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FBN's Charlie Gasparino breaks down details of a potentially lucrative deal involving James Biden, the brother of the vice president.
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Today when we -- to get to this other story is Fox Business schools -- that we've been telling you about ties that Biden.
James Biden the vice president's younger brother possibly benefiting from his political connections to -- them know what some say is set a sweetheart deal worth big big money.
Fox Business senior correspondent Charlie Gasparino has the exclusive details and this report Charlie -- -- -- will set the stage and James Biden is the younger brother.
Of Joseph Biden known as a businessman not really there's no real sort of connections and and there's no real paper trail alone and -- -- she tried to start a hedge fund.
He did a few other things we did in 2010 -- land at a construction company.
Very little specific experience in construction at a place called Hill International.
And not long after that till the international got their hands on a fairly big deal worth one point five billion dollars.
Which companies at least -- an analyst that they're gonna cash in on that very soon possibly before the end of the year it's all contingent on financing from the Iraqi Government.
Lose interest in what analysts believe is that the ties to the Obama administration and to the Iraqi Government.
Help secure this deal that what's really interesting about this is that James -- Again very well know construction development -- and they're gonna build homes in Iraq affordable housing.
-- 100000 of them.
Maybe as much as 500000 of this goes to no discernible experience in in that field.
And also if this does go through he stands to make a lot of money why is that.
He's part of a partnership that brought that deal to hill and basically if -- one point five billion dollars comes true.
Half of it goes to hill half of the -- that partnership he's part of that partnership.
He and his in his colleagues might -- expenses.
Right they walk away with something like 700 million dollars obvious -- expenses.
And this deal is not a done deal yet but like I said company officials say it is close to -- -- done that they expected to get the funding.
From the Iraqi Government soon.
And if that happens James Bonds could be a very rich man -- Hello I was gonna say a lot of people up political connections obvious like this guy -- the vice president's brother would have more than the most right what about the lines that may or may not have been crossed where those -- are and anything we know I don't here's what we -- -- we know I mean it.
This this develop is part of a bigger developments by by an Iraqi firm in track development right.
Where it is James James -- -- is using part of South Korean term.
Track to double tracked what highs this James -- have to South Korean government.
What we do know is that he showed up at a state dinner that the obamas put -- for the South Korean president not long after the deal.
This is that this is a dinner that you know dignitaries or -- Vice president but the vice president was there obviously also the Treasury Secretary was -- Tim Geithner Valerie Jarrett was there the president of of South Korea.
And and James -- and so it's kind of interest in connection he does have influence with the South Koreans he obviously net.
Senior members of the South Korean government and here's the other thing I that you this -- all on foxbusiness.com.
You can read -- through sometimes it's hard.
To this still a story like this which is layered a nuanced -- to discernible soundbites but I would just say this.
If you look at that chronology and how -- got this deal.
They create this subsidiary to do housing they hire a bunch a guys for that subsidiary including Biden.
Bingo six months later they get the deal it is really interest in the -- CEO of hill will tell you.
His name is -- richter I spent a lot of time talk -- nice nice enough guy you'll tell you that politics has nothing do with with getting this deal that the hill is off.
Is long established in this business not really this but given his big big.
They do a lot of house.
Management of facilities of construction facilities.
But he'll also tell you and this is what what is -- what was fascinating about my interview with mr.
richter and it's like it's it's on foxbusiness.com.
You also -- James Biden opens doors for the company.
His quote opens doors which shows you that politics does -- now.
Crony capitalism obviously is a big story these days and vice president Joseph Biden when he was debating Paul Ryan admitted the Republican president and vice presidential nominee.
Point blank said there was no crony capitalism involved in -- in the Obama administration despite Solyndra and you know.
The stimulus package have those funds -- handed out.
Okay but this is really interest in and a lot of people say particularly -- Analysts who cover the company -- -- do you get a story like swollen analysts who I don't covered Hill International their housing company I cover Wall Street but -- analysts that cover his company.
Basically told me about this stated you should really look at this connection -- in -- and we should point out James Biden right now.
Is now.
Part of -- you know he's an executive vice president he's trying to create a business of affordable housing in Third World countries along with her richter.
Again her over there is very up -- he doesn't believe that political influence is gonna get on the business but he does concede it it opens doors it's kind of -- roast chicken any sort of thing but.
Georgia read about a foxbusiness.com talks about it EA Charlie -- desperate thank you so much for a couple of terrific reporting us --
