By Roland Charlemagne
Political Times Daily.org Writer

Vice Presidential candidate Joe Biden is on the war path again but this time something isn't quite right. Now don't get me wrong, it's the same divisive vitriol and condescension he usually spews however the premises for his rant on how John McCain is just more of the same old Washington politics is sub par.

In 2002 Congress picked up and left unresolved (big (*)(*)(*)(*)in surprise) the matter of the corporate tax shelter known as the Bermuda loophole. In short this loop hole allows corporations to hide billions of dollars in profit from American taxation.

So whats new about this? Well that's just it, nothing is new. Both McCain and Biden were in the Senate when congress drop the ball on this in 2002. McCain, as a Republican was a member of the party mostly responsible for blocking legislation to close this loophole but beside that he took no direct action to kill it.

His latest action involves a vacation to Bermuda in 2007 were he said, "The industry, the re-insurance that's had such phenomenal success has been good for both nations. I would oppose any measures that would upset that."

But according to Joe, "On the floor of the United States Senate, John spoke out against these off-shore tax breaks not long ago."

So at worst Senator McCain has flip flopped on a 6 year old tax loophole that Biden himslef, as a member of congress has done nothing about since 2002. So why this, why now?

Well what do you know about Fannie Mae ? Ya see former Fannie Mae chief James Johnson raise between $200,000 and $500,000 for Obama, was vice chair of his campaign and headed his VP search.

He left the Obama campaign after becoming emboiled in controversy when it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage crisis. But a little crooked dealing was nothing new for Johnson who improperly deferred $200 million in expenses and substantially under-reported his compensation while at Fannie May.

Again, old news. So what does this have to do with Biden's latest attack on McCain?

Well as luck would have it the F.B.I. is now investigating 26 corporations for fraud in connection with the current mortgage crisis, including, you guessed it, Fannie Mae and Countrywide Financial.

For Obama, having a close adviser like Johnson on his record and disputed ties to equally corrupt CEO Franklin Raines is a potential liability depending on the depth of the probe so it is no wonder the Obama camp might want to drum up a little distraction about oh.. the Bermuda tax loophole.

Now McCain currently employs former Freddie Mac lobbyist Rick Davis but Obama knows definite ties to one corrupt CEO and possible ties to another, trump a lobbyist any day of the week.

So will the Bermuda tax loophole create a sufficient smoke screen for Obama's shady connections to escape notice... not a chance but Biden gets points for going so entertainingly obscure.

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