‘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…’
(Ben Sellers, Liberty Headlines) An investment firm linked to former Vice President Joe Biden‘s son Hunter and two close associates of former Secretary of State John Kerry received $130 million in government bailout funds, which it routed to an offshore account used to avoid paying taxes of its own.
The investigation by the Washington Examiner into Rosemont Capital revealed that the company was a select few approved for a loan under the Term Asset-Backed Securities Loan Facility program in 2009, Joe Biden’s first year as vice president during the Obama administration.
That same year, Hunter Biden co-founded Rosemont Seneca Partners with Kerry’s stepson, Chris Heinz, and a senior Kerry adviser, Devin Archer.
The Examiner’s investigation stemmed from the company’s involvement in a Ukrainian corruption scandal. Both Hunter Biden and Archer were offered lucrative positions on the board of Burisma, a Ukrainian natural gas company, where they received a monthly consulting stipend estimated to be more than $83,000 while Joe Biden was overseeing U.S. foreign policy in Ukraine.
A month before the vice president coerced the firing of a prosecutor–general who had investigated Burisma for corruption by threatening to withdraw a billion-dollar loan, both Hunter Biden and Archer met with high-level State Department officials to lobby on behalf of Burisma.
Rosemont Seneca shared the same address and phone number as Rosemont Capital, which held a 50 percent stake in the subsidiary, according to records from the Securities and Exchange Commission reviewed by the Examiner.
Three weeks after its incorporation, the parent company was granted $13.4 million to invest in student loans and $11.1 million to invest in subprime auto loans. Within five months, that amount had ballooned to $130 million total.
“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,” said Tom Anderson, director of the Government Integrity Project at the National Legal and Policy Center, which assisted the Examiner with its investigation.
Adding insult to injury, Rosemont stored the money in a Cayman Islands account to avoid taxation.
“It seems like a pretty basic ask that any recipient of these TALF loans would act in certain ways,” Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, told the Examiner. “And one of those ways would be to not organize their businesses to avoid taxes in the Caymans.”
The details of Obama-era corruption have, of course, only become clearer in hindsight as Democrats attempt to falsely accuse and pin blame on President Donald Trump for many of the outrageous acts that they either turned a blind eye to or brazenly flaunted as the spoils of power during the Obama years.
In the Bidens’ case, the revelations tie in with a long history of fudging the truth—if not outright lying.
In 2017, Biden misleadingly defended the Obama-era bailouts—despite the fact that many went to wealthy, well-connected corporations–by saying they were a necessary evil at the time.
“These guys are not the most likable guys in the world,” Biden said, according to the Huffington Post “But here are the facts … Had we not bailed out the largest bank institutions in the world, there would have been a flat-out depression.”