CRONY CAPITALISM:: Biden’s ‘good friend,’ donor receives $20M federal loan | The Daily Caller
By MB Snow at August 17, 2012 | 12:10 am | Print
By Christopher Bedford –
In late July, John Hynansky — a longtime friend of Vice President Joe Biden, and a major donor to Biden’s campaigns as well as President Barack Obama’s — was awarded a $20 million taxpayer loan to build a foreign-car dealership in Ukraine.
According to a public summary document, the loan, from the federal government’s Overseas Private Investment Corporation, is for “[u]p to $20.0 million,” and is designed to “expand Winner Import Ukraine’s automobile business, [and] construct and operate ‘Winner Autocity,’ which will have two new, state-of-the-art dealership facilities for Porsche and Land Rover/Jaguar automobiles.”
Porsche is a German-made luxury and sports car, and Jaguar Land Rover is a British luxury and sports car company owned by an Indian subsidiary.
Under “U.S. Economic Impact,” the summary document says, “This project will have a positive developmental impact on the host country, Ukraine. The project will generate a significant number of new local jobs. Running a dealership for premium automobile brands requires a highly trained sales force, mechanics, accountants, communications and advertising specialists, IT specialists, service personnel, warehouse managers, and customer relations specialists.”
via Biden’s ‘good friend,’ donor receives $20M federal loan | The Daily Caller.
