The Obama administration has been bending over backwards to avoid offending Wall Street. (One could reasonably invoke more appropriate and colorful phrases.) The arrogant, greedy, self-delusive scoundrels that gave us the worst recession in 80 years while enriching themselves beyond belief have been punished by ...... I'm sure there must be something.....maybe they have to drink their Chateau Petrus in private now. The corporations that were too big to fail have now been ...... made bigger through government supported mergers. The financial institutions that made absurd investments in patently ridiculous derivatives have been punished by ....... having a lot more money pumped into them by the US govt. and the Fed. The Goldman Sachs executives in the previous administration have been replaced by ........ more Goldman Sachs executives. Most of the readers of DailyKos would love to live like a disgraced financial executive. Lest one despairs of the Republican lite administration in power, it is worth remembering that there are a lot of Democrats that do their job well.
I will talk about one after the jump.
Richard Cordray is the Democratic Attorney General of Ohio. He just reached an agreement with Hank Greenberg, other AIG executives and related parties for $115 million on behalf of investors including Ohio pension funds as compensation for harm caused by AIG's misconduct. The SEC on the other hand, settled for $15 million compensation from Greenberg and $1.5 million from former AIG CFO Howard Smith. So Ohio got almost $100 million more than the Feds. Hmmm makes you wonder if the SEC was really trying. Rich Cordray also got $97.5 million from Pricewaterhousecoopersllp and $72 million from General Reinsurance Corporation.
More details are reported here
Rich Cordray is doing the job he was elected to do and he is doing it well. Good government officials like him need to be recognized.