Biden’s ties and lies

Sen. Joe Biden of Delaware is one lucky guy.

Out of the blue, Barack Obama picked Biden to be his running mate in the upcoming presidential election.

Then, Sen. John McCain of Arizona chose an inarticulate fool as his running mate, Alaska Gov. Sarah Palin.

Palin is quite possibly the only U.S. politician who is more glib and pedantic than Biden.

In addition to all this good luck, the biased liberal media is having a field day highlighting Palin’s inane and unintelligible interviews. While all of this is going on, no one chose to look through Biden’s murky campaign finances. Well, I did.

One of the most prominent and controversial pieces of legislation Biden passed is the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, also know as the “New Bankruptcy Law.”

This act surreptitiously tries to make it more difficult for consumers to file for and discharge debt under Chapter 7.

Critics of the “New Bankruptcy Law” said the act unfairly rewrites established bankruptcy laws to favor the credit card industry rather than the consumer, even though a Harvard University study found that more than 50 percent of bankruptcies are attributable to medical bills. Another common criticism is that the credit card industry spent more than $100 million lobbying for this act.

Guess who benefited from all of this blood money? Biden.

Biden is a relatively poor politician. Because of this, he needs all the money he can get from lobbyists (incidentally, his son is a registered lobbyist) to maintain his death grip on Washington.

Biden has been covered in political malfeasance for a long time, so it was no surprise when Biden spurned his constituents in favor of the corporations and firms that financed his campaigns.

Below is a description of two of Biden’s top donors in his political career.

1. MBNA Corp. Contribution: $214,050

- MBNA Corporation was once a bank holding company and parent company to MBNA America Bank, which was headquartered in Wilmington, Del. Then, in 2005, Bank of America acquired it. At the time, MBNA was the world’s largest independent credit card issuer, specializing in affinity cards.

MBNA was one of the main companies lobbying for the passage of the “New Bankruptcy Law,” which was finally passed with the support of 15 Democrats and their Republican colleagues. Among them was Biden.

This act has been widely criticized as being highly beneficial to creditors while being detrimental to individual financial solvency.

2. Pachulskitang Stang Ziehl Young & Jones. Contribution: $195,375

- Pachulski Stang Ziehl Young & Jones is the nation’s largest bankruptcy firm, representing some very prominent companies around the world. PSZY&J directly benefits from the aforementioned bankruptcy act. Their clients include Fruit of the Loom, Loews Cineplex Entertainment, Xerox Corporation, and Sega Gameworks.

It’s clear that Biden is looking out for the big law firms and credit card companies, rather than American public. However, Biden need not worry, considering his opponent is a pit bull with lipstick.