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11/26/2019 / By JD Heyes
Americans who are fair-minded have known for some time that former Vice President Joe Biden intervened on behalf of his son, Hunter Biden, to head off a corruption investigation into a Ukrainian gas company.
The firm, Burisma Holdings, was paying Hunter Biden between $50,000 and $83,000 a month, depending on various sources, to be a “board member” despite having no real knowledge or understanding of the energy industry. (Related: For the record, Obama and Biden are the ones who screwed over Ukraine, not Trump.)
Former VP Biden, acting as point man on Ukraine for President Obama, was captured on video last year bragging at a Council on Foreign Relations event that he threatened to withhold a billion dollars from then-Urkainian President Petro Poroshenko if the latter refused to fire the state Prosecutor General investigating Burisma corruption.
But it turns out that wasn’t the only corrupt activity that Hunter Biden and, by association, Joe Biden, were involved in.
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 Washington Examiner noted further that, according to financial experts the news outlet consulted, the offshore corporate set up could have been “used to shield earnings from U.S. taxes.”
There’s more. Rosemont Capital, an investment company in the middle of Hunter Biden’s questionable financial network, was one of the firms the Obama administration approved to participate in the 2009 federal government bailout program known as the “Term-Asset-Backed Security Loan Facility,” or TALF.
The U.S. Treasury Department and Federal Reserve bank issued billions of dollars under the program using very favorable loans to select investors who pledged to purchase bonds that banks were having trouble getting rid of at the time.
“According to federal records, 177 firms participated in TALF, many of them well connected in Washington or on Wall Street. For investors, there was little risk and a high chance of reward,” the Washington Examiner reported.
“The Federal Reserve funded as much as 90 percent 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,” the site added.
In 2009, Carol Pepper, a wealth management specialist, said it was very difficult to become a qualified TALF borrower.
However, if a company did manage to participate, they could “benefit from this government program.”
While some Democrats like Sen. Bernie Sanders criticized the plan as a ‘corporate’ bailout, then-VP Joe Biden wasn’t one of them, the Examiner said.
Though the program was approved by a Democrat Congress and GOP president — George W. Bush — in response to the financial crisis of 2007-08, Obama expanded it. In fact, Biden delayed resigning from the Senate in January 2009 so he could cast his final vote to bolster the Troubled Asset Relief Plan before he took office as vice president.
Rosemont Capital, a firm headed by Hunter Biden’s business partners, Chris Heinz and Devon Archer, got tens of millions in taxpayer funds (Chris Heinz is John Kerry’s stepson).
“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,” 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, told the Washington Examiner.
And it’s another great example of just how a connected son of a vice president can get his hands on all kinds of money and opportunities at the expense of ordinary Americans and, as noted, ordinary Ukrainians.
If Joe Biden somehow becomes the 2020 Democratic presidential nominee, President Trump — who has all of this intelligence by now — is going to have a field day during the debates.
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