Biden Associate Says No Paper Trail for Biden ‘Loan’

By Jerry McConway, updated on March 19, 2024

Eric Schwerin is a business associate of Hunter Biden’s as well as serving as Joe Biden’s bookkeeper and tax preparer.

Schwerin testified that he was not aware of any loan while he was keeping Joe's books, but there was something even bigger revealed by the committee.

Talking Points…
- The ‘Loan’
- Schwerin clears this right up
- Analysis

The Biden Loan

As you may already know, several payments were funneled to Joe Biden that had the word “loan” in the memo on the check that was sent to Joe Biden. Both Joe and James Biden have maintained that this was money that Joe Biden lent to James Biden and was being repaid.

Now, if you recall, Joe Biden always touted himself as one of the poorest members of Congress, hinting that everyone else was corrupt but him. Yet he somehow managed to give his brother five- and six-figure loans, none of which had a paper trail.

I have always stated that even if they did not paper the loan, there still would have been an origination of the loan somewhere in Joe Biden’s accounts—a check, a wire transfer, a withdrawal… something to show that Joe Biden gave James Biden this money in some way, shape, or form. Some of that mystery seems to have been cleared up by banking records, but the Bidens clearly never papered the loan in terms of interest, but that is only a small tax violation at best.

Schwerin Clears Up Bookkeeping Questions

During Schwerin’s testimony before Congress, he told lawmakers that “I don’t recall” Joe Biden ever having sent his brother a loan between 2009 and 2016. Schwerin was handling Joe Biden’s books at the time, so he surely would have seen large transfers that would back up the loan claim by the Bidens, but that was not the case. Schwerin testified:

“Certainly through the 2016 tax period, I don’t recall any loans that he made.”

He later added that he “potentially” did not see any loans during the 2017 tax season, as he was helping Joe Biden transition out of political life and into being a private citizen, which is the time frame when the "loans" were allegedly given to James Biden from Joe.

There were two loan payments marked to Biden. The first was a $40,000 loan repayment paid to Joe Biden on September 30, 2017, soon after Hunter Biden had received a $5.1 million from China-based CEFC. James Biden stated that it was a loan repayment from a wire that was received from Joe Biden on July 28, 2017.

James also had a check that he sent to Joe Biden for $200,000, which was dated March 1, 2018. This was the same day that James Biden received money from Americore, which is now out of business. James Biden claims that he received the loan from Joe Biden on January 12, 2018, in the form of a bank wire.

Analysis

There is no doubt that Biden did not properly paper these loans, and there was clearly no interest charged as is required for loans of this magnitude between family members. However, the wires coming into James Biden’s account are new information that we were not privy to before. This is a fairly significant piece of evidence, as it would show a possible originating transaction, which Comer previously stated did not exist.

This is extremely significant because, to this point, those payments were what Comer was pointing to as the payments received by Joe Biden from Hunter’s business deals. While that will not help Joe and James Biden on the interest issue, it would show that Joe Biden did have money going to James Biden and returned to him by James Biden just weeks or months later. If this is all Comer has come up with after all this time, he has fallen way short of the expectations he set for conservatives when he announced this investigation.

About Jerry McConway

Jerry McConway is an independent political author and investigator who lives in Dallas, Texas. He has spent years building a strong following of readers who know that he will write what he believes is true, even if it means criticizing politicians his followers support. His readers have come to expect his integrity.

Top Articles

The

Newsletter

Receive information on new articles posted, important topics and tips.
Join Now
We won't send you spam. 
Unsubscribe at any time.

Recent Articles

Recent Analysis

Copyright © 2024 - CapitalismInstitute.org
A Project of Connell Media.
magnifier