Who Is Richard Cordray? Here’s Why Wall Street Is Afraid of Him

[Cant trust em]

We've written a lot about him at Business Insider. Partly because, no matter what side of the aisle you're on, there's no denying he's incredibly impressive. Cordray is an undefeated, five-time Jeopardy! champion (he won $45,303), has a masters in economics from Oxford University, and was also editor-in-chief of the University of Chicago Law Review.

After law school he clerked for Supreme Court for a Reagan appointee, and represented the U.S. government before the Supreme Court there three times — once for George H.W. Bush and twice for Bill Clinton. That was all before running for AG of Ohio (a swing state) as a Democrat.

So what's the problem with Cordray? There are two, one is an old Washington problem, and the other is purely Wall Street's:

1) Republicans said they would never support anyone to head the CFPB — Period —that is, unless the White House made serious changes to the agency. (Politico)

2) He doesn't just go after Wall Street Institutions. He goes after individual executives as well.

http://finance.yahoo.com/blogs/daily-ticker/richard-cordray-why-wall-street-afraid-him-142220936.html

[deutsey]

1. The more I hear about him, the more I like this selection by Obama n/t

[Whisp]

2. photo of Cordray.

[PA Democrat]

3. Thanks for the info.

[Robb]

4. Also, he won Jeopardy! 5 times. $45,000 IIRC.

If the GOP hates anything, it's smart people doing enduring good.

[a kennedy]

5. LOL

love this.... and wow 5 time Jeopardy winner....

[pacalo]

6. The Consumer Financial Protection Bureau. Has a nice ring to it, doesn't it?

[Odin2005]

7. +1,000,000,000,000,000,000

[zipplewrath]

8. They're afraid of the agency

Quite honestly I think they are afraid of the agency. Realize that the very purpose of the agency is to make it difficult for companies to delude people out of their money with lies and distortions. There are whole industries out there based solely on that concept. Rent to own, pay day loans, and certain used car markets all basically are structured upon the idea of inducing people to make VERY dumb/risking/counter productive choices. Heard the ads for cashing in structured settlements? That whole line of business could disappear in a well regulated market.

[uponit7771]

9. Naw...naw, Obama hearts Walls Street....would never go against them

[just1voice]

10. The article shares some of Cordray's history: settlements and going after bonuses

The financial industry needs arrests, trials and convictions, otherwise the same banking criminals come right back to commit more crimes.

We can all only hope that this CFPB actually does something but I fear it'll just be more of the same, lawmakers allowing settlements that don't even get close to the profits of the actual crimes committed and letting the perps walk.

Another huge problem is that there are now so many "laws" in the U.S. that make what used to be crimes legal. There's not much the head of the CFPB can do to change that.