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James Biden walked lawmakers through the two loans he received from brother Joe Biden, transcript shows

By Annie Grayer, CNN

James Biden walked lawmakers through the process of receiving two interest free loans from his brother Joe Biden, who at the time was a private citizen, and how he paid those loans back, according to a transcript of the interview shared publicly Friday.

Republicans leading the impeachment inquiry into the president have questioned the legitimacy of these transactions and made them central to unproven allegations that the president was involved in his family’s business dealings.

James Biden testified that in 2017 and 2018 he needed money for “outstanding bills” and ultimately received two loans: one for $40,000 and one for $200,000.

“I repaid two loans that I secured from my brother,” James Biden said.

James Biden said he first approached his brother’s longtime friend and attorney, Melvyn Monzack, to see if his brother could lend him money.

“I asked Mel if Joe was in a position to do it,” Biden testified. “I then thanked Joe and called him and requested that the transaction happen.”

He said he typically never goes to his brother for financial help and joked that when Joe Biden was a senator, he was considered “the poorest man in the United States Congress.”

It wasn’t until Joe Biden’s book, “Promise Me, Dad,” came out, that he had “disposable income,” according to his brother.

With the green light to move forward, on July 28, 2017, Joe Biden wired his brother $40,000 through his attorney Monzack, and James Biden paid that loan back on September 3 of that year, he stated. Then on January 12, 2018, Joe Biden loaned his brother $200,000 via Monzack, and James Biden repaid him on March 1 of that year, he confirmed. The wire transfers from Joe Biden and James Biden’s loan repayments ran through an attorney trust account controlled by Monzack.

But, James Biden said there were no official documents memorializing these wire transfers.

James Biden also confirmed that he used the $200,000 he had received through his work with Americore to pay his brother back, but never told his brother or Monzack the source of the funds he used to repay his loans.

“It came from money that I earned at Americore” Biden said of the $200,000 loan repayment in 2018.

Throughout the interview, the president’s brother maintained that the president was never involved in his business dealings.

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Article Topic Follows: CNN - US Politics

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