Alana Goodman in today’s Washington Examiner reports that Joe Biden’s son Hunter was associated with a firm that received more than $130 million in financial bailout funds. The firm called Rosemont Capital then set up a fund that was incorporated in the Cayman Islands, presumably for the purpose of avoiding U.S. taxes. From the article:
“This is a great example of the suspicion of many Americans that these bailouts were used to benefit connected insiders while ordinary Americans went broke,” said Tom Anderson, director of the Government Integrity Project at the National Legal and Policy Center, an organization that was critical of TALF at the time.
The bailout program was known as the Term Asset-Backed Securities Loan Facility, or TALF. It was separate from the Troubled Assets Relief Program (TARP) but was part of the same package of actions initiated in 2008 in response to the financial meltdown. TALF was a loan program that allowed securities backed by consumer loans of questionable quality to be posted as collateral. Its purpose was to ensure liquidity in consumer loan markets. The loans were made by the Federal Reserve so they were not subject to Congressional oversight.