Biden Family Firm Among Stanford's Political Pals

President Barack Obama could learn a thing or two about bipartisanship from Sir Allen Stanford, the Houston bank executive being sued by the SEC for running a $8 billion financial scam.

Stanford managed to accumulate quite the collection of political pals from the GOP (including George W. Bush) and among Dems, but the Wall Street Journal reported Monday night that his firm marketed an investment fund run by the family of vice president Joe Biden.

“The $50 million fund was jointly branded between the Bidens’ Paradigm Global Advisors LLC and a Stanford Financial Group entity and was known as the Paradigm Stanford Capital Management Core Alternative Fund. Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, according to a lawyer for Paradigm. Paradigm Global Advisors is owned through a holding company by the vice president’s son, Hunter, and Joe Biden’s brother, James.”

Keep reading>

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.