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. – READ MORE