An investment company linked to Vice President Joe Biden’s son, Hunter Biden received $130 million in federal bailout loans while his father served in the Obama Administration, according to a new report.
The firm in question, Rosemont Capital, is run by Hunter Biden’s business partners, Chris Heinz and Devon Archer. The loan reportedly came at a crucial time for Hunter because he had just stepped down from his lobbying position in late 2008 due to pressure from his father’s campaign.
The Daily Wire writes:
Joe Biden was a major player as a senator in pushing for the financial bailout under former President George W. Bush.
The program gave billions of dollars worth of “highly favorable loans to select investors who agreed to buy bonds that banks were struggling to offload, including bundled college and auto loans” which were attractive to investors because “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.
Rosemont Seneca Partners–an offshoot of Rosemont Capital–participated in the program and was incorporated by Biden, Heinz and Archer in 2009.
“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. 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,” reports the Daily Wire.
The publication points out that Rosemont Seneca is the same firm that received “regular transfers” into one of its accounts usually worth more than $166,000 a month from Burisma–the Ukrainian company where Hunter Biden served on the board during his father’s vice presidency.
For the full report, click HERE.
