New Oversight Report on Biden Inc: ‘Joe Biden Has No Business Except His Position in Politics’

And boy, did it pay well when he was VP, bank records show.

By Al Perrotta Published on May 10, 2023

“This is simply not how legitimate business is conducted.”

Joe Biden’s family and associates created 20 companies while Biden was vice president, shell companies apparently designed to shuffle millions of dollars from foreign interests, including China, into Biden family pockets. So alleges the House Oversight Committee in a memorandum released Wednesday morning.

What’s the saying? “Follow the money.” And so the committee has.  They examined thousands of pages of bank documents and 170 “suspicious activity reports” from Treasury, buttressed by witness testimony and, of course, emails and texts on Hunter Biden’s laptop. (Verified, Comer was quick to point out at a Wednesday press conference, by The Washington Post.)

The committee has (so far) uncovered a “complicated, suspicious network” of 20 companies — mostly LLCs — that have funneled over $10 million from foreign nationals to nine Biden family members. According to a memo:

In some instances, Biden associates would receive significant deposits from foreign sources into their bank accounts and then transfer smaller, incremental payments to Biden bank accounts.These complicated and seemingly unnecessary financial transactions appear to be a concerted effort to conceal the source and total amount received from the foreign companies.

Said Chairman Rep. James Comer at a press conference Wednesday morning, “This is not how lawful businesses operate.”

He and fellow members detailed payments involving two of those countries, Romania and Communist China. (This does not include Ukraine, where the FBI was requested to hand over by noon today a confidential source report detailing an alleged Biden bribery scheme there. No word yet on whether the FBI complied or is continuing to stonewall.)


The Romania squeeze involved a figure named Gabriel Popoviciu. Popoviciu, who end up being convicted of corruption, paid $3 million to Biden family business associate Rob Walker in 17 payments between November 2015 and May of 2017. He made 16 of those payments while Joe Biden was VP.  According to the Oversight Report, Walker moved one-third of the money from his business account to his personal account, and then on to assorted Biden family accounts and associates.

This one-third cut of foreign business deals is a familiar structure for the Biden family, Oversight notes.

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So what were Joe’s ties to Romania? It was another country in his foreign portfolio, like China and Ukraine. He had gone over to Romania in 2014 to discuss “anti-corruption” efforts. He would then meet in 2015 at the White House with Romania’s president, again about corruption. Irony of ironies.

Just five weeks after that meeting, payments to Walker from Popoviciu’s company started rolling in. Then onward to Biden family interests. The money flow stopped soon after Biden left the vice presidency. Coincidence of coincidences.

Asked Rep. Kelly Armstrong, “Why separate payments?” Why did Walker bounce money from his business account to his personal account to the Biden family accounts?

This included payments to Hallie Biden, widow of Beau Biden, lover of Hunter Biden. What’s a school counselor have to do with Romanian business?

Said Armstrong, “This is simply not how legitimate business is conducted.”


Much of the China business scheme centered around Hunter’s association with Ye Jianming, Gongwen Dong, and a CCP-connected energy company called CEFC. Among the payments, Hunter’s company Hudson West V received a $24 million wire from Ye. According to the Oversight memo, Ye had “close ties to the highest levels of the Chinese Communist Party and was reportedly deputy secretary-general for an international outreach arm of the People’s Liberation Army.”

What did the “outreach arm” do? Buy influence, for example bribing African officials.

Again, the memo lays out the details.

Joe Biden Denies All

The White House launched a preliminary attack on Comer and Oversight Committee. Spokesman Ian Sams blasted Comer’s “absurd innuendo,” declaring he’s “making absurd claims that President Biden has made governing decisions not in the interest of America, but of the Chinese Communist Party, using baseless claims, personal attacks, and innuendo to try to score political points.”

Sams called it an “evidence-free, politically-motivated ‘investigation.’”

Joe Biden, of course, has repeatedly denied his family got any money from China and is as pure as the driven snow. The bank records show this is a flat-out lie.

In 2017 alone, bank records show President Biden’s family and their related companies received millions of dollars from Chinese foreign nationals’ companies. This amount does not include payments from Ukraine, Kazakhstan, Mexico, Romania, Oman, or other foreign business deals the Committee is investigating.

Evidence-free? That’s a favorite line for people who know the evidence has them in a bind. Read the full memorandum here. See the money pinball to and fro. Decide for yourself.

What’s the Biden Business?

A theme throughout Wednesday’s press conference was “What is the Biden family’s business?” What is the service or product provided? Rep. Byron Donalds pointed out that at least when people like Adam Schiff pored over Donald Trump’s business records there were actual businesses you could point to. A vast enterprise. Real estate. A winery. A clothing line. The Apprentice. Branding.

But what is Joe Biden’s family business? What is produced or provided by these 20 companies formed while he was vice president? No one can really say.

Concluded Donalds, “Joe Biden has no business except his position in politics.”

So what was the millions of dollars, shuffled through these 20-plus companies, for?

“Access,” Rep. Nancy Mace declared. And we know from the other activities of Hunter’s Chinese business partner Ye, influence.  The pattern is well established. If Joe Biden had a role with a foreign country, money from that foreign country somehow found its way to Hunter Biden or Biden family associates. This is nothing new. “Biden Inc.” has been around for decades now. (Check out a Politico article from 2019 for the history of Biden pay-offs and influence peddling.)

Now here we are in 2023, fifty years after Biden came to the Senate and Biden Inc. was established, and House Oversight has got the bank records and the goods. What’s to be done about it?

Rep. Donalds urged the media to take the evidence seriously, saying this was “Pulitzer Prize” material. But news stories are not enough, if Joe Biden was selling the office of the Vice Presidency for personal family gain. Especially when selling the office to our chief adversary China. 

Rep. Mace put it bluntly, ““DOJ needs to get off it’s a** and investigate.”


Al Perrotta is the Managing Editor of The Stream, chief barista for The Brew and co-author, with John Zmirak, of The Politically Incorrect Guide to Immigration. You can follow him at @StreamingAl at GETTRGabParler, and now at TRUTH Social.

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