According to a new report from the Washington Examiner, Hunter Biden was significantly involved with an investment firm that received $130 million in federal bailout loans while his father, Joe Biden, was serving as Vice President.
The younger Biden joined the Rosemont financial network in June 2009 when he and Rosemont Capital executives Devon Archer and Chris Heinz incorporated Rosemont Seneca Partners in Delaware.
Hunter Biden’s New Group Received Millions in Bailout Money Just Three Weeks After It Was Created
Then the newly formed Rosemont Seneca Partners began receiving tens of millions of dollars in federal bailout loans just three weeks after it was created.
REVEALED: "An investment firm linked to Hunter Biden received over $130 million in federal bailout loans while his father Joe Biden was vice president and routed profits through a subsidiary in the Cayman Islands" https://t.co/d5d3uTL6Fu
— Trump War Room (Text TRUMP to 88022) (@TrumpWarRoom) November 21, 2019
The loan program that Rosemont Seneca Partners benefitted from was called the Term Asset-Backed Securities Loan Facility, in which the Federal Reserve and Treasury Department would choose firms or investors who would enter it by purchasing bonds that banks were having difficulty selling. Many of these bonds included sub-prime mortgages and bundled student loans.
Many criticized the program when it began, saying it was prone to corruption because the way the companies who benefitted were chosen was not fully transparent.
That’s where the timing concerning Hunter Biden becomes suspicious–Rosemont received the loan money right after the Vice President’s son joined their team.
The Washington Examiner reports, “Three weeks after Rosemont Seneca was incorporated, a subsidiary of Rosemont Capital, called Rosemont TALF SPV, received $23.5 million in federal loans through the TALF program.”
“This included $13.4 million to invest in student loans and $11.1 million to invest in subprime auto loans,” the Examiner continued. “Over five months, the company received a total of $130 million from the program in multiple installments for investments in subprime credit cards and residential mortgages.”
Tom Anderson, director of the Government Integrity Project at the National Legal and Policy Center, an organization that was critical of TALF, told the Examiner, “This is a great example of the suspicion of many Americans that these bailouts were used to benefit connected insiders while ordinary Americans went broke.”
Hunter Biden-Linked Investment Firm Granted $130M In Fed Bailout Loans While Dad Was Vice President: Report https://t.co/88JGuxP7n8
— Ryan Saavedra (@RealSaavedra) November 22, 2019
Americans Deserve Answers From Both Bidens
It’s also curious that many of the organizations that received TALF loan money routed the profits through the Cayman Islands, a popular tax haven. Rosemont was among the companies who did this.
As Sen. Bernie Sanders asked in 2010, in a letter to the Federal Reserve, “Why would the Fed lend to material investors located in the Cayman Islands?”
Good question. Shouldn’t there by many new questions now for Hunter Biden and his father too?