Hunter Biden-Linked Firm Received $130 Million in Federal Loans While Joe Was VP
Investment company received millions in bailout loans while Joe Biden was vice president
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An investment company, with ties to Hunter Biden, was granted $130 million in bailout loans by the US government while his father, Joe Biden, served in the Obama White House as vice president, according to reports.
A new report alleges that a company led by Hunter’s business partners, Chris Heinz and Devon Archer - Rosemont Capital - received millions of dollars under a government bailout program intended to boost US firms.
The company received the loans at a crucial time for Hunter Biden, who was forced to step down from his lobbying business in 2008.
The younger Biden had reportedly stepped down from his business due to pressure on his father’s vice-presidential campaign.
As a senator, Joe Biden was a major player in pushing for the financial bailout program under former President George W. Bush.
The scheme gave 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.
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According to the Washington Examiner, the loans 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."
Of the 177 firms that participated in the program was Rosemont Seneca Partners, an offshoot of Rosemont Capital, which was incorporated by Biden, Heinz, and Archer in 2009, according to the Daily Wire.
“Rosemont Capital … held a 50% stake in the new venture. Rosemont Seneca and Rosemont Capital shared the same office address in lower Manhattan and the same New York phone number, according to Securities and Exchange Commission documents,” The Examiner added.
“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.”
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If Rosemont Seneca Partners sounds familiar it’s because it is the same firm that “received regular transfers into one of its accounts — usually more than $166,000 a month” from the Ukrainian gas company, Burisma, where Hunter Biden served on the board while his father was vice president, according to The Hill.
In October, The Daily Caller reported that “Hunter Biden received over $700,000 from a New York-based capital management company that held equity in a Chinese investment firm with close ties to the Bank of China” apparently “between June 2014 and October 2015.”
It is important to note that Hunter Biden appears to have received the money from Rosemont Seneca Bohai, not Rosemont Seneca Partners.
Additionally, Rosemont Seneca Bohai was a capital management firm, not a consulting firm, Rosemont Seneca Bohai’s Morgan Stanley account manager, Catharine Driever, testified during Archer’s 2018 trial regarding the scheme to defraud an American Indian tribe, The DCNF reported.
Hunter Biden served no official role at Rosemont Seneca Bohai at the time it was receiving consulting payments from Burisma.
But Hunter Biden was serving as the chairman of Rosemont Seneca Advisors, the chairman of investment advisory firm Rosemont Seneca Partners, and sat on the board of advisors for Rosemont Reality, a real estate investment firm.
