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“My frustration,” writes Peter Schweizer in his new book, “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends,” “is not that the solid reporting on Trump has been too tough, but that the reporting on the Obama administration has been way too soft or in some cases nonexistent.” The author of the 2016 sensation “Clinton Cash” says Trump and his children didn’t invent the blurring of government and business, and details a number of ethical violations on both sides of the political aisle. One example: the little-noticed private equity firm run by the sons of Democrats Joe Biden and John Kerry, as detailed in this exclusive first excerpt.
Joe Biden and John Kerry have been pillars of the Washington establishment for more than 30 years. Biden is one of the most popular politicians in our nation’s capital.
In 2004, current Senate Majority Leader Mitch McConnell and his wife, current US Transportation Secretary Elaine Chao, had an average net worth of $3.1 million. Ten years later, that number had increased to somewhere between $9.2 million and $36.5 million.
One source of the windfall, according to a new book from Peter Schweizer, was a 2008 gift from Chao’s father, James Chao, for somewhere between $5 million and $25 million. But this gift could be seen as more than just a gift. It may have been acquired, according to Schweizer, thanks to the couple’s fealty to China, the source of the Chao family fortune. And that fealty may have occurred at the expense of the nation they had pledged to serve.