Joe Biden Agnew: 20 cents gets you a Paradigm

We blogged about Joe Biden Agnew's connection to the Stanford Financial Group as well as the Scruggs Scandal back in February (Hat Tip to Y'all Politics for the Fox News story).

The story has surfaced again in Politico.

A hedge fund with some ties to Vice President Joe Biden's family was shuttered by the Securities and Exchange Commission Monday due to allegations of fraud.

The finance blogger John Hempton was the first to note that Biden family company, Paradigm Global Advisors, which is led by Biden's brother James and his son Hunter shares an address with the closed fund, Ponta Negra. The Wall Street Journal reported that the Biden company -- a fund of hedge funds -- also shares a marketing company with Ponta Negra -- a marketing company that also marketed funds for alleged Ponzi schemer Alan Sanford.

Paradigm lawyer Marc LoPresti said the relationship between Ponte Negra and Paradigm was limited.

"They were subtenants," he said, adding that marketer Jeff Schneider "who did some marketing for paradigm over the last couple of years introduced us to Ponte Negra, and we had some availale office space."

"That's 100% the extent of the relationship," he said.

"There's no smoke or fire as relates to this unfortunate Ponte Negra situation. There's nothing there at all," he said.

Biden spokespeople didn't immediately respond to an email with questions about the matter.

The Bidens appear to have purchased Paradigm in 2006, and Hempton posts an eyebrow-raising affidavit in which James Biden accused the manager from whom he and his nephew bought the fund of fraud and mismanagement.

LoPresti decliend to comment on pending litigation.

Nonetheless, according to Paradigm's website, "PARADIGM's portfolios of hedge funds have not suffered a down year since the firm's inception in 1991."

There's a lot to untangle in this complicated story, and Felix Salmon, now of Reuters, is also on the case, but it seems unlikely to go away.

The online snowball on Biden's connection continues to grow.

Zero Hedge asks "Is Joe Biden Associated With A Fund of Funds Feeder Scam?"

Beats and Pieces calls the story "Joe Biden, a blogger and a Ponzi hedge fund".

And the beat continues.

Biden Son and Brother Near Epicenter of Two Ponzi Schemes

Biden in a ponzi?

Is Biden Associated with a Hedge Fund Scandal?

[The Bidens, Paradigm and Ponta] The politics of Paradigm

Again, Hat Tip to Y'all for peaking our interest again on this yesterday.

Shocked over Jim Hood

Maybe it is the static in his hair. Maybe he was scorned as a child by inviting wall plugs. But for some reason, Jim Hood hates electricity. At least, he is doing everything he can to make sure cheap electricity is hard to come by in Mississippi. First it was his incessant attacks against Entergy Mississippi. Now he is obstructing a $2 billion coal plant in Kemper County. Why you may wonder?

Hood says that since the law is a new one, he wants to make sure it's being followed properly and that the company has submitted documents that show the public why the project is needed.

The Mississippi legislature passed this law; the Mississippi governor signed this law. But unlike all the other new laws last year, Hood wants to make sure this one is followed properly. Its typical Hood, turning justice on its head, he assumes you're guilty and makes you prove you're innocent. Mississippi Power who is seeking to build the plant hasn't even gotten started, they haven't had the opportunity to follow or break the law, and Hood is already going after them.

Maybe he really does hate cheap electricity. Jim Hood's "leadership" will continue to push jobs out of state and require Mississippi to purchase energy generated from other states. But this begs the question, does he have any outside lawyers under contract on this deal, too?

Barbour's Tax Study Commission on Tobacco

With all the back and forth on tobacco taxes, lets take a look at what Governor Haley Barbour's "Mississippi Tax Study Commission Report" said about tobacco taxes.

6.7 Tobacco Taxes

6.7.1 Increase the Taxes on Cigarettes - The excise tax on cigarettes is lower in Mississippi than most other states in the nation. (see Table 7 on next page, Source: Federal Tax Administrators) A number of proposed changes were submitted to increase this tax. The Commission recommends an increase in the excise tax from 18 cents to 50 cents per pack, which would reflect the average of the four adjoining states.

6.7.2 Create a New Tax to Provide Equal Taxation for All Cigarette Manufacturers - Create a new tax on all tobacco manufacturers and give credit against this tax for payments made under the settlement agreement in the State’s tobacco lawsuit. The burden of this new tax applies to manufacturers not participating in the Mississippi settlement agreement.

6.7.3 Maintain All Increases in Tobacco Taxes for General Fund Use - Any revenue increase should not be tied to a specific use or other recommendation, but should be general fund revenue.

6.7.4 Tax Smokeless Tobacco Based on Weight - Implement a unit excise tax based on weight.

And what did the man who holds the veto pen say recently?

“The preliminary figures I shared with the legislative leadership today are based on a least-change model that would make the fewest and smallest cuts for departments and agencies allowed under the stimulus rules as we understand them. I cautioned the leadership that these calculations are still subject to approval by the federal government in certain areas; in addition, these figures assume restoration of the $90 million hospital tax and a tax increase of 42 cents per pack on cigarettes, making a total state tax of 60 cents per pack. I hope the Legislature will also enact tax increases on smokeless tobacco products and non-participating cigarette companies.”

Catfish or Carribean fundraisers with Bennie Thompson

If you're in Washington DC today with an extra $500 to spend, drop by and visit Bennie Thompson at the Democratic National Headquarters for a Mississippi Pond Raised Catfish Fry.

It won't be as fun as the fundraiser Thompson hosted for Rep. Yvette Clarke(NY-11) last month. Drawing on his many experiences as Chairman of Vacation Security, Bennie hosted that fundraiser as an "Evening in the Caribbean."

No, I bet Sir Allen Stanford missed that one.

Hood's contracts to donors under scrutiny

The Clarion Ledger did a bang-up job on this article "Election donors under scrutiny." Here is the good part.

Democratic Attorney General Jim Hood accepted $75,000 in 2007 from a Texas attorney poised to earn a paycheck if the state is successful in its case against drug companies, according to a review of campaign finance records.

Hood's opponent pointed to a $14 million legal fee given to an attorney who was one of his biggest campaign contributors. The money was negotiated and given to Joey Langston of Booneville and other lawyers after Langston helped win a $100 million settlement for the state in a MCI tax settlement case.

Langston gave a $100,000 contribution to Hood and a similar amount to the Democratic Attorneys General Association, which then contributed to Hood. Langston is now serving prison time in a judicial bribery scandal unrelated to the MCI case and has been disbarred.

Texas lawyer F. Kenneth Bailey has contributed tens of thousands of dollars to attorneys general across the country, including Hood. A pharmaceutical company is asking the Pennsylvania Supreme Court to toss Bailey from a case there because he repeatedly donated to the state's Democratic governor, whose office hired him in a no-bid contract.

Bailey also made separate contributions of $50,000 and $25,000 to Hood in 2007. He contributed even more to the Democratic Attorneys General Association.

Bailey is serving as associate counsel to Jackson lawyer William Quin in Mississippi's case against pharmaceutical companies. Quin signed an agreement with the state in 2008 to work as outside counsel.

Quin was hired "in an effort to stop big drug companies from defrauding our state Medicaid program through the unapproved use of certain drugs," Hood said in a statement issued through his spokeswoman.

Hood said outside counsel is hired "when special expertise is necessary to take legal action against those who would harm our citizens. Outside counsel is hired according to state law and strict retention guidelines."

Now the weird part. It is as if the Clarion Ledger would not do this article about Hood unless they could also hit a Republican, like Haley Barbour. Lets look at the two cases.

Barbour got campaign contributions.
Hood got campaign contributions.

Contributors got contracts from the state (Barbour oversees MDA for example).
Contributors got contracts from Hood.

Barbour's contracts were won through a competitive bid process.
Hood's contracts were no-bid contracts; he picked who to give them to.

The fact that people who do business with the state also make contributions is not a problem. Or in the words of Barbour spokesman Dan Turner, "Making a campaign contribution doesn't prevent you from doing business with the state." The problem comes when campaign contributors get a secret, no-bid contract, like Hood's friends.

It was a great article. Right of Mississippi looked at some of the Hood material on Thursday and reminded us that Hood believes these contracts are "First come, first served." Also, the Wall Street Journal editorialized on this, too.

It is unfortunate that the Clarion Ledger would try to equivocate established contract bidding, with secret no-bid contracts, as if they were the same thing and should face the scrutiny. There may be a story to the Barbour contracts and the Ledger should certainly explore it. But it shouldn't run the Hood and Barbour stories together as if they are the same thing.

Jim Hood chooses campaign contributor over taxpayers

Mississippi is/was suing former special assistant attorney general Joey Langston for $14 million in attorney fees he unconstitutionally received from a no-bid contract with his boss/friend Attorney General Jim Hood. Yesterday morning, Jim Hood won his motion to move the State of Mississippi from being a plaintiff to being a defendant.

Kidd ruled in favor of Hood's motion to remove the state of Mississippi as a plaintiff in the case and place it as a defendant.

In other words, Jim Hood picked a side. He chose to argue that Joey Cash Langston should get the $14 million instead of Mississippi taxpayers. That's right, he is now arguing AGAINST the people of Mississippi and for Joey Langston, who just happens to be his largest campaign contributor ($100,000+). Sure, Joey Langston needs the money to pay his lawyers in the ongoing Scruggs related scandals. But that $14 million would also get us about half way towards plugging the car tag fee fund without raising taxes.

When it came down to make a choice between the taxpayers of Mississippi, or his largest campaign contributor, Jim Hood chose Cash (Joey Cash Langston, that is).

Ed Blackmon...Pay your Taxes!

No wonder Democrats don't care about taxes. Why should they when they don't pay them? Take, for example, the law firm of Ed Blackmon, Chairman of the House Judiciary Committee. The following information is courtesy of Madison County on April 16.