When it comes to residential housing projects, James Biden is really not a household name.
So, what precisely qualified him to work for a building company and participate in the profits of a $1.5 billion initiative to create cheap housing in Iraq?
Those who believe it has anything to do with his surname, which is the same as his elder brother President Joe Biden, are not too far off the mark.
Some market analysts who follow the Marlton, New Jersey-based corporation Hill International believe they’ve stumbled onto yet another shady story of crony capitalism.
Hill has already been in business for a long time, and its primary activity is the management of megaprojects in the Gulf Region and in the United States.
Likewise, the father-son duo of Irv and David Richter, who oversee the business, have established a solid brand and reputation.
#USA James Biden the younger brother of Joe Biden was awarded a construction contract to build 100,000 homes in IRAQ. This despite James Biden have no experience in the construction industry. #BidenCrimeFamilly pic.twitter.com/mJW5kplCVL
— Veki (@VekiB71) March 20, 2022
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However, the collapse of the real estate boom has taken its toll, with Hill shares plummeting by 80 percent ever since the beginning of 2008.
Because of these losses, the firm has been in the red since 2011. Additionally, the Arab Spring protests have hampered Hill’s Middle East operations; in Libya, the company has been owed $60 million in payments, which it is now attempting to collect.
However, it received some encouraging news not long after the hiring of James Biden as executive vice president of its housing division in late 2010.
Hill earned one of its largest contracts to date, a $1.5 billion commitment to construct at least 100,000 starter homes in Iraq, only six months after winning the contract.
The transaction is favorable for Hill, who is relatively new to the home-building business, as well as for James Biden, who will get a substantial portion of the $1.5 billion in revenue.
Guess who the Obama admin gave a lucrative contract to for rebuilding destroyed houses in Iraq?
James Biden who visited his brother in the WH and withing weeks had a construction contract although he had no experience in construction. https://t.co/OcXSoSaSKX
— Common Sense (@whisty111) March 18, 2022
Because the agreement is conditional on the Iraqi government subsidizing financial support, which it has not done yet, Hill executives have told analysts that the money may begin pouring by the conclusion of the year.
Everybody involved, including former vice president James Biden, would begin reaping huge amounts of money in profits at that point, according to the White House.
One of James Biden’s friends thinks that he has a net worth of roughly $7 million, despite the fact that he appears to have a stunning lack of practical business expertise.
An attorney who has personally worked for him referred to him as a “serial entrepreneur,” although he did not specify which firms he was in charge of at the time.
Chief of staff Irv Richter referred to Biden as an “excellent salesperson.”
Likewise, the firm’s website boasts of “40 years of expertise working with principals in corporate, political, legal, and financial sectors across the United States and also overseas.”