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Business

Report: Did This Company Win a Lucrative Contract Because of VP’s Brother?

Oct. 23, 2012 7:17am Becket Adams

HillStone International Awarded Lucrative Iraq Contract Six Months After James Biden Brought On

James Biden, the brother of Vice President Joe Biden, and Sara Biden (AP)

HillStone International, a subsidiary of Hill International, in 2011 was awarded an extremely lucrative contract to build 100,000 new homes in Iraq, Fox Business reports.

But with stiff competition from other more seasoned outfits, how did the relatively young HillStone land the contract?

Well, as is usually the case in situations like this, a little political help may have been involved. And in the case of Hill, that help may have been executive vice president of Hill International’s housing subsidiary James Biden, brother of Vice President Joe Biden.

“Since November 2010, James Biden has been the executive vice president of Hill International’s housing subsidiary despite little if any documented work history in residential construction,” Fox Business reports.

“And if the company’s projections are accurate, both Hill and Biden are on the verge of a huge payday, beneficiaries, some analysts believe, of James Biden’s connections to the Obama Administration through his older brother,” the report adds.

Lord knows the company could use the deal: Hill has been steadily losing money since 2011 and its shares are currently trading for $3.82, down 28 percent this year on the NYSE. But the Iraq deal, if it ever gets underway, could see the company’s profits boom.

“I think these guys will come through,” one former Hill executive told Fox, referring to the delay of the project’s start date. “You have to realize that these guys are relentless businessmen and they have the right connections.”

The project is expected to bring in about $1.5 billion over the next three years.

And you know who stands to profit handsomely?

“[A] chunk of that $1.5 billion will flow to the biggest connection Hill has to government: James Biden. Hill International owns a 51% stake in HillStone; a group of minority partners, including Biden, hold the rest,” Fox reports.

“That means that the minority partners would split roughly $735 million, pocketing millions of dollars even after expenses are paid,” the report adds.

Not a bad payout at all.

“There’s plenty of money for everyone if this project goes through,” Hill International’s chief executive, Irv Richter, who founded the company 40 years ago, is quoted as saying.

And Hill may have someone to thank for it. Indeed, as Hill president David Richter allegedly once said: It helps to have “the brother of the vice president as a partner.”

But Richter is also claims James Biden isn’t totally responsible for the contract.

“Listen, his name helps him get in the door, but it doesn’t help him get business,” Richter said of Biden. “People who have important names tend to get in the door easier but it doesn’t mean success. If he had the name Obama he would get in the door easier.”

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Click here to read the full, in-depth report. All photos courtesy the AP.

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Comments (18)

jessieH
Posted on October 24, 2012 at 6:15pm
How long are we going to let these theives, Dems & Reps, steal us blind? It’s the same thing, every year, no matter who is in office.

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airportengineer
Posted on October 24, 2012 at 2:51pm
Where is our Representatives!?!

This crony-government system is right in front of their eyes, and they DO NOTHING!!

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Tom70
Posted on October 23, 2012 at 1:13pm
Of course he benefited from the VP’s position… so did Hillary Clintong’s Bro in his enterprise, oh and we can’t forget about Senator Feinstein’s hubby’s enterprises making multi millions from her position’s in our Govt. Hell its only money and there is plenty more where that came from we’ll just extort some more from the sheeple.

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- cosette
  Posted on October 23, 2012 at 2:53pm
  I must confess I didn’t read the story but I’m pretty confident that the truth is yes he did. Judging from all the graft this administration has handed out to its benefactors and cronies why should this POS be any different? Vote the slugs out!
  
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I-have-black-immunity
Posted on October 23, 2012 at 12:38pm
Obama’s Czar of Village Idiots and Buffoons, Joe Biden has taken reality out of context. If anybody has **** for brains it’s Uncle Joe. And now he’s saying I’m not a crook!” This message is approved by the DNC.

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Ducky657
Posted on October 23, 2012 at 10:15am
Surprise! Surprise! Surprise! The Obama Administration has amazed me with their hubris after saying they were going to be transparent and were going to close the the doors to crony capitalism–How’s that working for the Liar in Chief?

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tbo
Posted on October 23, 2012 at 9:57am
Thats $15,000 per house. Can you build a house or $15,000. Probably not. So then it is a government handout to home owners in Iraq. How many people have lost their homes in the US? How many have tried even to get a Obama Home Loan Modification? What was the succes rate? Not good. Do you think that 100,000 US home owners could have saved their home with the $15,000 government gift.

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- starman70
  Posted on October 23, 2012 at 10:50am
  You can build a house for $15,000 when all you build is a 1 or 2 room shack in the desert.
  
  The Bidens may be from Deleware but they have learned the Chicago way very well.
  
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- AmazingGrace8
  Posted on October 23, 2012 at 2:29pm
  This admin. borrows money from China so seems like a “sweet-deal” going forward to have this deal with Iraq who have their “own money” and “no-hassle” 1.5 Billion “sweet-deal” for Biden and his cronies.
  
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Disabledvet
Posted on October 23, 2012 at 8:26am
Why in the HE77 are we building 100,000 new houses in Iraq, why dont they build their own houses, instead we will send americans there and they will put in danger for a country that hates us.

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- G-WHIZ
  Posted on October 23, 2012 at 10:17am
  These “homes” are only for THE MUSLIMBROTHERHOOD!!
  
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Abraham Young
Posted on October 23, 2012 at 7:58am
This is what happens in a centrally planned economy. Government makes decisions based on nepotism and special interest groups. The thing to do is to get the government OUT of the business of doing business, and back in the business of governing.

In a command economy, the power concentrates in the hands of the few. In an unhampered economy, we the people call the shots and get to make the economic decisions.

If we as individuals want to build in Iraq, we should get to vote with our dollars and do so. We shouldn’t be forced to contribute to government intervention overseas.

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HKS
Posted on October 23, 2012 at 7:56am
Cronyism in the White House, I’m speechless.

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Mia Cav
Posted on October 23, 2012 at 7:52am
Why are WE even building houses in Iraq?

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- steveh931
  Posted on October 23, 2012 at 2:37pm
  Deplorable, Biden needs some time in prison, he’d look good in orange.
  
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westandfree
Posted on October 23, 2012 at 7:29am
At least before leaving Biden will have “helped” something. SOmething tells me any money flow back to James Biden will trickle over to Joe. You know, a “little somethin’, somethin’” for helping the deal along. Corrupt bastards, it is EVERYWHERE in politics.

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TerryJ70
Posted on October 23, 2012 at 7:27am
I am tired of reading these types of articles. Corruption is so obvious, yet nothing ever gets done about it. No sense bringing it up.

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- toiletclogga
  Posted on October 23, 2012 at 7:39am
  Awareness first, action later. Something tells me this is the “big dig” Iraq style. It starts out as a paltry $1.5 billion (paltry is said in a sarcastic tone), and balloons to a $20 billion project. After all, we can’t leave the Iraqis hanging with a partially completed housing project. Can we?
  
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