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WestVirginiaRebel

Joe Biden's Family Has Been Getting Rich off His Political Career for Decades

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joe-bidens-family-has-been-getting-rich-off-his-political-career-for-decades

On Wednesday, The Intercept published a lengthy and detailed exposé on how Joe Biden's family has financially benefited from his career in politics. While Democrats pursue impeachment of Trump for defeating Hillary in 2016, the Democrats are ignoring a huge problem: when Hunter Biden’s career is scrutinized, it clearly shows "that he, along with Joe Biden’s brother James, has been trading on their family name for decades, cashing in on the implication — and sometimes the explicit argument — that giving money to a member of Joe Biden’s family wins the favor of Joe Biden."

 

In 1973, one year after Joe Biden was elected to the Senate at age 29 , James Biden opened the nightclub Seasons Change with what Politico, referencing contemporaneous local reporting in Delaware, called “unusually generous bank loans.” When James ran into trouble, Joe, as a senator, later complained that the bank shouldn’t have loaned James the money. “What I’d like to know,” Biden told the News Journal in 1977, “is how the guy in charge of loans let it get this far.” The paper investigated, and  sources at the bank said that the loan was made because James was Joe’s brother.

 

James, in the ’90s, founded Lion Hall Group, which lobbied for Mississippi trial lawyers involved in tobacco litigation. According to Curtis Wilkie’s book “The Fall of the House of Zeus,” the trial lawyers wanted James Biden’s help pushing Joe Biden on tobacco legislation.

 

In 1996, Hunter Biden started getting involved in the family business of exploiting Joe's position as a U.S. senator. He got a job at MBNA while simultaneously serving at Joe Biden's deputy campaign manager.

 

MBNA was one of the most powerful corporations in Delaware, a state with no shortage of major companies thanks to its  lax tax and regulatory approach, and has since been absorbed by Bank of America. Biden in the 1990s was known half-jokingly as the senator from MBNA, though he didn’t find it funny. “I’m not the senator from MBNA,”  he said in 1999.

 

He was, however, MBNA’s greatest champion in the Senate. Throughout the 1990s, bankruptcies were on the rise, and MBNA began pushing hard to reform the law to make it harder for people to discharge debt.

 

In 2001, Hunter Biden became a full-time federal lobbyist while staying on MBNA's payroll as a consultant for the next four years, until Joe Biden’s Bankruptcy Abuse Prevention and Consumer Protection Act was signed into law.

 

Joe Biden even worked to block an amendment that would have offered bankruptcy protection to people with medical debt. The bill also blocked people from discharging private student loan debt under bankruptcy. Total student loan debt was  under $400 billion in 2005; it surged in the wake of the law’s passage and is now over $1.5 trillion.

 

In 2006, "The [Biden] family was considering acquiring the firm [Paradigm Global Advisors], and James Biden told executives there he’d have no problem bringing in people looking for an in with Joe Biden, who was a U.S. senator at the time. 'We’ve got people all around the world who want to invest in Joe Biden,' James Biden told officials with the firm, according to a Politico Magazine investigation."

 

Beau Biden turned red in the face, telling his uncle, “This can never leave this room, and if you ever say it again, I will have nothing to do with this.” Hunter and James Biden denied the account to Politico, but the magazine stood by it, citing multiple sources with similar recollections. “We’ve got investors lined up in a line of 747s filled with cash ready to invest in this company,” a Paradigm executive recalls James Biden saying.

 

In 2014, the stepson of former Secretary of State John Kerry, Chris Heinz, gave Hunter a similar warning. The pair were partners in an investment firm, Rosemont Seneca, when Hunter Biden and a third partner, Devon Archer, were invited to join the board of the Ukrainian natural gas firm Burisma Holdings.

Heinz, through a spokesperson, told the Washington Post that he strongly objected to Hunter Biden and Archer taking the board seats. “Mr. Heinz strongly warned Mr. Archer that working with Burisma was unacceptable. Mr. Archer stated that he and Hunter Biden intended to pursue the opportunity as individuals, not as part of the firm,” the Post reported. “The lack of judgment in this matter was a major catalyst for Mr. Heinz ending his business relationships with Mr. Archer and Mr. Biden.”

 

In November 2010, James Biden joined a construction firm. Seven months later, that firm that would go on to win a $1.5 billion contract building homes in Iraq.

 

The company’s founder, Irvin Richter,  told Fox Business Network that having James on board helped. “Listen, his name helps him get in the door, but it doesn’t help him get business,” he said. “People who have important names tend to get in the door easier but it doesn’t mean success. If he had the name Obama, he would get in the door easier.”

 

Joe Biden's family business of cashing in on his Senate power reeks of corruption in the same way the Clinton Foundation did. Democrats can ignore this all they want, but, should Biden become the nominee, you can bet President Trump will call Biden out for it.

________

"Average Joe's" path to ill-gotten gains.

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I posted many articles about this on Wide Awakes when he first became VP. You would be hard pressed to find them today. They disappeared. Imagine that.

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Burisma paid Joe Biden $900,000 for lobbying – Ukrainian MP

KYIV. Oct 9 (Interfax-Ukraine) – Former U.S. Vice President Joe Biden received $900,000 for lobbying activities from Burisma Group, Ukraine's Verkhovna Rada member Andriy Derkach said citing investigation materials.

Derkach publicized documents which, as he said, "describe the mechanism of getting money by Biden Sr." at a press conference at Interfax-Ukraine's press center in Kyiv on Wednesday.

"This was the transfer of Burisma Group's funds for lobbying activities, as investigators believe, personally to Joe Biden through a lobbying company. Funds in the amount of $900,000 were transferred to the U.S.-based company Rosemont Seneca Partners, which according to open sources, in particular, the New York Times, is affiliated with Biden. The payment reference was payment for consultative services," Derkach said.

He also publicized sums that were transferred to Burisma Group representatives, in particular Hunter Biden, a son of the former U.S. vice president.

"According to the documents, Burisma paid no less than $16.5 million to [former Polish President, who became an independent director at Burisma Holdings in 2014] Aleksander Kwasniewski, [chairman of the Burisma board of independent directors] Alan Apter, [Burisma independent director] Devon Archer and Hunter Biden [who joined the Burisma board of directors in 2014]," Derkach said.

"Using political and economic levelers of influencing Ukrainian authorities and manipulating the issue of providing financial aid to Ukraine, Joe Biden actively assisted closing criminal cases into the activity of former Ukrainian Ecology Minister Mykola Zlochevsky, who is the founder and owner of Burisma Group," he said.:snip:

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The Biden and Kerry Families’ Profitable Deals With Communist Chinese Firms, and the Selling Out of America’s National Security

 

:snip:In the summer of 2009, Vice President Biden’s son, Hunter Biden, collaborated with two individuals – Chris Heinz (the stepson of Senator John Kerry) and Devon Archer (Chris Heinz’s former college roommate who had served as a major fundraiser for Senator Kerry’s 2004 presidential campaign) – to form Rosemont Capital, an investment firm that was, according to author Peter Schweizer, “positioned to strike profitable deals overseas with foreign governments and officials with whom the U.S. government was negotiating.” Rosemont Capital also had several separate branches, including Rosemont Seneca Partners and Rosemont Realty.

Schweizer asserts that the financial relationship that Hunter Biden, Chris Heinz, and Devon Archer established with China, strongly influenced the Obama administration’s posture toward that country. Consider, for instance, what occurred in 2013 and 2014, while China – to the deep consternation of other countries in the region – was unilaterally creating artificial islands equipped with sophisticated military bases in the South China Sea and claiming ownership of them. In December 2013, Joe Biden, accompanied by Hunter, visited China, where he publicly emphasized the importance of an American-Chinese trading relationship but avoided talking about what China was doing in the South China Sea. During the Bidens’ stay in China, reports journalist Tyler O’Neil: “Hunter Biden was negotiating a major deal between Rosemont Seneca [Partners] and the state-owned Bank of China. As the vice president discussed China’s trade with the United States, his son was putting these economic ties into practice, and the U.S. effectively caved in the conflict over the South China Sea.”

Ten days after the Bidens’ visit to China, the state-run Bank of China created an investment fund with Rosemont Seneca Partners, called Bohai Harvest RST (BHR). In 2014, writes Schweizer, BHR became an “anchor investor” in the China General Nuclear Power Corporation (CGNPC), a state-owned nuclear company which was under FBI investigation at the time, and which eventually charged with stealing U.S. nuclear secrets. “In short,” says Schweizer, “the Chinese government was literally funding a business [BHR] that it co-owned along with the sons of two of America’s most powerful decision makers.” As a result of that business relationship, Rosemont Seneca Partners, unlike any other Western investment firm, “could take Chinese government funds and invest them in China or outside the country, even in the U.S.”

When Senator Kerry visited China in July 2014, he, much like Vice President Biden, echoed President Xi Jinping’s call for a bilateral commitment to “boost Sino-U.S. economic ties.” “China and the United States represent the greatest economic alliance trading partnership in the history of humankind,” said Kerry.

Meanwhile, a former subsidiary of the Chinese government, Gemini Investments, was trying to purchase the Rosemont Realty branch of Rosemont Capital. (Gemini’s parent company, Sino-Ocean Land, grew out of the the China Ocean Shipping Company, which in turn has close ties to the People’s Liberation Army Navy. And the director of Gemini Investments, Li Ming, served for several terms as a member of the Chinese Communist Party’s elite conference.)

By December 2014, Gemini had bought out the Rosemont Opportunities Fund II for $34 million.:snip:

When Kerry visited China again in May 2015, he emphasized, as Schweizer puts it, that “the two powers shouldn’t let the South China Sea issue get in the way of broader cooperation.” Three months later, in August 2015, Gemini Investments bought a 75% stake in Rosemont Realty, including a $3 billion commitment from China.

In September 2015, BHR teamed up with the Aviation Industry Corporation of China (AVIC) – a Chinese state-owned military aviation contractor which in 2014 had stolen technologies related to the U.S. F-35 stealth fighter – to purchase Henniges, an American “dual-use” (meaning civilian and military uses) parts manufacturer. The transaction gave 49% ownership of Henniges to BHR, and 51% ownership to AVIC.

Because the Henniges technology was considered a strategic asset with implications for American national security, it was on the restricted Commerce Control List, and thus the sale to BHR and AVIC could not be permitted without the approval of the Committee on Foreign Investment in the United States (CFIUS), a panel composed of several of the most powerful members of the cabinet — the Attorney General as well as the Secretaries of Defense, Commerce, Treasury, Homeland Security, Energy, and State. (The State Department, of course, was headed by Kerry.)

Schweizer adds that even after it was well known that “Chinese companies have a long history of stealing American nuclear secrets,” “Rosemont did not change its relationship with its Chinese partners, nor did BHR divest from the state-owned Chinese company [CGNPC] that had been stealing America’s nuclear secrets.”

Moreover, in 2016 BHR invested in China Molybdenum, a state-owned company with deep ties to the Chinese government and the Chinese Communist Party, and whose goal is to acquire large quantities of molybdenum and other rare-earth minerals that have both military and nuclear applications. Then, in the latter part of 2016, China Molybdenum helped BHR purchase a 24% stake in the Tenke Fungurume copper mine in the Democratic Republic of Congo. As Schweizer sums it up: “[T]he son of the vice president and a confidant of the secretary of state where invested in deals that would help Beijing win [the global minerals] race.”

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