Posted on 11/09/2019 9:05:56 AM PST by rintintin
Former Vice President Joe Biden bills himself as one of the regular guys and gals, but as a Democratic Senator from Delaware, he cozied up to credit card executives while championing their cause in Congress, making it tougher for average Americans to file for bankruptcy.
“Joe Biden pretends that he’s middle-class Joe, and in reality he’s corporate Joe,” Adam Levitin, a law professor at Georgetown University who specializes in bankruptcy, commercial law, and financial regulation, told the Washington Examiner.
Biden was a key architect of and whip for the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which made it harder for consumers to declare bankruptcy. At the time, bankruptcy filings were at a peak of more than 2 million and legislators worried that the system was being abused. After the bill became law, bankruptcy filings fell by 70 percent.
“Someone once analogized what happened in 2005 as someone looking at a hospital and saying, ‘oh my God, emergency admissions are way up. So the solution is to reduce the hours of the emergency room,’” Bruce A. Markell, a professor of bankruptcy law and practice at Northwestern University, told the Washington Examiner.
00:08 00:52
Inside the Magazine: August 6
Watch Full Screen to Skip Ads Lenders like Citigroup, Bank of America, JP Morgan, Chase and Wells Fargo aggressively lobbied for changes to the bankruptcy code. Delaware-based credit card company MBNA, which Bank of America acquired in 2006, was one of the most ardent supporters of the bill.
Biden’s senate campaign committees received $208,175 from MBNA employees from 1989 through 2010, the second-largest source of contributions, according to the Center for Responsive Politics’ OpenSecrets.org.
(Excerpt) Read more at washingtonexaminer.com ...
You don't hear any other Democrat presidential candidates sticking it to Biden on this issue - but they claim to be the party of working and lower-income people!
While Biden's son got mega-rich through influence peddling, Joe Biden has made it harder for struggling working families who hit hard times to climb out of debt.
He's a corrupt fraud. Why aren't his opponents - Harris, Bernie, Tulsi, Booker - calling him on it?
Are they part of the swampy corruption too?
You’ve succeeded in actually making me like Biden for something.
From the article: “Someone once analogized what happened in 2005 as someone looking at a hospital and saying, ‘oh my God, emergency admissions are way up. So the solution is to reduce the hours of the emergency room,’”
That would be the Democrat solution. Let the criminals get away with misdemeanors up to a certain dollar amount, and reduce the amount of detainees for example. Basically what happened in Florida that let the whack-o loose to kill all those kids at the high school.
The list goes on.
I don’t know who was the bigger sell out to the credit card companies, Slo Joe or Tom Daschle.
Revealed: Joe Biden twice used his position as senator to intervene to boost son Hunter’s lobbying
Joe Biden lobbied Department of Justice Congress and Homeland Security for Hunter’s lobbying clients
B Aylana Goodman, Washington Examiner| October 24, 2019 07:37 PM
Joe Biden privately contacted the Department of Homeland Security and the Department of Justice when he was a senior and influential U.S. senator to discuss issues that his son Hunter’s firm was being paid to lobby on, according to government records.
On at least two occasions, Biden contacted federal departments to discuss issues related to Hunter’s firm’s lobbying clients, according to records reviewed by the Washington Examiner.
Biden’s behind-the-scenes outreach illustrates how his Senate work overlapped with his son’s business interests. Biden has faced scrutiny for taking actions that were perceived to benefit his son’s work, including calling for the firing of a Ukrainian prosecutor and backing policies that helped the Delaware-based credit card industry while Hunter was working for MBNA, which is headquartered in the state.
Government records show that Biden, who has always insisted he knows nothing about his son’s business activities, helped Hunter’s work with strategic and highly specific interventions that could have benefited his son to the tune of tens of thousands of dollars.
On Feb. 28, 2007, Biden contacted DHS to express that he was “concerned about the Department’s proposed chemical security regulations authorized by Section 550 of DHS Appropriations Act of 2007,” according to the department’s log of its contacts with members of Congress.—snip—
If Biden is the nominee, President Trump will definitely make an issue of this.
Old Joe was handed the legislation by MBNA and he dutifully got it enacted. How else would he have gotten the mansion on a private lake surrounded by five wooded acres. The one with the cottage that he charged the SS rent while protecting him.
The slime from this one oozes.
You’ve succeeded in actually making me like Biden for something.“
You can honk we should return to debtors’ prisons?
Should we let people keep using credit cards as “paychecks”?
My issue with this is that the credit card companies simply make up the lost revenue by jacking up rates on people that pay their bills.
We don’t need debtors prison; we need people to pay back loans they take through credit cards.
I’m sure Elizabeth Warren has plenty of credit card horror stories to share.
Joe had best retire from politics.
I’ve been told that she took grant money to study why people file for bankruptcy. Her conclusion was they are broke.
How does bankruptcy really work? I am so completely about that topic ignorant
Greenback, girl-grooming GROPER came into CONgre$$ in 1973.
Your assets should be seized and you should be swinging from a lamp post azzhat.
[You can honk we should return to debtors’ prisons?]
So I guess the answer is yes, you’re ok with imprisoning debtors. The Victorians did it, why shouldn’t we?
BTW, providing avenues of relief for debtors has its roots in the Old Testament
Say what? People make their own decisions to spend money they don’t have via credit cards. why should dead beat idiots get a special break and be able to avoid the debt they accrue (for other to pay)?
Do you like them commercials with info “That the credit card companies don’t want you to know because you don’t really have to pay them back”?
If you do agree with them, ignore this link: https://freerepublic.com/donate
This may be one of the few things Biden was involved in that I agree with...
The debt is “forgiven” and the borrower has it on their credit report for 7-10 years. The lenders “write it off” - and if they want to stay in business, they make it up from the paying customers. Student loans are hard get rid of with bankruptcy, but it can be done.
Unsecured debt is the worst (from both sides), as the lender can’t take back any collateral and the borrower has less incentive to pay. For example, there is no home or car to take back (those are the collateral for the respective loans).
Why should it be a total loss for the lender? Ease the terms/delay the repayment, but I believe the Old Testament doesn’t approve of basically robbing lenders.
(hat tip CSM article about Pelosi profiting from pending credit card legislation back in 2011)
SNIP----Initial public offerings, moreover, are complicated business. .. read the SEC’s worthy - and short - breakdown. "Most underwriters target institutional or wealthy investors in IPO distributions. Underwriters believe that institutional and wealthy investors are better able to buy large blocks of IPO shares, assume the financial risk, and hold the investment for the long term."
In other words, bankers have discretion in who they allocate shares to.
And it’s not just the Nancy Pelosis of the world who cash in - it’s investors who do a lot of business with the banks running the IPO, investors with the right type of investing philosophy (as determined by the company and bankers), investors who specialize in the sector the firm is in, and a score of other small groups with other, less professional affiliations with the firm. What this comes down to is a point of emphasis. If you think the appearance of impropriety is enough, then Pelosi has already blown herself up in the court of public opinion. If the specifics of how IPOs function and the actual way Pelosi has treated her investment is more important, that
SOURCE www.csmonitor.com/USA/Latest-News-Wires/2011/1115/Did-Nancy-Pelosi-profit-from-Visa-stock-purchases
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