A new report released on Thursday alleges that an investment company connected to former Vice President and current Democratic presidential candidate Joe Biden’s son, Hunter Biden, received $130 million in federal bailout loans while his father served in the Obama White House.
“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,” The Washington Examiner reported.
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.
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.
“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.”
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 News Foundation 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.”