Drain the Swamp

Firm Linked to Hunter Biden Got $130M in Special Federal Loans When Joe Biden Was VP

A report in the Washington Examiner raises questions about special benefits

Image Credit: Screenshot Bloomberg

The newly formed Rosemont Seneca Partners then began receiving tens of millions of dollars in federal bailout loans.

This happened just three weeks after the firm was created.

Check out this tweet about it.

The loan program that Rosemont Seneca Partners benefitted from was called the Term Asset-Backed Securities Loan Facility (TALF), in which the Federal Reserve and Treasury Department would choose firms or investors who would enter it by purchasing bonds that banks were having difficulty selling.

Many of these bonds included sub-prime mortgages and bundled student loans.

People criticized the program when it began, saying it was prone to corruption because the way the companies that benefitted were chosen was not fully transparent.

Suspicious timing. That’s where the timing concerning Hunter Biden becomes suspicious. Rosemont received the loan money right after the vice president’s son joined their team.

As the Washington Examiner reports, “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,” the Examiner continued.

“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.”

Tom Anderson, director of the Government Integrity Project at the National Legal and Policy Center, an organization that was critical of TALF, told the Examiner, “This is a great example of the suspicion of many Americans that these bailouts were used to benefit connected insiders while ordinary Americans went broke.”

Americans deserve answers. It’s also curious that many of the organizations that received TALF loan money routed the profits through the Cayman Islands, a popular tax haven.

Rosemont was among the companies that did this.

As Sen. Bernie Sanders (I-Vt.) asked in 2010 in a letter to the Federal Reserve, “Why would the Fed lend to material investors located in the Cayman Islands?”

Good question.

Shouldn’t there by many new questions now for Hunter Biden and his father, too?

This piece originally appeared in The Political Insider and is used by permission.

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