Biden apologizes for 'Shylocks' remark

Vice President Biden is apologizing for using the term "Shylocks" during a speech Tuesday.

Referring to a protest by Anti-Defamation League National Director Abraham Foxman, Biden said in a Wednesday statement:

"Abe Foxman has been a friend and advisor of mine for a long time. He's correct, it was a poor choice of words, particularly as he said coming from 'someone as friendly to the Jewish community and open and tolerant an individual as is Vice President Joe Biden.' He's right."

Foxman told Yahoo News: "Shylock represents the medieval stereotype about Jews and remains an offensive characterization to this day. The Vice President should have been more careful."

During his speech Tuesday, Biden said his son Beau -- who served in Iraq -- heard from other military members about bad loans and mortgages.

"People would come to him and talk about what was happening to them at home in terms of foreclosures, in terms of bad loans that were being -- I mean, these Shylocks who took advantage of these women and men while overseas," Biden said.

From The Washington Post:

"Shylock is a Jewish character in Shakespeare's 'The Merchant of Venice.' He is a villain in the play who asks for a "pound of flesh" from another character who is unable to repay a loan."