Joe Biden was a key advocate for the financial bailout, which was
approved under the Bush administration and expanded under President
Barack Obama. He delayed his Senate resignation in January 2009 to cast
his final vote to increase funding for the Troubled Asset Relief Program
before taking office as vice president.
“These guys are not the most likable guys in the world,” Biden said
about the banks and hedge funds aided by the government intervention.
"But here are the facts ... Had we not bailed out the largest bank
institutions in the world, there would have been a flat-out depression.”
One of the firms that benefited was Rosemont Capital, a company led
by Hunter Biden’s business partners, Chris Heinz and Devon Archer. The
firm received the loans at a crucial time for Hunter Biden. The younger
Biden had stepped down from his lobbying business in late 2008,
reportedly due to pressure on his father’s vice presidential campaign.
More here.
