Posted on 11/23/2019 3:15:24 PM PST by John Semmens
This week it was revealed that Rosemont Capital, an investment firm in which former Vice-President Joe Biden's son Hunter is a partner, received $130 million of federal money as part of the Term Asset-Backed Securities Loan Facility (TALF) during the Obama Administration. Under this program the government lent as much as 90% of the money to buy risky bonds. If the investment turned a profit the borrowers benefited. If it didn't the government agreed to absorb the loss. Rosemont Capital routed its profits through a subsidiary in the Cayman Islands—a move that allowed it to avoid paying US taxes.
The former Vice-President, a key advocate for the TALF program, cited the Rosemont deal "as further evidence of the business smarts of my son. The fact is, that a deal where you get to keep any profit and avoid any loss while dodging taxes is pure genius. I think this brilliance was what inspired Burisma to offer him a million dollars a year to serve on their Board of Directors. This further debunks Republican insinuations that the money he received was corruptly obtained."
Rival candidate for the 2020 Democratic presidential nomination Sen. Bernie Sanders disputed the "genius" interpretation floated by Biden. Instead he characterized the TALF program as "corporate welfare for large, greedy, reckless financial institutions. Every one of these transactions is outrageous."
if you missed any of this week's other semi-news/semi-satire posts you can find them at...
http://www.gopbriefingroom.com/index.php/topic,383387.0.html
Is that along with his fidelity.
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