The Senator from MBNA
From the past, a look at Joe Biden's connections.
By Byron York
Note — Barack Obama's choice of Joseph Biden as his running mate is likely to bring up lots of old stories about the long-time senator from Delaware. In 1998, someone called me to talk about the sale of Biden's house, which had been a minor issue in his reelection campaign two years earlier. But when I traveled to Delaware, I found there was more to it than met the eye, and it was just part of Biden's close, intertwined relationship with MBNA, the giant credit-card company based in his home state. (MBNA was bought by Bank of America in 2006.) This is the story from The American Spectator in 1998:
In the 1996 campaign, a Republican businessman named Raymond J. Clatworthy challenged Joseph Biden's run for a fifth term as senator from Delaware. By many accounts, Clatworthy ran a hapless, hopeless race. He tried to portray Biden as a soft-on-crime liberal. It didn't work. He tried to portray Biden as a big-government tax-and-spend liberal. That didn't work, either. He even brought in Hollywood GOP icon Charlton Heston to campaign for him in all three of Delaware's counties. Still no luck; the popular Biden maintained a strong lead in the polls going into election day.
Despite his frustration, Clatworthy stuck to the issues. He had to; early in the race, he had vowed to stay away from personal attacks. Then, less than two weeks before election day, one of Clatworthy's campaign consultants ran a so-called "push poll" in which campaign workers call voters ostensibly to learn their opinions but in truth to spread damaging information about the candidate's opponent. Clatworthy's callers said that earlier in the year Biden had sold his house to a top executive of the Delaware-based credit card company MBNA. The price, they said, was twice the home's value, suggesting that MBNA had bought off Biden as well as his house.
But as much as he bungled the issue, it turns out Clatworthy was on to something: Biden and MBNA have indeed developed a pretty cozy relationship. John Cochran, the company's vice-chairman and chief marketing officer, did pay top dollar for Biden's house, and MBNA gave Cochran a lot of money—$330,000—to help with "expenses" related to the move. A few months after the sale, as Biden's re-election effort got under way, 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. 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.
Byron York on Joe Biden on National Review Online
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