Joe Biden and son Hunter Biden are as openly corrupt as they come. They rival the Clintons, Bushes and the Obamas.
Hunter Biden pulled down about $50,000 a month for 5 years as a director of a Ukrainian gas company, according to the New York Times. That’s $600,000 a year for sitting on the Board of Directors.
How much do directors get paid typically? For the really major companies in the S & P 500, the median pay in 2016 was $254,700. Hunter Biden’s deal brought him more than double the median director compensation.
Compare, for example, the gas company named Spire. Its directors are paid in the range of $173,480 to $358,517 a year for the Chairman of the Board.
The fact that he was added to the board while his daddy dealt with Ukraine officials was corrupt to start with. The grossly inflated pay is frosting on the cake, but it is a definite indication of the corruption.
Hunter Biden made a sweetheart deal with China too. In that case, his daddy was also dealing with Chinese officials. Son Biden ended up as a principal in an investment management company with $1 billion in assets, later to become $1.5 billion.
How much did Hunter Biden pull down from this sweetheart deal? He gets director fees and/or investment management fees. A management fee of 0.5 percent a year is typical, or even on the low side. Even at that rate, the amount of income is $5 million dollars a year on assets of $1 billion.
Hunter Biden exemplifies an establishment leech, someone with the “right” credentials who can be counted upon not to betray establishment mores and ways. He exemplifies the corruption of this do-nothing class of people who build wealth, power and position for themselves by using government positions.
7:45 pm on September 24, 2019
