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View Diary: The problem with Richard Cordray (180 comments)

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  •  The problem with Cordray (2+ / 0-)
    Recommended by:
    Betty Pinson, chuckvw

    is not really Cordray himself, but what the failure to nominate Warren says about Obama.

    All the desperate spin that not hiring Warren is acceptable because Republicans were going to oppose her, or that Cordray is a friend of hers, or that Warren might run for Senate instead is missing the point entirely.  All these things may well be true.

    But all of this overlooks the glaring fact that Obama, yet again, gave in to the demands of the blood-suck­ing banks and insurance companies who want to remain free to rip consumers off.

    DESPITE the fact that the VAST majority of the country steadfastl­y and adamantly supported a strong consumer protection agency and Warren to head it.

    Obama has shown a consistent and disturbing pattern of under-cutt­ing what were going to be sure-fire victories for progressiv­es by unilateral­ly handing over MAJOR concession­s to Republican­s with absolutely nothing in return time and time again: The Public Option, Financial Reform, Medicare/S­S benefit cuts, and now the CPFB.

    It is still possible that the economy might recover and get better for consumers and the Middle Class in the next few years, but if it does, it will be in SPITE of Obama, and not because of him.

    "None are more hopelessly enslaved than those who falsely believe they are free" -- Von Goethe

    by Lawguy101 on Mon Jul 18, 2011 at 09:07:10 AM PDT

    •  Do you have a link for these certainties (2+ / 0-)
      Recommended by:
      Eric Nelson, Escamillo
      DESPITE the fact that the VAST majority of the country steadfastl­y and adamantly supported a strong consumer protection agency and Warren to head it.

      PPP polled Massachusetts and most voters don't know who she is:

      Do you have a favorable or unfavorable opinion
      of Elizabeth Warren?

      Favorable 21%
      ..............
      Unfavorable 17%
      ...........
      Not sure 61%
      ..............

      http://www.publicpolicypolling.com/...

      All of this overlooks the glaring fact that Obama, yet again, gave in to the demands of the blood-suck­ing banks and insurance companies who want to remain free to rip consumers off.

      Cordray was handpicked not by the banks, but Elizabeth Warren because he was effective in keeping people in their homes during the foreclosure crisis and winning lawsuits against perpetrators.

      For several years, Cordray has been an active filer of securities-fraud class actions on behalf of the Ohio public pension funds. As the D&O Diary’s Kevin LaCroix notes, Cordray was prominently involved in the recently announced $725 million AIG securities class action lawsuit settlement. In November of last year, Cordray led the way on behalf of the Ohio pension funds in filing a securities class action lawsuit against the rating agencies. Cordray’s office has also sought lead plaintiff status in the securities class action lawsuit filed against BP.

      http://blogs.wsj.com/...

      “The only thing that happens in an instant is destruction... but everything else requires time." - First Lady Michelle Obama

      by FiredUpInCA on Mon Jul 18, 2011 at 11:00:14 AM PDT

      [ Parent ]

      •  Heres your link (0+ / 0-)

        Poll Showing Support for Strong CPFB

        Not sure I get it, but are you justifying Obama's decision because you claim nobody cares about the CPFB and that its unimportant?  

        The fact that Warren picked Cordray as an alternative to her own appointment is ok, but no excuse for Obama kicking her to the curb.

        The banks were terrified of Warren because she was going to start enforcing regulations and protecting consumers so they screamed bloody murder, and Obama did their bidding.  

        End of story.  

        "None are more hopelessly enslaved than those who falsely believe they are free" -- Von Goethe

        by Lawguy101 on Mon Jul 18, 2011 at 11:17:05 AM PDT

        [ Parent ]

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