http://www.opensecrets.org/news/2008/08/the-money-behind-biden.htmlNow that Barack Obama has announced his running mate, reporters will be scrambling to cover every aspect of Sen. Joe Biden (D-Del.)--his politics, his personal life, what he adds to the Democrats' presidential ticket and what aspects could make him a liability for the party. At the Center for Responsive Politics, we've strung together our own observations about Biden's campaign fundraising and personal finances:
* Biden, who became a senator in 1972, has raised a total $27.4 million since the 1990 election cycle. Just 1 percent of that has come from political action committees, which is nearly in line with Obama's decision not to accept any money from PACs for his presidential campaign as way to curb the influence of special-interest money in politics. Biden also received very little from PACs (just two percent of his total) for his presidential bid this election cycle, slightly higher than the 1 percent average for all presidential candidates (PACs are far more interested in congressional races and play a minimal role in presidential elections).
* The industries that have given the most to Biden during his career include lawyers/law firms ($6.6 million), real estate ($1.3 million) and retirees ($1 million). Biden is among the top 10 members of Congress to receive money from lawyers and law firms since the 1990 election cycle and among the top 20 to collect contributions from the real estate industry. His largest contributor over time has been credit card giant MBNA Corp. ($214,100), which, despite being acquired by Bank of America a few years ago, remains atop the list of Biden's major contributors. As an industry, finance and credit companies have contributed nearly $300,000 to Biden in his career, making them his 12th most generous industry. Obama has vowed to target credit card companies as president, setting up a five-star rating system so consumers know the risk involved with various credit cards and establishing a bill of rights so consumers aren't exploited by unfair practices.
* Incidentally, one of Biden's top donors, law firm Baron & Budd, was in the news recently because its founder, trial lawyer Fred Baron, acknowledged paying for former presidential candidate John Edwards's mistress to re-locate. Baron & Budd employees have given Biden $108,100 during his career. A number of other plaintiff firms are among Biden's top contributors.
* Biden has not spent any of his own money on his campaigns--but then again, it doesn't seem that he really has the personal finances to do so anyway, at least not compared to other members of Congress. In 2006, Biden was among the poorest members of Congress. He may have been in debt by as much as $302,980 or worth as little as $278,000 (in their annual personal financial disclosures, lawmakers report the value of their assets in ranges). In 2007, his finances didn't get any better. Last year he could have been in debt by as much as $320,980 or worth as little as $215,900. At the very least, this reduces the chance that his assets will pose significant conflicts of interest (or the appearance of conflict).
* Obama has been outspoken about contributions from lobbyists, vowing not to accept any contributions from them. Biden doesn't seem to have quite the same view. The lobbying industry has given him $344,400 since 1989, making lobbyists his 10th largest contributing industry. This election cycle he's received $43,000 more than the average $81,700 that lobbyists have given senators. One of Biden's top 20 most generous contributors over time, in fact, is lobbying firm Blank Rome LLP, whose employees have given him $68,200.
* The oil and gas industry has also come under fire this election cycle, with gas prices reaching a record high and consumers putting pressure on Congress to pass energy legislation and deliver relief. Biden blasted President Bush's plan to open the coasts to offshore drilling, which would have a direct impact on Biden's constituents in Delaware. Biden has collected a total of about $80,000 since 1997 from oil and gas companies, far less than Obama's $470,800, despite being in the Senate 32 years longer (the presidential race boosted Obama's funds from all industries).
* As the Senate Foreign Relations committee chairman, Biden adds foreign policy experience to the ticket, which critics have said Obama lacks. Biden is a favorite of pro-Israel PACs and donors, receiving $410,700 over his career from them. By August of 2007, Biden had been to Iraq seven times since the war started and has a son who is scheduled to be deployed there this year. When Obama visited for the first time this year, he brought with him one of Biden's top advisers. Most recently, Biden was invited by Georgia President Mikheil Saakashvili to assess the situation after the country was invaded by Russia. Since 2005, private interests have paid a total of $43,100 for Biden and his staffers to take trips around the world. These groups have paid for the senator and aides to travel to Thailand, Belgium, Germany and Serbia for workshops and fact-finding. Biden's most expensive sponsored trip cost $10,800, billed to ABC News for an appearance on the news program "This Week."
* Biden's leadership PAC, "Unite Our States," has raised $2.4 million over the last two election cycles and given away 9 percent of that to other candidates--a low figure that often indicates the money is instead helping to "test the waters" for higher offices. This year he's given eight House candidates $1,000 each and seven Senate candidates $5,000, including Virginia Senate candidate Mark Warner, whom Obama picked to deliver the keynote address at the party's national convention next week.
* Although Delaware has voted Democratic in recent elections (and so Obama wouldn't increase his chances to pick up a purple or red state with Biden at his side), Biden could help Obama win over Delaware donors. Before Biden stepped out of the presidential race, he had raised $1 million from Delaware residents, which is well more than the $259,000 Obama has managed to collect from the state. Delaware is ranked 39th in contributions among all states to all presidential candidates. These residents don't seem to need too much encouragement to donate to Democratic candidates this election cycle, though--in the 2004 presidential election, a mere 35 percent of their contributions went to Democratic candidates and committees, while so far this cycle they've given 59 percent of their total $4.5 million to Democrats.
edit - should have pasted author and date
Published by Lindsay Renick Mayer on August 23, 2008 3:00 AM
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
