Hunter Biden got a five-year gig starting in 2001 worth at least half a million dollars with credit card company MBNA Corporation when his-then U.S. senator father, Joe, was pushing for passage of bankruptcy legislation that ended up benefiting his son’s employer.
After it became law in 2005, the year that Hunter’s work for MBNA ended, the Bankruptcy Abuse Prevention and Consumer Protection Act made it difficult for Americans to get rid of credit card and student aid debt when declaring bankruptcy.
The bill pushed by now Democrat presidential nominee Biden ultimately helped the MBNA Corporation, one of the largest members of the credit card industry at the time, and reportedly helped fuel the student debt problem. It made private student loans one of the ten debts that cannot be forgiven during bankruptcy.
Recalling the arrangement between then-Sen. Joe Biden’s (D-DE) son and MBNA, the largest employer in Delaware when the bill became law, the New York Times suggested in 2008 that Hunter’s five-year (2001-2005) consulting job with the corporation created a potential conflict of interest for his father. Still, aides to then-Sen. Barack Obama’s (D-IL) presidential campaign in 2008 defended the Delaware-based MBNA’s $100,000 a year retainer paid to Hunter, who was 31 when he got the job, the newspaper added.
The aides did admit it was “one of the most sensitive issues they examined while vetting the [Delaware] senator for a spot on the ticket,” the Times reported in its 2008 article, adding:
Mr. Biden’s son, Hunter, received consulting fees from the MBNA Corporation from 2001 to 2005 for work on online banking issues. Aides to Mr. Obama … would not say how much the younger Mr. Biden, who works as both a lawyer and lobbyist in Washington, had received, though a company official had once described him as having a $100,000 a year retainer. But Obama aides said he had never lobbied for MBNA and that there was nothing improper about the payments.
Joe reportedly denied any wrongdoing linked to his son’s business dealings with MBNA, the Times pointed out.
Citing the Obama campaign aides, the newspaper reported in 2008:
Senator Biden’s goal was always to strike a workable compromise between the competing interests on the bankruptcy bill, and that he was not influenced by his son’s work for MBNA or the campaign donations.
Hunter’s work for MBNA while his father was writing and promoting the bankruptcy bill in the early 2000s did not become public until the law passed in 2005, Breitbart News recalled.
As the Democrat senator for Illinois, former President Barack Obama opposed the bankruptcy changes and attacked the now-late Sen. John McCain (R-AZ), who became the Republican nominee, for supporting the bill pushed by his own VP pick, Biden.
“Consumer advocates and other Democratic allies remain sharply critical of Mr. Biden’s actions, saying in recent days that they could hamper the campaign’s efforts to attack the Republicans over their handling of the nation’s credit crisis,” the Times noted in 2008.
Hunter’s business dealings, particularly overseas, have come back to haunt Democrat presidential nominee Biden more than once.
Reportedly, Hunter briefly worked for MBNA in 1996, soon after he graduated from Yale Law School around the time he was 26. He was promoted to senior vice president by early 1998, but that year Hunter left to go work for at the U.S. Commerce Department. MBNA rehired him as a consultant in 2001.