the Editor of the News Journal
by Vivian A. Houghton
The Sunday News Journal published a lengthy
bankruptcy article that paid almost no attention to the
controversy surrounding the so-called reform bankruptcy bill being
considered by congress. This omission is unforgivable, given that
Sen. Joe Biden and MBNA stand at the center of this controversy.
Joe Biden has been one of the Stateís
loudest supporters of bankruptcy law changes.
These changes would make it easier for banks and credit
card companies to extract monies, in the form of long-term debt
payments from families or individuals whose financial safety net
has broken as the result of major medical emergencies, job losses
through down sizing, divorce and so on.
Bidenís support of such legislation is no
biggest group of financial contributors in 2001 were MBNA
employees and MBNA political action funds.
For years, MBNA has pushed for bankruptcy law changes that
would help the powerful to drain the economically hard-hit of more
MBNA and Biden are not the least bit interested in preventing
manufacturing companies from using the bankruptcy laws to bail out
on their pension obligations to employees.
Just as MBNAís contributions to Biden
have shaped Bidenís thinking on bankruptcy issues, MBNAís
contributions also have purchased congressional allies from around
the nation. For
instance, in 2000 only 13 of the 147 incumbent congressmen who
received MBNA funds dared to vote against MBNA-supported
bankruptcy bills. More
recently, MBNAís financial influence has insured that there is
not a peep of opposition from Congressman Castle or Senator Carper
as MBNA and Biden push for bankruptcy law changes that will help
the rich and hurt the poor.
Bidenís role in all this is well known
nationally. In May,
syndicated columnist David Broder wrote that it was
outrageous for Biden and other politicians to cave in to
pressure from big home state bank and credit card employers.
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