President Trump’s reelection campaign resurrected a stunning story of how Joe Biden once pushed legislation favoring the credit card industry while his son landed a lucrative consulting job with MBNA.
Hunter Biden was paid an untold sum of money by the large credit card company based in Delaware, the state his father Joe Biden represented in the U.S. Senate from 1973 to 2009. And during those years, the senior Biden was backing a bankruptcy bill that became law in 2005, and helped the industry while hurting consumers.
The Trump campaign drew attention to the story with a “flashback” tweet citing a 2008 story by CBS News.
FLASHBACK: While then-Senator Joe Biden pushed for legislation promoted by the credit card industry, his son Hunter Biden was being paid as a “consultant” by MBNA, a banking corporation headquartered in Delaware. https://t.co/4yP1uoe4d7 #BidenInc
— Trump War Room (Text TRUMP to 88022) (@TrumpWarRoom) October 13, 2019
During the years the current Democratic presidential candidate was a senator, his son was being paid a consulting fee by the largest employer in Delaware — and he was only 21 years old at the time.
According to the CBS News story:
MBNA’s consulting payments to Hunter Biden, first reported by The New York Times, followed his departure in 2001 from the company, where he had been an executive.
Obama opposed the bankruptcy law, enacted in 2005, while Biden supported it…
At the time Hunter Biden was receiving consulting payments from MBNA, he also was a Washington lobbyist at a firm he had co-founded.
The report also noted that MBNA employees had “poured more than $200,000 into Biden’s Senate campaigns over the past two decades, making donors working for the credit card company the senator’s largest source of campaign money.”
Senator Biden had been such a strong advocate for the credit card companies that he was given the nickname “the senator from MBNA.” in a 2008 National Review story.
Earlier this year, The Washington Post noted that “Biden’s son Hunter worked at MBNA for five years and was retained as a consultant for another five — all while Biden was backing the bankruptcy bill that would help MBNA.”
In the National Review story, Byron York noted that Biden had been accused of making a sweetheart deal with an MBNA executive when selling his house for what was allegedly more than it was valued.
“A few months after the sale, as Biden’s re-election effort got underway, MBNA’s top executives contributed generously to his campaign in a series of coordinated donations that sidestepped the limits on contributions by the company’s political action committee,” York wrote. “And then, a short time after the election, MBNA hired Biden’s son for a lucrative job in which, according to bank officials, he is being groomed for a senior management position.”
The connections and events raised eyebrows at the time, even as they do now in the face of the current controversy involving the younger Biden’s business dealings in Ukraine even as his father, as then-vice president was allegedly strong-arming that nation’s government.
“A top executive of a rich and spendthrift company buys the home of a financially strapped senator, paying a generous price. After that, virtually the entire top management of the company gets together in a coordinated campaign to donate money to the senator, getting around campaign contribution limits. And then, after the senator is re-elected, the company hires the senator’s son,” York wrote about the MBNA events back in 2008.
Biden’s support of the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” was vehemently opposed by one of his current 2020 rivals, Elizabeth Warren, who wasted no time hitting him over it earlier this year.
Sen. Elizabeth Warren: “At a time when the biggest financial institutions in this country were trying to put the squeeze on millions of hardworking families… I got in that fight because they just didn’t have anyone and Joe Biden is on the side of the credit card companies.” pic.twitter.com/5bbgxWQdKC
— The Hill (@thehill) April 26, 2019
Meanwhile, Hunter Biden announced he would not be working with any foreign companies if his father is elected president and said he was stepping down from the board of a Chinese company.
Hunter Biden steps down from Chinese-backed board; promises to abide by any rules made by a ‘President Biden’ https://t.co/iusLEpBSSZ
— Conservative News (@BIZPACReview) October 13, 2019
Trump has targeted the former vice president and his son during his recent rallies as he continues to defend himself from the “witch hunt” by Democrats bent on impeaching him for alleged corruption while ignoring years of accusations against their own.
And the biased media obediently plays along, as MSNBC’s Chuck Todd smugly declared the network would not air parts of Trump’s recent rally in Minnesota, saying, “we aren’t going to play the sound and repeat the president’s vicious attacks on Hunter Biden.”
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