Biden pledges 'absolute wall' to separate relatives' business dealings

INSIDE THE SHADY PRIVATE EQUITY FUND OF BIDEN AND KERRY'S KIDS

EXCERPT--Peter Schweizer in his new book, “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends,” details a number of ethical violations on both sides of the political aisle. One example: the little-noticed private equity firm run by the sons of Democrats Joe Biden and John Kerry, as detailed in this exclusive first excerpt.

The two men became close while serving for several decades together in the US Senate. The two “often talked on matters of foreign policy,” says Jules Witcover in his Biden biography.So their sons going into business together in June 2009 was not exactly a bolt out of the blue. But with whom their sons cut lucrative deals while the elder two were steering the ship of state is more of a surprise.

What Hunter Biden, the son of America’s vice president, and Christopher Heinz, the stepson of the chairman of the Senate Committee on Foreign Relations (later to be secretary of state), were creating was an international private equity firm. It was anchored by the multi-million Heinz family alternative investment fund, Rosemont Capital. The new firm would be populated by political loyalists and positioned to strike profitable deals overseas with foreign governments and officials with whom the US government was negotiating.

Hunter Biden, Vice President Joe Biden’s youngest son, had gone through a series of jobs since graduating from Yale Law School in 1996, including the hedge-fund business. By the summer of 2009, the 39-year-old Hunter joined forces with the son of another powerful figure in American politics, Chris Heinz. Senator John Heinz of Pennsylvania had tragically died in a 1991 airplane crash when Chris was 18. Chris, his brothers, and his mother inherited a large chunk of the family’s vast ketchup fortune, including a network of investment funds and a Pennsylvania estate, among other properties. In May 1995, his mother, Teresa, married Senator John Kerry of Massachusetts. That same year, Chris graduated from Yale, and then went on to get his MBA from Harvard Business School.

Joining them in the Rosemont venture was Devon Archer, a longtime Heinz and Kerry friend. The three friends established a series of related LLCs. The trunk of the tree was Rosemont Capital, the alternative investment fund of the Heinz Family Office. Rosemont Farm is the name of the Heinz family’s 90-acre estate outside Fox Chapel, Pennsylvania. The small fund grew quickly. According to an email revealed as part of a Securities and Exchange Commission investigation, Rosemont described themselves as “a $2.4 billion private equity firm co-owned by Hunter Biden and Chris Heinz,” with Devon Archer as “Managing Partner.”The partners attached several branches to the Rosemont Capital trunk, including Rosemont Seneca Partners, LLC, Rosemont Seneca Technology Partners, and Rosemont Realty. Of the various deals in which these Rosemont entities were involved, one of the largest and most troubling concerns was Rosemont Seneca Partners.

Rather than set up shop in New York City, the financial capital of the world, Rosemont Seneca leased space in Washington, DC. They occupied an all-brick building on Wisconsin Avenue, the main thoroughfare of exclusive Georgetown. Their offices would be less than a mile from John and Teresa Kerry’s 23-room Georgetown mansion, and just two miles from both Joe Biden’s office in the White House and his residence at the Naval Observatory. In short, the Chinese government was literally funding a business that it co-owned along with the sons of two of America’s most powerful decision makers.

--SNIP--rest at source

Chris Heinz (left) with John Kerry at a campaign fundraiser,
April 16, 2004./ Dennis Van Tine

Hunter and Dad, Joe Biden.

SOURCE http://nypost.com/2018/03/15/inside-the-shady-private-equity-firm-run-by-kerry-and-bidens-kids/

Joe Biden’s Brother Scored Generous Loans During Joe's Banking Committee Tenure
Breitbart ^ | Aug, 2019 | Haris Alic / FR Posted on 8/3/2019, 9:21:46 AM by libstripper

Joe Biden’s younger brother James received a series of “unusually generous” bank loans during the 1970s, while the former vice president served on the Senate Banking Committee. Politico reported that James Biden, who has a history of murky financial dealings, was able to parlay his role as the chief fundraiser for his brother’s 1972 Senate run into the startup capital required to open a nightclub. The loans were considered “unusually generous” given that the younger Biden was a salesman without any business experience and purportedly had a net worth of less than $10,000 at the outset of the venture in 1973. Another key component of the story, which was widely covered by local media in Delaware and Pennsylvania at the time, is that the loans appeared to draw concerns over influence peddling, as Joe Biden had just been appointed to the Senate Banking Committee. (Excerpt) Read more at breitbart.com …

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Here's the real James Biden windfall ----- billions awarded for Iraq reconstruction.

CIRCA 2012 Crony capitalism & Joe Biden’s brother
SOURCE https://nypost.com/2012/10/23/crony-capitalism-joe-bidens-brother/
By Charles Gasparino, NY POST, October 23, 2012

James Biden isn’t a big name in the business of residential housing development, so what exactly qualifies him to work at a construction company and share in the winnings of a $1.5 billion project to build affordable homes in Iraq? If you said it has something to do with his last name, the one shared by his older brother Vice President Joe Biden, you wouldn’t be far off. At least that’s the guess of some Wall Street analysts who cover the Marlton, NJ-based company Hill International and think they’ve seen yet another sordid tale of crony capitalism.

Hill has been around for decades; its main business is managing construction projects in the Middle East and here in America. It’s built a good reputation over the years, as has the father-son team who run it, Irv and David Richter. But the bursting of the real-estate bubble took its toll; Hill shares are down 80 percent since 2008. Since 2011, the company has reported losses. Its Middle East business has also been stymied by the Arab Spring uprisings; in Libya alone, Hill is out $60 million in payments that it’s still trying to recover.

But it got some good news not long after its housing subsidiary hired James Biden as an executive vice president in late 2010. Just six months later, Hill won one of its biggest contracts ever, a $1.5 billion deal to build at least 100,000 affordable homes in Iraq. A good deal for Hill, a relative newcomer to building homes — and for James Biden, who as one partner will get a good share of that $1.5 billion.

The deal is contingent on the Iraqi government providing financing, which it has yet to do, but Hill execs tell analysts the money could start flowing by the end of the year. That’s when everyone involved, James Biden included, will start collecting on tens of millions of dollars in profits.

One friend of James Biden’s estimates his net worth at around $7 million, yet he seems to have a remarkable lack of concrete business experience. An attorney who’s done work for him called him a “serial entrepreneur,” but didn’t name the startups he was responsible for. Hill chief Irv Richter called Biden a “good salesman” and the firm’s Web site describes “40 years of experience dealing with principals in business, political, legal and financial circles across the nation and internationally.”

(James Biden also had a relatively short and somewhat controversial run as a co-owner of a hedge-fund company with Joe’s son Hunter. The company, as it turns out, was marketed by companies controlled by now convicted Ponzi schemer Allen Stanford. Neither Biden was charged, but the fund company is now winding down its operations.)

No, James Biden’s obvious value comes from his connection to the Obama administration. Richter assures me that James’ ties to Joe played no part in landing the plum assignment in Iraq or any of the other government-related jobs Hill has received recently.

Really? Connect these dots: Both the Iraqi government and the Obama State Department played roles in helping Hill win the assignment, Richter concedes. And Joe Biden is President Obama’s point man on Iraq — a country where people expect politicians’ families to be “taken care of.”

Also key is TRAC Development, a South Korean firm that won the master contract for the Iraq work. And — huh! — James Biden and his wife were guests of President Obama and Michelle for last October’s state dinner honoring the president of South Korea, Lee Myung-bak. All one big coincidence?

Well, Richter insists that, while Biden’s name and connections might open doors when government business is on the line, that doesn’t guarantee success. “If he had the name Obama, he would get in the door easier,” Richter joked. During this month’s vice-presidential debate, Joe Biden told Americans to just ignore all that stimulus money that went to administration-connected failures like Solyndra. Crony capitalism, he insisted, hardly exists with Joe Biden and Barack Obama watching the store.

Maybe that’s why the veep, after making that dopey statement, was laughing so much that night.

Charles Gasparino is a Fox Business Network senior corresp

One of the all-time bodacious federal scams was Obama’s “stimulus program.” All the Democrats got filthy rich.
Obama appointed Biden to “oversee “stimulus money distribution.” To date, still no full accounting as to
where it all went (not to worry, Hunter knows where it is).

Missing in Action: Stimulus Sheriff Joe Biden
By Michelle Malkin - Oct 10, 2012
Copyright 2012, Creators Syndicate Inc.

Remember when President Obama bragged about Joe Biden’s fiscal discipline creds in 2009? “To you, he’s Mr. Vice President, but around the White House, we call him the Sheriff,” Obama warned government employees. “Because if you’re misusing taxpayer money, you’ll have to answer to him.” Fast-forward to 2012. Call in the search teams. Since being appointed the nation’s stimulus spending cop, Sheriff Joe has taken a permanent donut break.

He’s AWOL on oversight. In fact, he’s been bubble-wrapped, boxed and kept completely out of sight. The garrulous gaffe machine hasn’t sat down for a national media interview in five months.

The Democrats’ trillion-dollar “American Recovery and Reinvestment Act,” however, keeps piling up waste, failure, fraud and debt. Who benefited most? Big government cronies. According to Investor’s Business Daily this week, a new analysis by Ohio State University economics professor Bill Dupor reported that “(m)ore than three-quarters of the jobs created or saved by President Obama’s economic stimulus in the first year were in government.”

Dupor and another colleague had earlier concluded that the porkulus was a predictable jobs-killer that crowded out non-government jobs with make-work public jobs and programs. Indeed, the massive wealth redistribution scheme “destroyed/forestalled roughly one million private sector jobs” by siphoning tax dollars “to offset state revenue shortfalls and Medicaid increases rather than boost private sector employment.”

Will this Keynesian wreckage come up during Thursday night’s vice presidential debate? It should be a centerpiece of domestic policy discussion. Nowhere is the gulf between Obama/Biden rhetoric and reality on jobs wider. Remember: Obama’s Ivy League eggheads behind the stimulus promised that “(m)ore than 90 percent of the jobs created are likely to be in the private sector.” These are the same feckless economic advisers who infamously vowed that the stimulus would keep unemployment below 8 percent — and that unemployment would drop below 6 percent sometime this year. Sheriff Joe rebuked the “naysayers” who decried the behemoth stimulus program’s waste, fraud and abuse. “You know what? They were wrong,” he crowed.

But Biden was radio silent about the nearly 4,000 stimulus recipients who received $24 billion in Recovery Act funds — while owing more than $750 million in unpaid corporate, payroll and other taxes. (Cash for Tax Cheats, anyone?)

He had nothing to say about:
<><> $6B in Homeowners' stimulus energy credits showered on nearly 1/3 of credit-claimers who had no record of homeownership, including minors and prisoners.
<><> $530 million dumped into profligate Detroit public schools for laptops and other electronics that had little, if any, measurable academic benefits.
<><> the whopping $6.7 million cost per job under the $50 billion stimulus-funded green energy loan program —
<><> stimulus funded politically connected (now bankrupt) solar firms,
<><> money laundries included Solyndra ($535M ), Abound Solar ($40M), Beacon Power ($43M), A123 ($250M) and Ener1 ($119M).
<><> $1 million stimulus went to Big Bird and Sesame Street “to promote healthy eating,” which created a theoretical “1.47” jobs (about $726,000 per job created.”)
<><> hundreds of stimulus millions to govt GSA junkets in Las Vegas and Hawaii,
<><> hundreds of millions to ghost congressional districts, dead people,
<><> hundreds of millions for infrastructures to nowhere and ubiquitous stimulus propaganda road signs stamped with the shovel-ready logo.

Of course, there’s no example of unfettered stimulus squandering more fitting than the one named after Keystone Fiscal Kop Joe Biden himself. Government-funded Amtrak’s Wilmington, Del., station raked in $20 million in “recovery” money after heavy personal lobbying by the state’s most prominent customer and cheerleader. In return, the station (which came in $6 million over budget, according to The Washington Times) renamed its facility after Biden. Bloated costs.

Crony political narcissism. Glaring conflicts of interest. Monumental waste.

This is the Obama/Biden stimulus legacy bequeathed to our children and their grandchildren. Sheriff Joe and his plundering boss need to be run out of town on a rail.

SOURCE http://dyn.realclearpolitics.com/topic/v/Vice_President_/

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