This weekend, under pressure about his foreign ‘positions,’ Hunter Biden publically announced that he was stepping down from his board position with the BHR Equity Investment Fund Management, a company that is backed by the communist regime, China.
However, the move will not distance Biden from the millions he collects from his stake in the company.
Many people argue that the public move was simply a way to get the heat off, while he continues to profit from the ‘efforts’ of his political dad.
Former Vice President Joe Biden’s son Hunter Biden announced Sunday that he was stepping down from his board position at BHR Equity Investment Fund Management, but he likely still has millions of dollars of value in the company.
Although Hunter Biden’s lawyer has said that his client’s stake in the company is only valued at $420,000, a FactCheck.org analysis estimates its value to be millions.
“It is difficult to imagine, if not incomprehensible, that a 10% stake in those economics is worth only $420K,” Steven Kaplan of the University of Chicago Booth School of Business told FactCheck.org.
“The distinction they appear to be making is they capitalized the management company with $4.2 M even if the fund manages $2 B. The value of that management company is likely far in excess of $4.2 M if they are managing $2 B.”
FactCheck.org cited Kaplan estimating that Hunter Biden’s share in the investment company could be valued at around $20 million and up to “hundreds of millions of dollars” over the investment lifetime.
Hunter Biden’s lawyer said that if Joe Biden won the race for president, he would agree “not to serve on boards of, or work on behalf of, foreign-owned companies,” but did not mention his current foreign investments in BHR.
President Donald Trump continues to target Hunter Biden’s foreign investments as corrupt, questioning Vice President Joe Biden’s knowledge of his son capitalizing on his father’s specific diplomacy with China and Ukraine on behalf of former President Barack Obama’s administration.
Given the millions of dollars these families gleaned during the reign of Obama, such questions are not only legitimate, they should be asked.