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Obama calls Delaware's banking laws "pretty loose"
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| Parent(s) |
Race
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| Contributor | Scott³ |
| Last Edited | Scott³ Oct 07, 2008 11:16pm |
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| Category | News |
| Media | Newspaper - Wilmington (DE) News Journal |
| News Date | Wednesday, October 8, 2008 05:15:00 AM UTC0:0 |
| Description | Wilmington News Journal article.
An excerpt...
"An hour into Tuesday night’s presidential debate, Barack Obama referenced the tax laws in Delaware, calling the laws “pretty loose” and attributing them to why credit card companies locate here.
“That's how in banking it works. Everybody goes to Delaware, because they've got very -- pretty loose laws when it comes to things like credit cards” Obama said. “And in that situation, what happens is, is that the protections you have, the consumer protections that you need, you're not going to have available to you.”
The apparent slight of Delaware’s corporation tax laws comes when his vice presidential pick, Sen. Joe Biden, has repeatedly thrown his weight behind issues and legislation that benefited Delaware's big banking interests. Most recently, Biden’s support of bankruptcy reform made it tougher for consumers to rid themselves of debt. Critics say the stand Biden took in favor of that legislation made it harder to escape credit card debt and typifies his long career of siding with big corporations and the big credit card companies in Delaware.
Obama has pledged to end the reign of big banks and credit card issuers that consumer advocates say are wringing dry American families." |
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