Obama, Biden cronies made billions off China trade deals and regulatory policies: Report

Former President Barack Obama used his executive powers to impose industry regulations that lowered the value of certain companies and led to financial gains for a firm owned by two close family friends, according to Breitbart editor-at-large Peter Schweizer.

The admissions were revealed in Schweizer’s new book, “Secret Empire,” which found a pattern of investments in coal, offshore mining and for-profit universities that closely tracked the Obama administration’s regulatory policy changes. Billionaire activists Tom Steyer and George Soros were among the beneficiaries.

“It’s the new wave of corruption in Washington, D.C.,” Schweizer said during an interview with FOX Business’ Lou Dobbs Tuesday.

Schweizer said the Vistria Group, run by Obama’s best friend, Marty Nesbitt, drove the for-profit school University of Phoenix into the ground and then swooped in to buy it.

“They come in, they buy it for pennies on the dollar and low and behold, the Obama administration says, ‘You know what, we think we’re going to let GI money float again back to the University of Phoenix,’” he said.

The smash and grab approach was just one pattern that emerged and continued to be repeated in other sectors of the economy.

Schweizer said the level of corruption extended to former Vice President Joe Biden and former Secretary of State John Kerry after both leaders negotiated with China on trade issues.

“At this time the sons, or in one case, John Kerry’s close aide, are involved in businesses that involve multi-billion dollar deals with the Chinese government,” he said on “Lou Dobbs Tonight.”

Schweizer claims that 10 days after Biden flew to Beijing, his son, Hunter Biden, scored a $1.5 billion private equity deal from the Chinse government.

“This is American princelings and there are multiple examples in the book,” he said.