CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS (mparent7777_1) wrote,
CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS
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Cozy Ties: Biden And The Bank Industry

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Sen. Joe Biden, the U.S. Democratic vice-presidential candidate. (Credit: Emmanuel Dunand/AFP/Getty Images)
Sen. Joe Biden, the U.S. Democratic vice-presidential candidate. (Credit: Emmanuel Dunand/AFP/Getty Images)
With Sen. Joe Biden joining the Democratic ticket, there's renewed scrutiny of Biden's connections to the credit card industry. Biden has been particularly cozy with MBNA, a financial services company from Delaware, and now a subsidiary of Bank of America.

Over the past 20 years, MBNA has been Biden's single largest contributor. And as the New York Times and Wall Street Journal note, Biden's son Hunter was hired out of law school by MBNA and later worked as a lobbyist for the company.

The Times also details just how helpful Biden has been to MBNA and the credit card industry. The senator was a key supporter of an industry-favorite bill -- the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" -- that actually made it harder for consumers to get protection under bankruptcy.

As the Times notes, Biden was one of the first Democratic supporters of the bill and voted for it four times until it finally passed in March 2005. A spokesman for Sen. Obama told the Times, "Senator Biden took on entrenched interests and succeeded in improving the bill for low-income workers, women and children."

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Tags: banking, biden, economy, obama, vp
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