On Thursday, the Washington Examiner reported that an investment firm central to Hunter Biden’s financial dealings received more than $130 million in federal bailout loans while Joe Biden was vice president.
Rosemont Capital – named after former Secretary of State John Kerry’s 90-acre Heinz family estate outside of Fox Chapel, Pennsylvania – was founded by Hunter Biden, Christopher Heinz, and longtime friend Devon Archer.
According to the report, Rosemont was one of just 177 firms to participate in Obama’s 2009 Term Asset-Backed Securities Loan Facility (TALF), which issued billions of dollars in favorable loans to investors who agreed to buy bonds from struggling banks, including college and auto loans.
The Federal Reserve funded as much as 90% of the investments. If the bonds were profitable, the borrowers benefited. If not, the department agreed to take over the depreciated assets with no repercussions for the borrowers.
Under the terms for the program, any U.S. company looking to invest in select categories of bonds was eligible to apply for the loans. However, the Treasury Department and Federal Reserve maintained the “right to reject a borrower for any reason,” and the internal selection process was criticized by some lawmakers as opaque and open to corruption.
One of the firms that benefited was Rosemont Capital, a company led by Hunter Biden’s business partners, Chris Heinz and Devon Archer. The firm received the loans at a crucial time for Hunter Biden. The younger Biden had stepped down from his lobbying business in late 2008, reportedly due to pressure on his father’s vice presidential campaign. –Washington Examiner
And while the Examiner reviewed “federal banking and corporate records” for their report, the MSM is completely silent about this obvious graft.
CNN, NBC, MSNBC, ABC, CBS and FOX have all been radio silent on this report.
Imagine if an investment firm established by Trump Jr., Nicholas Pompeo and a college roommate received a similar government handout?
“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, an organization that was critical of TALF at the time.
Who else got handouts?
According to the report, “In April 2011, Rolling Stone reported that millions in TALF loans had been issued to the wife of Morgan Stanley Chairman John Mack, Miami Dolphins owner H. Wayne Huizenga, and Wall Street titan John Paulson, dubbing the program “welfare for the rich.””
“Our jaws are literally dropping as we’re reading this,” said Bernie Sanders aide, Warren Gunnels. “Every one of these transactions is outrageous.”