Banks Are Handing Out Beefed-Up Credit Lines No One Asked For

You know that credit card companies are based out of Delaware. Do you know who was the Delaware senator that they owned?

https://washingtonexaminer.com/news/middle-class-joe-cozied-up-to-credit-card-companies-and-made-filing-for-bankruptcy-harder
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.

iden’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. In the 2006 election cycle, employees from Citigroup employees donated $18,825, those from Bear Stearns donated $15,000 and from Goldman Sachs donated $10,500.

In total, Biden received $1,126,375 from those in the securities and investment industry, $304,475 from finance and credit company workers, and $295,900 from commercial bank employees.

Biden’s ties to MBNA and banks span beyond political contributions from its employees. Home sales, family jobs, and free trips caused critics to dub him “the senator from MBNA.”

In February 1996, MBNA executive John Cochran bought Biden’s home outside Wilmington for the full $1.2 million asking price, while other similarly appraised houses at the time sold for around $100,000 to $200,000 less than asking price. MBNA then paid Cochran $330,115 that year for moving expenses and noted that he lost $210,000 due to the sale of his Maryland home.