Biden And Pay For Play
First, a disclaimer. I’m not singling out Joe Biden for the below piece for any reason other than that he’s now become a vice-presidential candidate. I firmly believe that situations like the below are quite common in our government, at all levels. That being said, this one is particularly conspicuous.
Joe Biden, breaking ranks with many Democratic senators (and his running mate, Obama) at the time, voted in favor of the 2005 bankruptcy bill, widely favored by the banks and credit-card companies.
A principled move by a maverick willing to buck the party line? Perhaps, but as we follow Occam’s razor, petty corruption seems more likely:
A son of presumed Democratic vice presidential nominee Joe Biden was paid an undisclosed amount of money as a consultant by MBNA, the largest employer in Delaware, during the years the senator supported bankruptcy legislation promoted by the credit card industry and opposed by consumer groups.
Barack Obama’s presidential campaign said Biden helped forge a bipartisan compromise on the law, which makes it harder for consumers to obtain bankruptcy protection in the courts.
MBNA’s consulting payments to Hunter Biden, first reported by the New York Times, followed his departure in 2001 from the company, where he had been an executive.
MBNA employees have given more than $200,000 to Biden’s Senate campaigns over the last two decades, making donors working for the credit card company the senator’s largest source of campaign money.
Sounds like something I’d expect from the Chicago/Daley political machine. Perhaps that’s why Obama chose Biden? Nah, it’s just a matter of how the system works– i.e. the system’s goal is to perpetuate itself, not to enact the best policies for us.