Not Just Ukraine; Biden May Have A Serious China Problem As Schweizer Exposes Hunter’s $1bn Deal
Not Just Ukraine; Biden May Have A Serious China Problem As Schweizer Exposes Hunter’s $1bn Deal from ZeroHedge
Two years of investigations by journalist Peter Schweizer has revealed that Joe Biden may now have a serious China problem. And just like his Ukraine scandal, it involves actions which helped his son Hunter, who was making hand over fist in both countries.
Schweizer, the author of Clinton Cash and now Secret Empires discovered that in 2013, then-Vice President Biden and his son Hunter flew together to China on Air Force Two – and two weeks later, Hunter’s firm inked a private equity deal for $1 billion with a subsidiary of the Chinese government’s Bank of China, which expanded to $1.5 billion, according to an article by Schweizer’s in the New York Post.
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“If it sounds shocking that a vice president would shape US-China policy as his son — who has scant experience in private equity — clinched a coveted billion-dollar deal with an arm of the Chinese government, that’s because it is” –Peter Schweizer
Perhaps this is why Joe Biden – now on the 2020 campaign trail – said last week that China wasn’t a threat.
Secretary of State Mike Pompeo took a shot at Biden’s comment during a speech at the Claremont Institute’s 40th anniversary gala, saying “Look how both parties now are on guard against the threat that China presents to America — maybe except Joe Biden.”
Secretary of State Mike Pompeo speaks at Claremont Institute’s 40th anniversary gala: “Look how both parties now are on guard against the threat that China presents to America — maybe except Joe Biden.” pic.twitter.com/f4X3PpVm0E
— The Hill (@thehill) May 13, 2019
Back to Hunter…
Schweizer connects the dots, writing that “without the aid of subpoena power, here’s what we know:”
- Hunter Biden and his partners created several LLCs involved in multibillion-dollar private equity deals with Chinese government-owned entities.
- The primary operation was Rosemont Seneca Partners – an investment firm founded in 2009 and controlled by Hunter Biden, John Kerry’s stepson Chris Heinz, and Heniz’s longtime associate Devon Archer. The trio began making deals “through a series of overlapping entities” under Rosemont.
- In less than a year, Hunter Biden and Archer met with top Chinese officials in China, and partnered with the Thornton Group – a Massachusetts-based consultancy headed by James Bulger – son of famed mob hitman James “Whitey” Bulger.
- According to the Thornton Group’s Chinese-language website, Chinese executives “extended their warm welcome” to the “Thornton Group, with its US partner Rosemont Seneca chairman Hunter Biden (second son of the now Vice President Joe Biden.”
- Officially, the China meets were to “explore the possibility of commercial cooperation and opportunity,” however details of the meeting were not published to the English-language version of the website.
- “The timing of this meeting was also notable. It occurred just hours before Hunter Biden’s father, the vice president, met with Chinese President Hu Jintao in Washington as part of the Nuclear Security Summit,” according to Schweizer.
- Perhaps most damning in terms of timing and optics, just twelve days after Hunter and Joe Biden flew on Air Force Two to Beijing, Hunter’s company signed a “historic deal with the Bank of China,” described by Schweizer as “the state-owned financial behemoth often used as a tool of the Chinese government.” To accommodate the deal, the Bank of China created a unique type of investment fund called Bohai Harvest RST (BHR). According to BHR, Rosemont Seneca Partners is a founding partner.
It was an unprecedented arrangement: the government of one of America’s fiercest competitors going into business with the son of one of America’s most powerful decisionmakers.
Chris Heinz claims neither he nor Rosemont Seneca Partners, the firm he had part ownership of, had any role in the deal with Bohai Harvest. Nonetheless, Biden, Archer and the Rosemont name became increasingly involved with China. Archer became the vice chairman of Bohai Harvest, helping oversee some of the fund’s investments. –New York Post
National Security implications
As Schweizer also notes, BHR became an “anchor investor” in the IPO of China General Nuclear Power Corp (CGN) in December 2014. The state-owned energy company is involved with the construction of nuclear reactors.
In April 2016, CGN was charged by the US Justice Department with stealing nuclear secrets from the United States, which prosecutors warned could cause “significant damage to our national security.” CNG was interested in sensitive, American-made nuclear components that resembled those used on US nuclear submarines, according to experts.