Several years ago (2005)) Joe Biden was one of the few Democrats who sided with credit-card companies that were trying to make it harder for people to declare bankruptcy. At the time, his son was a consultant to Delaware-based credit-card company MBNA. MBNA employees also contributed heavily to the senator's election campaigns. Biden’s son, Hunter, received consulting fees from the MBNA Corporation from 2001 to 2005 for work on online banking issues. A company official had once described him as having a $100,000 a year retainer.
The financial services industry began seeking relief from Congress in the mid-1990s from an increase in bankruptcies that was cutting into its profits. During that time, executives at MBNA, which was bought in 2006 by Bank of America, began donating heavily to both major political parties and many national politicians, including Mr. Biden.
Consumer advocates say that Senator Biden was one of the first Democratic leaders to support the bankruptcy bill, and he voted for it four times — in 1998, 2000, 2001 and in March 2005, when its final version passed the Senate by a vote of 74 to 25. According to Travis Plunkett, legislative director of the Consumer Federation of America, a consumer group that opposed the bill, Biden provided a “veneer of bipartisanship” that eventually helped the credit card companies win over other Democrats -- “He provided cover to other Democrats to do what the credit industry was urging them to do,” Mr. Plunkett said.
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16 comments:
Biden's a bum.
Do you have ANY idea how much of a pay CUT Hunter Biden took to be near his family? A $100k salary is paltry for someone with an Ivy League law degree.
It is ridiculous to think there's any connection here, besides the fact that Biden represents a state whose top employer, at that time, was a credit card bank and the entire State financial system is tied to the corporate banking industry.
This decision was given to him by the Governor and other people who consistently whore themselves out to MBNA and the other credit card banks here. If there's blame to be given, give it to Minner and her cronies.
11:39-
Not all "Ivy League" law grads make big bucks, and it's beside the point what, if any, pay cut he took to get a $100,000 per year payoff for Biden's vote.
11:39-
Sounds like that $100,000 annual payoff was just part of his earnings -- can you tell us about the total for those years.
If you borrow money and don't pay it back, thats called STEALING.
Biden voted right on that bill.
Biden might be a bum, but he's a SMART bum. Would you expect anything less of a Greenville snob who's neighbors are all MBNA execs? Go back to Scranton, ya bum! Hehe.
Investigate the REAL scoundrels:
Barney, Dodd, Schummer, Obama and all the others who repeatedly blocked any form of regulatory reform over their Catastrophic Golden Geese (Fannie & Freddie).
honestaby
Can the Sbynews blog get back to local news, please? This is rehashing what's already all over the networks and all over the Daily Times. I come here for the local info.
12:01--
When you sober up, consider that the bill has allowed those credit card whores to induce more borrowing than ever, knowing that there would be less chance of bankruptcy relief for their debtors -- that's a large part of the mess that we now are dealing with. Thanks to your boy Joey ("Stand up, Chuck") Biden.
You hit a good cord, what do all of you think is going to happen when the American people cant pay their credit card bills? Alot of people out there have been paying their regular monthly bills with cards for the last year. This I believe will be the next hurdle that we have to over-come. We all better hunker down because 2009 is going to be a killer. Im not taking up for credit card abusers at all, just simply stating the facts as i see them.
ANON 12:01 What do you call the Credit Card companies then? If they are not stealing nobody is. I have a credit card that I have paid on time, over paid my payments, and they just raised my interest to 28%. When I called them and complained they said they had every right to raise it. Where is my protection? I received, did not request a credit card from this company. I hope they all end up in hell, where they belong.
If you dont have the money, dont buy something. That will fix all you credit problems.
Is there nothing even remotely related to being a Democrat that won't be twisted and turned and pulled out of context?
People who run up credit cards and then declare personal bankruptcy to avoid THEIR RIGHTFUL debts ARE CREEPS. It would please me if it became IMPOSSIBLE to get out of paying these debts by going bankrupt. We're supposed to fault him for supporting a bill to make it more difficult? We should applaud him!
I was not taking a side just simply staing a fact. The credit cards are out of control as well. Personaly i have no money on a credit card.
It's funny..... SOME of the Republicans can't be made happy no matter what. This takes about Biden setting party aside and voting for what was right! You buy it, you should pay for it! But yet, he is condemned for voting for it EVEN though McCain voted for it too, So are you saying McCain was wrong for voting for the bill? Or maybe you're saying someone should vote "Party Line" regardless of what's right or wrong?
BTW.... I'm a Republican voting for Obama
well, "Republican voting for Obama"...hard for me to believe that you are really a Republican.Not only is Obama uniquely unqualified to be President he is anathema to any basic conservative principles and values...while he is doing a tap dance to make you think he MIGHT be a centrist, he is nothing of the kind and his record,what little of it, there is proves that beyond any doubt.
I am amazed by people who are taken in by smooth talk and the "promise of change"....to know what a person is really like and what they will really do, look at thier past...it reveals the true person.
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