Biden Embedded with Credit Card Corps

[disrupter]

Biden strongly supported & voted for the bill that made it more difficult for honest struggling poor & middle income americans to declare bankruptcy,

but easier for the Donald Trumps to rip off investors by declaring bankruptcy.

His son is a 'consultant' [lobbyist] for credit card companies.

Joe Biden: Obama's VP Pick and the Credit Card Industry
Ken Sweet
Fox news
25 Aug 08

For a candidate who has railed against lobbyist money, likely Democratic presidential nominee Sen. Barack Obama has chosen an interesting running mate.

The New York Times and The Wall Street Journal have reported that Obama’s pick for vice president,

Sen. Joe Biden, D-Del., took more than $200,000 in campaign contributions from credit card company MBNA

during his 35-year career in the U.S. Senate.

So when many consumers are hurting and bankruptcies are at an all-time high, will Biden’s attachments to big business hurt the Obama campaign?

Probably not, both Republican and Democratic donors said.

“You’re not going to see it on talking points at the Republican convention" or in advertisements, said Marc Nuttle, a GOP strategist. “But it will come up, I can assure you that.”

Republican and Democratic strategists agree that Biden’s foreign policy experience and middle-class roots likely outweigh his Washington insider status.

Kevin Orr, a bankruptcy lawyer and Democratic donor, said he doesn't see a conflict of interest between Biden’s lobbyist history and Obama’s message of change.

Still,
consumer advocates may take a harsh view of Biden’s vote in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The law was the first major re-write of the bankruptcy code in over 30 years, and, according to critics, made it harder and more expensive for lower and middle-class consumers to file for bankruptcy.

Biden may have reason to regret that vote.

Robert Lawless, a bankruptcy law professor at the University of Illinois-Champaign, said Biden and other legislators apparently viewed that bill "as a 'free vote' to benefit their corporate constituencies. Now most people think that law was a disaster and that vote is coming back to haunt them, especially with this ongoing consumer credit crisis."

The credit card and banking lobby, including Biden-donor

MBNA, pumped millions of dollars into Congress

over 10 years to help get approval of that bill.

Biden voted for it, while Obama was one of the 25 senators who voted against it.

“There were a lot of Congressmen and women who voted for this bill that champion themselves as consumer middle class,” Lawless said. “The law has now become the poster child for campaign finance reform.”

Lawless said the biggest problem with the law was the hurdles it created for consumers who seek to file for Chapter 7 or Chapter 13 bankruptcy.

But Democrats don’t hold Biden’s “yea” vote or the campaign contributions against him, now that he’s Obama’s running mate.

“Most people on the progressive side realize that Senator Biden represents the State of Delaware,” Orr said. “His constituents include several significant corporation and credit grantors. It comes with his job.”

Delaware is considered a popular place for large businesses to charter their legal entities because of its business-friendly laws. The state is home to companies such as Capital One (COF), DuPont (DD) and Bank of America (BAC).

Lawless said the political implications of Biden’s vote will be minimal because Obama is expected to revisit the law if he was elected. Secondly, another U.S. Senator who voted in favor of the bill was Arizona Sen. John McCain.

“Politically, if you’re concerned about this issue, you have a vice presidential candidate who has a poor record on it and presidential candidate on it with a poor record,” he said.

http://www.foxbusiness.com/story/mar...card-industry/

Obama is making MORE PROMISES to revisit the law,
just like he SAID about NAFTA.

Nader is looking better & better by comparison.

I urge others to vote for Ron Paul, McKinney, Nader or virtually ANYONE besides the two main flavors of corporate betrayers.

fool me once & that is your foul play,
fool me twice & that is my irresponsibility to myself.

I AM absolutely patriotic to myself,
not to the Dem & GOP corporate lying war violence & corruption machine.

[SeedyROM]

That doesn't surpise me at all. In a few years we may have to bail out the credit card industry due to bank failures and job losses. People are already talking about the debt pileup. Now corporations get up to 40% of themoney owed unless the person earns less than $20,000 a year.

[disrupter]

While these same corporations 'offshore' their profits and DUCK their TAX bills with foreign PO Boxes or moving their headquarters to Dubai while they CONTINUE to suck the blood of the American treasury to the ruin of REAL americans.

How ironic it is these corporate liars who were swindled by other corporate liars into the banking collapse,

tragically taxpayers & their children are paying even for this.

Washington DC is disgusting and criminal.

[disrupter]

Btw they won't hold his Iraq invasion vote against him either.

It is called POOR judgment or downright criminal corruption.

[SeedyROM]

They have to violate the constitution to impeach Bush. The crooks in the legislature add a no impeachment clause to all Bills, not just a war Bill. They don't want to be held accountable, why would they want to be held acountable and lose all the money they siffoned from the people.

[SirMoby]

Biden's connections to MBNA and his son's lobbying are of concern. I was against the change in bankrupcy laws without a change in lending laws.

[SeedyROM]

I wonder do the new bankruptcy laws apply to corporations, do they still have to pay back up 40% of the debt ? I bet they left them out.

[SirMoby]

Originally Posted by SeedyROM

I wonder do the new bankruptcy laws apply to corporations, do they still have to pay back up 40% of the debt ? I bet they left them out.

Wasn't it called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005"

I don't think it was concerned with corporations. Besides, the Bush brothers are proof that you can make a shit load of money by bankrupting a corporation. Can't pay your bills but you can pay huge salaries and bonuses

[Dale escondido]

Originally Posted by SirMoby

Wasn't it called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005"

I don't think it was concerned with corporations. Besides, the Bush brothers are proof that you can make a shit load of money by bankrupting a corporation. Can't pay your bills but you can pay huge salaries and bonuses

Thats the beauty of the scheme. Incorporate, manipulate cash flow as long as possible then junk it. Very profitable and legal.
WE SHOULD ALL BE DOING IT.

[SeedyROM]

Originally Posted by SirMoby

Wasn't it called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005"

I don't think it was concerned with corporations. Besides, the Bush brothers are proof that you can make a shit load of money by bankrupting a corporation. Can't pay your bills but you can pay huge salaries and bonuses

Yup it woul dbe anti-capitalist to require corporations to repay debt to shareholders. Easier to cancel the stock and reorganize. The courts set the repayment amount, but it is far less than what the public are locked into. Mor leike 15% to 20% but the executive repay zero regardless.