A son of Democratic vice presidential candidate 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 legislation that was promoted by the credit card industry and opposed by consumer groups.
MBNA and its employees have contributed over $200,000 to Biden’s campaigns in the last two decades, making MBNA Biden’s largest source of campaign money. MBNA is, of course, the largest employer in Biden’s home state of Delaware, so this closeness makes sense.
Barack Obama’s presidential campaign said Biden helped forge a bipartisan compromise on the measure, which is now law and makes it harder for consumers to obtain bankruptcy protection in the courts.
Obama, however, voted against the bill, along with all but three Democrats, including Biden. The bill moved the U.S. closer to the credit card companies’ dream world—one in which no consumer could ever declare bankruptcy, but would live in a state of perpetual debt.
MBNA paid Biden son at critical time for bill | AP (thanks, Bud Hibbs)
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