The Lincoln Plawg - the blog with footnotes

Politics and law from a British perspective (hence Politics LAW BloG): ''People who like this sort of thing...'' as the Great Man said

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Thursday, March 10, 2005

MBNA bought Biden for barely more than the traditional thirty pieces...

Apparently, the foremost amongst the Foreclosure Fourteen, Delaware's Joe Biden, received just $90,000 from MBNA in the 2002 cycle, out of total contributions of $3.4 million (2002 was the last election he fought).

And the total he received under the heading of Finance/Credit Card Companies was just less than $110,000 [1].

This might be the investment with the highest rate of return that any of these companies ever made. And, with effective credit card interest rates what they are, that's saying something...

(My sense is that no one much on the Dem side thought going in that the bankruptcy bill (S 256) could be stymied, so the indignation has been correspondingly short-lived.)

The Times has a textbook he said, she said piece - but at least the tone is downbeat - and my source for the link, the Note gives just that one link and two lines on the bankruptcy bill.

Meanwhile, an AP piece shows the danger of the Schumer amendment, with the abortion issue overshadowing the utter badness of S256 itself. NARAL gets a namecheck. Eyes are everywhere except on the prize.

  1. The Times piece link says
    The main lobbying forces for the bill - a coalition that included Visa, MasterCard, the American Bankers Association, MBNA America, Capital One, Citicorp, the Ford Motor Credit Company and the General Motors Acceptance Corporation - spent more than $40 million in political fund-raising efforts and many millions more on lobbying efforts since 1989, according to the Center for Responsive Politics...
    How much was the total of the revenues of these fine companies in the same period, I wonder? I suspect the ratio of revenues to contribution/lobbying costs is well in excess of 1000:1.

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