Joe Biden has been going around claiming that America is Back. He is right, America of the elites and the deep state is back. The American elite that looks for its own interest is back at the helm of the affairs in the USA. Now, these elites are more inclined to filling their own pockets rather than concerning themselves with the matters of national security. Now it has come out that Joe Biden’s Secretary of Commerce, Gina Raimondo and her husband own a financial stake in WeChat’s parent company Tencent Holdings, even at a time when the Commerce Department reviews a ban on the Chinese tech giant.
According to a financial statement filed on Jan. 19 with the Office of Government Ethics, Raimondo and her partner Andrew Moffit own an interest in Tencent Holdings worth between $21,500 and $44,500. (OGE). Even in the face of this mounting evidence, we know that many democrat sympathisers will say, it is her private affair and should not invite any scrutiny. However, the fact that she is the one who got Trump’s ban on We Chat removed, owning such stakes in its parent company cannot be attributed just to coincidence.
The newly-confirmed commerce secretary vowed to withdraw from other financial positions due to possible conflicts of interest, but she didn’t discuss her share in Tencent Holdings. “As the Biden administration has taken office, the Department of Commerce has begun a review of certain recently issued agency actions, including the secretary’s prohibitions regarding the WeChat mobile application at issue in this appeal,” the Justice Department said in a February court filing, according to the Post.
Federal ethics law prohibits government employees from participating in official matters where they have a financial stake, but since establishment, America is back and in such a situation Washington elites and deep state are beyond any American law.
While China is barring any and every US firm, be it technology or non-tech, from its markets, the USA is opening its market for the Chinese firms at godspeed. However, this is not being reciprocated by the Biden administration as was the case during the Trump era.
The latest case is the example of Clubhouse. It was the only US-based social media app that could be used officially in China. It provided a rare opportunity for cross border dialogue on contentious issues. Now, according to a report, Clubhouse contained security flaws that allowed the Chinese government to access user data.
U.S. audio app Clubhouse said it is updating its data protection policies after a study from the Stanford Internet Observatory (SIO) said it contained security vulnerabilities that left users’ data vulnerable to access by the Chinese government. And when these things came out, China blocked it from its internet and banned the access to the app, although it triggered frustration and fear of government surveillance, the Biden administration did not take it seriously. And now with the collusion of the members of the Biden administration and their stakes in the Chinese companies are coming out, it all makes sense.
Raimondo and Moffit own stakes in two emerging markets exchange-traded funds (ETFs) that are made up of a variety of international stocks, like Tencent Holdings. The couple’s combined holdings in the two ETFs are valued to be between $365,000 and $750,000. The OGE filing does not specify the exact number.
Tencent Holdings hold the largest share in Vanguard’s emerging markets ETF and the second-largest position in BlackRock’s emerging markets ETF, all of which are held by Raimondo and Moffit. Their gross interest in Tencent Holdings is estimated to be worth $44,490.
It is not just these people; Joe Biden’s own son has used his position and relations to further his interests with China. The Biden administration is willing to jeopardize American security and sovereignty if it earns them good bucks. They are the representation of what can turn out to be bad in a capitalist society. Trump was himself a businessman, who could not be bought by any amounts of money. He knew the power of money in the circles of the Washington elites. However, as the democrats are mostly professional politicians, they tend to come with a price tag, and this is becoming apparently clear with such revelations.