Thursday, November 21, 2019

Hunter Biden-linked company received $130M in special federal loans while Joe Biden was VP

An investment firm linked to Hunter Biden received over $130 million in federal bailout loans while his father Joe Biden was vice president and routed profits through a subsidiary in the Cayman Islands, according to federal banking and corporate records reviewed by the Washington Examiner.

Rosemont Capital, an investment firm at the center of Hunter Biden's much-scrutinized financial network, was one of the companies approved to participate in the 2009 federal loan program known as the Term Asset-Backed Securities Loan Facility, or TALF. Under the program, the U.S. Treasury Department and the Federal Reserve Bank issued billions of dollars in highly favorable loans to select investors who agreed to buy bonds that banks were struggling to offload, including bundled college and auto loans.

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.

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.

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."

Federal Reserve records show Rosemont Capital was one of the companies that set up an offshore limited partnership, called "Rosemont TALF Investment Fund LP," to participate in the TALF program.

https://www.washingtonexaminer.com/politics/hunter-biden-linked-company-received-130m-in-special-federal-loans-while-joe-biden-was-vp?utm_source=Examiner%20Today_11/21/2019&utm_medium=email&utm_campaign=WEX_Examiner%20Today&rid=9416026

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