No one realized just how much Joe Biden and his family was benefiting from his position as VP until recently. The former VP stood as a quiet figure next to Obama for eight years. Many assumed that he wasn’t doing much of anything.
However, he was fast at work behind the scenes. While he wasn’t responsible for making many improvements to the country, he was helping his son’s financial future considerably.
Hunter Biden was prominently involved with an investment firm known as the Rosemont financial network. He joined in June 2009, which is when Chris Heinz and Devon Archer joined him to incorporate Rosemont Seneca Partners.
Thanks to Hunter’s father, there was a considerable payday when things went south. Joe Biden was a part of the administration that famously provided bailout loans to a number of banks and business firms – and Hunter Biden’s firm received $130 million.
Three weeks following the creation of Rosemont Seneca Partners, they began receiving tens of millions of dollars, all identified as federal bailout money.
The program was created by the Federal Reserve and Treasury Department and known as the Term Asset-Backed Securities Loan Facility. It would allow the department to choose investors or firms that were in the program by purchasing bonds that the banks couldn’t sell. Bonds included everything from sub-prime mortgages to student loans.
From the time the program was launched, people criticized it due to its corruption process. The selection process was far from transparent. It’s also extremely notable that Rosemont began receiving loan money almost immediately after Hunter Biden joined the board.
According to the Examiner, a subsidiary of Rosemont Capital received $23.5 million in federal loans through the program. This was divided to invest between student loans and subprime auto loans. Over the course of five months, the company received $130 million from the program over the course of several installments.
The payouts to Hunter Biden’s investment firm was one of the greatest examples of how Americans were suspicious of the bailout programs because they were benefiting “connected insiders” while other Americans went broke said the director of the Government Integrity Project, Tom Anderson.
Additionally, a significant number of corporations involved in TALF loan money chose to route profits through the Cayman Islands because of it being a popular tax Haven – and Rosemont was one of those.
Even Sen. Bernie Sanders rose suspicions in 2010, asking the question of why the federal government would lend to material investors that were located in the Cayman Islands.
A lot of people wondered the same question back in 2010 when it was impossible to turn on the TV, open a newspaper, or go online without hearing about the latest bailout happening. A number of banks and investment companies were receiving hundreds of millions of dollars to “bail” them out of bad loans.
These were companies that were already making millions of dollars despite having some bad loans out there. They were capable of getting out of the financial situation on their own. However, the government felt they needed to do something – and that’s when corruption ran rampant.
During the time that the bailout loans were being issued, the corruption was obvious. CEOs and CFOs were taking premium vacations, driving around in sports cars, and showing up to meetings in corporate jets.
They were also giving themselves impressive pay raises that exceeded six and seven figures. Meanwhile, many Americans silently suffered because of overwhelming debt.
This is the side of the Obama-era administration that Democrats don’t want you to remember. It’s the dark side of the history that they would prefer that you forget. They also don’t appreciate that the news outlets have uncovered it once again to dig up some dirt on frontrunner Joe Biden and how he used his position as VP to help his son benefit.
Hunter Biden had it good when his father was the VP. It allowed him to get a job with Burisma, sitting on the board at a salary of $50,000 a month despite not having experience in that industry.
He was also able to join an investment firm that was privy to $130 million – only for those profits to be funneled into the Cayman Islands so that the US couldn’t touch any of it. How much of that $130 million lined Hunter Biden’s pockets is unknown – but it seems more than a little shady that a company that was only around for three weeks would even get such an impressive payout.
It’s easy to see the corruption and how Joe Biden used his position to help his son. No wonder he wasn’t an outspoken VP. He was too busy using his connections for personal gain.