Health, which they described as “a financially distressed and failing rural hospital operator.” According to the company’s bankruptcy proceedings, it made the loans “based upon representations that his last name, ‘Biden,’ could ‘open doors’” to new overseas investors. On the day he received the second loan transfer, James Biden sent a check for the same amount — $200,000 — to Joe Biden as a "loan reimbursement.”

I suspect the loan scam was an attempt to avoid taxes on the transactions. 



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