Recent findings from the House Committee on Oversight and Accountability have shed light on a $40,000 payment made to President Joe Biden, raising questions about the source of these funds and their connection to Chinese money. This revelation, detailed in a video and bank records memorandum released by Chairman James Comer, indicates a circuitous route for money originating from China before landing in President Biden’s bank account. This article breaks down the complex financial trail and explores the implications of these findings.
The Initial Demand and the Flow of Funds from China
The investigation traces the origins of this money back to July 2017. Hunter Biden, the President’s son, allegedly demanded a substantial $10 million capital payment from Raymond Zhao, an associate linked to CEFC, a Chinese energy company with ties to the Chinese Communist Party (CCP). Hunter Biden reportedly claimed his father, Joe Biden, was present during this demand, implying a level of awareness and potential involvement.
Subsequently, on August 8, 2017, Northern International Capital, a Chinese company affiliated with CEFC, transferred $5 million to Hudson West III. Hudson West III was a joint venture established by Hunter Biden and Gongwen Dong, another CEFC associate. On the very same day, $400,000 was moved from Hudson West III to Owasco, P.C., an entity owned and controlled by Hunter Biden.
The flow of funds continued within the Biden family network. On August 14, 2017, Hunter Biden wired $150,000 to Lion Hall Group, a company owned by President Biden’s brother, James Biden, and his sister-in-law, Sara Biden. Sara Biden then withdrew $50,000 in cash from Lion Hall Group on August 28, 2017. Later that day, she deposited this cash into her personal checking account shared with James Biden.
The $40,000 Check to Joe Biden: Loan Repayment or Laundered Funds?
The culmination of this financial chain occurred on September 3, 2017. Sara Biden wrote a check for $40,000 to Joe Biden. The memo line on this check stated “loan repayment.” While the check itself is presented as a loan repayment, the House Oversight Committee is scrutinizing the origin of these funds, highlighting their initial source in Chinese money.
Chairman Comer’s remarks emphasize the discrepancy between President Biden’s public statements and these financial records. He points out Biden’s previous claims that his son did not make money in China and highlights the fact that $40,000 of what appears to be laundered Chinese money ended up in Joe Biden’s account.
The committee argues that even if the $40,000 was genuinely a loan repayment from James Biden to Joe Biden, the funds originated from the Biden family’s dealings with a CCP-linked Chinese company. They contend that without the influence peddling activities of the Biden family, leveraging Joe Biden’s name and position, James Biden would not have had the financial capacity to write such a check.
Implications and Ongoing Investigation
The House Oversight Committee’s findings raise serious questions about potential conflicts of interest and the extent to which President Biden may have benefited from his family’s business dealings with Chinese entities. The committee suggests that by accepting funds sourced from a company linked to the CCP, which aims to advance China’s interests, President Biden could have exposed himself to potential blackmail and prioritized personal financial gain over American interests.
The investigation is ongoing, and the House Oversight Committee has stated its commitment to “follow the money” and hold President Biden accountable. These revelations add to the ongoing scrutiny of the Biden family’s financial activities and their connections to international entities, particularly those linked to China. For more details and to review the evidence, refer to the House Committee on Oversight and Accountability’s official releases and reports.
