Biden’s ‘good friend,’ receives $20M federal loan to open car dealership in Ukraine

**RockX** · 08-17-2012, 09:52 AM

Biden’s ‘good friend,’ donor receives $20M federal loan to open foreign luxury car dealership in Ukraine

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.”

Along with his family, Hynansky also owns car dealerships in Pennsylvania and Biden’s home state of Delaware.

Since at least 1999, Hynansky and his family have been regular donors to Biden’s campaigns, and, later, Obama’s. John Hynansky has donated $7,690 to a combination of Biden’s Senate campaigns and failed presidential campaign; Michael Hynansky donated $7,690; Alexandra Hynansky donated $7,280; Deanne Hynansky donated $4,645; and Susan Hynansky donated $1,000 — coming to a total family donation of $28,715.

During Obama’s 2008 run for president, John Hynansky gave $30,800 to the Obama Victory Fund; Alexandra Hynansky gave $2,550; and Deanne Hynansky gave $2,000 — totaling $35,350 to that campaign.

Understandably, during a speech during a diplomatic trip to Ukraine in 2009, Biden described John Hynansky as “my very good friend, John Hynansky, a very prominent businessman from Delaware… I had breakfast with him the other day.”

Though the Overseas Private Investment Corporation report says that “the project is not expected to have a negative impact on the U.S.economy or employment,” the revelation that Biden’s “very good friend” and donor, John Hynansky, received a taxpayer loan to open a business selling foreign luxury cars in a foreign country using foreign labor stands in stark contrast to the Obama-Biden 2012 campaign charges that the Mitt Romney-Paul Ryan campaign stands for breaks for big business and shipping American jobs overseas.

http://dailycaller.com/2012/08/17/bi...-federal-loan/

Why do Obama/Biden hate America???

**Howey** · 08-17-2012, 10:19 AM

Gosh o golly gee. Another lie!

Fox & Friends, the Daily Caller, and the Drudge Report are falsely charging that a businessman that has supported President Obama and Vice President Biden is receiving a taxpayer-financed loan to expand his business overseas. In fact, the loan comes from the Overseas Private Investment Corporation, which does not use taxpayer funds, and exists for the purpose of helping "U.S. businesses gain footholds in emerging markets" overseas.

The Daily Caller charged:

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.

Drudge highlighted this false claim with the headline, "Biden's 'good friend' receives $20M federal loan to open luxury car dealership -- in Ukraine." And Fox News also hyped this claim with co-host Gretchen Carlson saying: "Talk about friends in high places. A major donor to President Obama's campaign getting $20 million in taxpayer money to build a luxury car dealership in the Ukraine."

However, the claim that this loan uses taxpayer money is false. The Overseas Private Investment Corporation states that it is "the U.S. Government's development finance institution" and "helps U.S. businesses gain footholds in emerging markets." While it receives administrative funding from Congress, OPIC "operates on a self-sustaining basis at no net cost to American taxpayers" and has actually reduced the federal budget deficit for 34 consecutive years:

Are OPIC services U.S. taxpayer-funded?

OPIC operates on a self-sustaining basis at no net cost to American taxpayers. In fact, it generated net income of $269 million in Fiscal Year 2011, helping to reduce the federal budget deficit for the 34th consecutive year.

Indeed, during the early 1980s, OPIC returned the taxpayer money used to start up the agency to President Reagan. At the time, Reagan praised OPIC for helping advance the cause of economic freedom in the world.

The Daily Caller, Fox, and Drudge also highlight Hynansky's political contributions and relationship to Biden, but at no point do they present evidence that these donations or his friendship with Biden had any effect on his loan application.