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

Discussion in 'Current Events' started by The Purge, Nov 21, 2019.

  1. The Purge
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    The Purge Gold Member

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    Isn't it A COINCIDENCE that The program was announced on November 25, 2008, RIGHT AFTER THE OBOMANATION was ELECTED, almost like it was IN WAITING for his election, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA).

    Read SO much more at
    Washington Examiner ^ | November 21, 2019 | Alana Goodman

    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.

    Financial experts said the offshore corporate structure could have been used to shield earnings from United States taxes.

    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.

    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 Federal Reserve funded as much as 90% 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.

    “It's very complicated to become qualified as a TALF borrower or as a TALF fund, if you will,” Carol Pepper, a wealth management specialist, told Forbes in 2009. “But that's an example of where, if you can get into a TALF fund, you can benefit from this government program.”

    Under the terms for the program, any U.S. company looking to invest in select categories of bonds was eligible to apply for the loans. However, the Treasury Department and Federal Reserve maintained the “right to reject a borrower for any reason,” and the internal selection process was criticized by some lawmakers as opaque and open to corruption.

    “How can my constituents in Vermont get some of that money? Who makes the decisions? Do you guys sit around in a room — do you make it? Are there conflicts of interest?” Sen. Bernie Sanders asked Federal Reserve Bank Chairman Ben Bernanke at a March 3, 2009, Senate hearing. “Do you have to be a large, greedy, reckless financial institution to apply for these monies?”

    Joe Biden was a key advocate for the financial bailout, which was approved under the Bush administration and expanded under President Barack Obama. He delayed his Senate resignation in January 2009 to cast his final vote to increase funding for the Troubled Asset Relief Program before taking office as vice president.
     

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