There’s been a lot of media attention paid to the business dealings of the Trump family. But as the author of Clinton Cash Peter Schweizer notes, not so much to the curious dealings during the Obama administration. Schweizer details the curious dealings of the sons of former Vice President Joe Biden and the former Secretary of State John Kerry in his book, “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends.”
The book notes the curious coincidence of how the private equity firm run by Hunter Biden and Chris Heinz, John Kerry’s stepson, managed to ink a deal with the Bank of China (a state-owned operation) in 2013, while Hunter was visiting China with his father who was there to meet with Chinese President Xi Jinping.
This was just one of the deals between the sons’ investment firm and foreign governments who were in the middle of striking deals with the Obama administration, according to The Hill.
From The Hill:
In December 2013, 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 met with senior Chinese officials.
Ten days later, Rosemont entities inked a $1 billion deal with the bank of China. The deal was eventually increased to $1.5 billion.
Deals made by the firm — co-owned by the government of China and the two sons of top American officials — would go on to have serious national security implications for the United States. One such deal was with the automotive subsidiary of Aviation Industry Corporation of China (AVIC), a major Chinese military contractor accused of frequently stealing U.S. military technology.
In late 2015, AVIC would go on to purchase 51 percent of American precision-parts manufacturer Henniges. Joe Biden’s and John Kerry’s sons bought the other 49 percent in a deal that was approved by the Committee on Foreign Investment in the United States, which includes members of numerous government agencies including the State Department.
This allowed China to get their hands on unique technologies through a firm known for stealing them joining with Biden and Heinz’s firm, according to Schewizer.
From NY Post:
Henniges is recognized as a world leader in anti-vibration technologies in the automotive industry and for its precise, state-of-the-art manufacturing capabilities. Anti-vibration technologies are considered “dual-use” because they can have a military application, according to both the State Department and Department of Commerce.
The technology is also on the restricted Commerce Control List used by the federal government to limit the exports of certain technologies. For that reason, the Henniges deal would require the approval of the Committee on Foreign Investment in the United States (CFIUS), which reviews sensitive business transactions that may have a national security implication.
According to BHR internal documents, the Henniges deal included “arduous and often-times challenging negotiations.” The CFIUS review in 2015 included representatives from numerous government agencies including John Kerry’s State Department.
The deal was approved in 2015.
And one assumes none of this would have been possible without the positions and the power of the fathers.
A Heinz family spokesman, Chris Bastardi, claims that Chris Heinz had no ‘operating role’ in Rosemont Seneca. He claimed that he also had “no financial interest or investment in the joint entity with China, Bohai Harvest RST” and did not travel to China with the Bidens.
With Joe Biden and perhaps even John Kerry considering running in 2020, these deals take on greater import and should really be looked at to see if they’re following in the noble Clinton tradition of pay-for-play.
[Note: This post was written by Nick Arama]