Breitbart editor: Biden’s son inked deal with Chinese government days after vice president’s trip
JOHN BOWDEN – 03/15/18
A private equity firm managed by the son of former Vice President Joe Biden struck a deal with China’s state-owned bank in 2013 at the same time that Biden was in the country to meet with Chinese President Xi Jinping.
Hunter Biden, who arrived in China aboard Air Force Two alongside the vice president and the rest of the U.S. delegation, was at the time in control of Rosemont Seneca Partners LLC., a private equity firm that would go on to strike a deal with the state-owned Bank of China to create a $1 billion joint investment fund.
In excerpts from his upcoming book, “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends,” Breitbart News senior editor-at-large Peter Schweizer writes that the China deal was part of a trend of high-stakes deals between the sons’ investment firm — under the Rosemont entities umbrella — and foreign governments that were also in the middle of striking deals with the Obama administration.
Hunter Biden controlled the Rosemont entities, which describes itself as “a $2.4 billion private equity firm.”In 2011, Hunter Biden met with top Chinese government fund leaders alongside managing partner Devon Archer and James Bulger, the nephew of notorious mobster Whitey Bulger, who controls a Massachusetts-based consultancy firm. The meeting took place just hours before the vice president would meet with Hu Jintao, then China’s president, in Washington as part of a nuclear security summit.A second meeting that year between Hunter Biden and other top Chinese officials would occur in Taiwan, just two weeks after the vice president opened up strategic talks with China in Washington.
In 2013, the younger Biden would be part of an official U.S. delegation to the country. Ten days later, Rosemont entities inked a $1 billion deal with the bank of China. The deal was eventually increased to $1.5 billion.
The troubling reason why Biden is so soft on China
By Peter Schweizer May 11, 2019
Why is Joe Biden so warm toward China?
Last week, Biden raised eyebrows when he shrugged off concerns over the China threat. “Come on, man,” Biden said. “I mean, you know, they’re not bad folks, folks. But guess what, they’re not competition for us.”
Perhaps Biden’s insouciant attitude toward the Chinese government has to do with the fact that his family does not consider them competitors but business partners.
In 2013, then-Vice President Joe Biden and his son Hunter Biden flew aboard Air Force Two to China. Less than two weeks later, Hunter Biden’s firm inked a $1 billion private equity deal with a subsidiary of the Chinese government’s Bank of China. The deal was later expanded to $1.5 billion. In short, the Chinese government funded a business that it co-owned along with the son of a sitting vice president.
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.
Biden’s Alleged Financial Ties To U.S. Enemy China Overshadow His 2020 Bid
By Ben Weingarten 2, 2019
The ex-Trump advisor was alluding to “Clinton Cash” author Peter Schweizer’s reporting in his 2018 book, “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends.” In the book, Schweizer writes about the link between Biden’s role in U.S.-China policy, and a deal consummated by his son Hunter Biden’s investment firm Rosemont Seneca Partners with the Chinese government. In Schweizer’s telling, during an official December 2013 trip:
“The vice president is negotiating a bunch of very sensitive issues with the Chinese, including the South China Sea, trade, tech transfer, etc. Biden is criticized on that trip for basically going soft on Beijing. Shortly after they return to the U.S., Hunter Biden’s firm receives a $1 billion private equity deal from the Chinese government [via the Bank of China]. Not from an American business in China; from the Chinese government itself. It later gets increased to $1.5 billion. We have no way of knowing how much Rosemont made on the deal because there are no disclosure requirements.”
Schweizer asserted that this was the first time the Chinese government gave a Western firm access to a cross-border investment fund formed in the Shanghai Free Trade Zone. In the wake of these revelations, spokesmen for Hunter Biden and his partner at the now-defunct Rosemont Seneca, Christopher Heinz—stepson of former secretary of State John Kerry—disputed the conservative author’s claims.*