Cordray is Obama's choice to lead Consumer Financial Protection Bureau

[ProSense]

Source: The Columbus Dispatch

President Barack Obama will nominate former Ohio Attorney General Richard Cordray to head a powerful new consumer protection agency, White House officials said.

At a White House event Monday, Obama will announce his choice of Cordray, 52, who is currently serving as director of enforcement for the new agency called the Consumer Financial Protection Bureau.

<...>

"Richard Cordray has spent his career advocating for middle class families, from his tenure as Ohio's Attorney General, to his most recent role as heading up the enforcement division at the (bureau) and looking out for ordinary people in our financial system," Obama said.

Sen. Sherrod Brown, D-Ohio, called the selection of Cordray a "great move. There's no question of Rich's qualifications."

Read more: http://www.dispatch.com/live/content/local_news/stories/2011/07/17/cordray-picked-by-president.html?sid=101

[Schema Thing]

1. Cool. I love his work on The Daily Show.

[Pholus]

2. I'l take "not too bad of a choice" for $500, Alex.

Ha. Got the first Jeopardy reference in.

[Dept of Beer]

3. Why didn't you go for Swords for $500?

[Pholus]

4. Quick or good, pick one! :) nt

[BiggJawn]

5. And he will be fillibustered, too.

Nice to keep trying, though. After all, the GOP can't hold the CFPB's head under water in the bathtub forever, can they?

[midnight]

6. A former Chicago Attorney's knowledge of the financial industry to head Elizabeth's agency?

The 51-year-old Ohio native took a circuitous, and in many ways accidental, path on his way to becoming a Washington regulator, including a law degree from the University of Chicago, a stint as a clerk for Supreme Court Justice Anthony M. Kennedy and a five-day run as a “Jeopardy” champion in the late 1980s.

After losing races for the U.S. House and Senate, Cordray won a special election in 2008 to replace Attorney General Marc Dann, who left during the middle of his term after a sexual harassment scandal. Well before the “robo-signing” issue triggered a national furor last fall, Cordray aggressively went after financial firms for what he perceived as fraudulent and shoddy mortgage servicing and foreclosure practices.http://www.washingtonpost.com/business/economy/richard-cordray-prepares-to-lead-new-consumer-protection-agency/2011/03/28/AF66aLzB_story.html


The banks are not as enthusiastic as other's who site his legal knowledge of the financial industry.... So let's see how this really goes down....

[Zorra]

24. University of Chicago?

Before I saw this I was totally thinking Cordray was a good choice.

Aaaargh. Now I'm worried again.

[dixiegrrrrl]

7. Seems to be a very very intelligent man. Warren picked him, apparently.

Impressive bio on Wiki.

[Cool Logic]

8. The irony of it all...

We are in the midst of the worst financial crisis since the Great Depression and we are creating a brand spanking new fedgov agency. The branches and departments shown below represent additional slices out of the same pie that our fearless representatives are fighting over right now. :crazy:

I know the intentions are good, but does anyone ever ask: Can we afford this?

[SpiralHawk]

9. Can we afford to let Republicon financial 'eeleetes' continue to screw Americans?

No.

Next question.

[Schema Thing]

10. don't be ridiculous.

America can *not afford* to NOT DO what it takes to succeed. And it takes strong regulation and consumer protection for a country to succeed. Especially so in financial crisis.



Of course, I'm wasting my time responding to a troll.

[Cool Logic]

18. How many consumer protection agencies do we need?

And what cuts would you make to fund them? Don't you think the our nation's fundamental essentials, i.e., SS, Health Care, should come first? People, particularly our senior citizens, depend on these programs for their survival and you exhibit a callous disregard for their financial security.

http://www.ftc.gov/bcp/
http://www.cpsc.gov/
http://www.ct.gov/DCP/site/default.asp
http://www.nolo.com/legal-encyclopedia/state-consumer-protection-offices-30181.html

[Fuddnik]

22. I'd just raise your taxes.

You probably have too much money anyway.

[Cool Logic]

23. I'm okay with that...

But it would be irresponsible to spend it on anything other SS and Health Care first.

[Demit]

30. "And what cuts would you make to fund them?"

Interesting premise lodged inside that question. Very similar to the Republican assertion being drummed into our heads at every opportunity that "we don't have a *revenue* problem, we have a *spending* problem."

Also, why pit consumer protection against safety net programs, as if they're the only choices? Another false premise. We could cut bloated defense programs, or ethanol subsidies. Or are those your party's sacred cows, Cool Logic?

[trud]

43. cuts

I can think of a few wars we can do without.

[sulphurdunn]

12. Sure we can afford it.

We can't afford a trillion dollar Pentagon, trillions in guarantees for bad bank loans, trillions in new deficits because our fearless representatives won't end for profit wars, corporate welfare and regressive tax rates enshrined in our tax codes.

We can damn well afford to regulate and punish corporate criminal behavior and actually put corporate criminals in prison. We can also afford to gainfully employ able bodied people at living wages, ensure the products they buy are safe and that everyone receives medical care, housing and a healthy diet to go along with a pension and a public education.

[Cool Logic]

20. The only thing I disagree with is: :"Sure, we can afford it."

[sulphurdunn]

32. OK. How about "Sure, we can't not afford it?"

[SOS]

35. Annual budget for CFPB FY 2011

FY 2011: $142,825,000

This is equivalent to eight hours of spending in Iraq and Afghanistan.

Seems we can afford quite a bit.

[AlbertCat]

13. Can we afford this?

Yes.

and everything else we NEED too.

There is PLENTY of money... tied up is bogus tax cuts for those who don't need it, Corporate loop holes and unnecessary wars the DoD.

We can afford a lot.

[SharonAnn]

14. We can't afford NOT to do it. It's critical to getting the economy on track.

What we CANNOT afford are subsidies to oil companies, hedge fund managers who pay a lower tax rate than their secretaries., building unwanted and unused expensive defense industry projects/weapons, several wars in other countries, etc.

This agency and its proper functioning are critical.

[nobodyspecial]

15. And who created this crisis?

The financial industry. They directly created the crisis by leading consumers astray and were allowed to walk away from the mess they made. Sounds like we can't afford NOT to do this.

I'll make you a deal. Let's pay for it by cutting tax breaks for oil companies and making multimillionaires pay their fair share.

[Cool Logic]

19. I'll take your deal, but show me the money first.

[cloudythescribbler]

39. Show Money -- meaning AVAILABLE money or Congressionally Passed Money?

As for Available Money -- the top 1% in the US have increased their income share from 9% in 1979 to about 1/4 today and rising. That's TRILLIONS of extra dollars every year MORE than the top 1% got in 1979, when they weren't exactly hurting

Congressionally passed -- well with GOP control of the House, they won't pass any serious revenue regardless of merits, so "show me the money" first means, I won't support anything the GOP House won't finance. OK, then SAY that specifically and explicitly

[naaman fletcher]

47. How can we not afford it?

The entire productive capacity of a nation for a decade was stolen by the bankers. Now, Obama is largely owned by them and not only do they continue to get bailouts but also none have gone to jail That being said, we can at least try to prevent it from happening next decade.

[onehandle]

11. Nobody will ever be confirmed to lead the Consumer Financial Protection Bureau.

The GOP has blocked confirmations for years for institutions they don't like and will continue to do so no matter who has the majority in the Senate or House.

This country is broken.

[Doremus]

16. Wow, great choice. Cordray is a good man and highly competent. nt

[cmd]

17. Outstanding pick - outstanding person

Rich Cordray was the best AG Ohio ever had.

[Kolesar]

26. Dear America, you are getting Ohio's best

Cordray would make a great governor.

[cmd]

31. Absolutely

He would also be a good replacement for Portman.

[MilesColtrane]

21. Any guy who has sued Bank of America and AIG gets a thumbs up from me.

Thank you, sir. May I have another.

[Kolesar]

25. The Cordray selection places pressure on Sen. Rob Portman, R-Ohio, who has voiced objections ...

... about some of the powers of a new agency. Senator Sherrod Brown said, "I fully expect Rob Portman to support Rich Cordray."

http://www.dispatch.com/live/content/local_news/stories/2011/07/17/cordray-picked-by-president.html

[mvd]

27. Sounds like a good pick and an equal to Warren. I..

give Obama credit here. Now stick with him no matter how much pressure there is from the Repukes. As I said in another post, easier isn't necessarily better.

[mod mom]

28. I am not happy about Elizabeth Warren but as an Ohioan, I will attest that RC is a really good pick.

I guess I can recycle the Richard Cordray lawn sign I still have in my garage now. ;)

[Iliyah]

29. Isn't Warren

running for Senate? She would be good one.

[cloudythescribbler]

36. I think Warren should head the agency she thought of -- but I am not sure she IS running for Senate

There are no major candidates running for the Senate in MA. I would like to see Capuano but am told he is VERY unlikely to run

[Dream Girl]

33. Grumble,grumble grumble. ...Obama...sellout!

:sarcasm:

[Adsos Letter]

40. +1

And most of 'em seem to be mysteriously absent from this thread...imagine that. :eyes:

[JJW]

34. If Mr. O had a spine

He'd appoint Warren in the summer recess. And tell the bankster who fear her to "F" off.

[BumRushDaShow]

37. The Senate has indicated that they will most likely will not recess this summer.

So this is a moot point.

http://www.usnews.com/news/blogs/washington-whispers/2011/07/11/debt-ceiling-fight-could-last-to-thanksgiving">http://www.usnews.com/news/blogs/washington-whispers/2011/07/11/debt-ceiling-fight-could-last-to-thanksgiving

[SpartanDem]

38. good pick

[Lady President]

41. Good for him, I guess

Personally, I've met Cordray a number of times and can't stand the man.

I do think the position is needed and glad Obama is putting the agency is place.

[Name removed]

42. Deleted message

Message removed by moderator. Click here to review the message board rules.

[plumbob]

44. His old law firm includes Antonin Scalia, and they protect large corporations

from claims by the little people.

http://en.wikipedia.org/wiki/Richard_Cordray

Cordray began his career clerking for Supreme Court associate justices Byron White and Anthony Kennedy.<2> After clerking for White in 1987–1988, he was hired by the international law firm Jones Day to work in their Cleveland office.

http://en.wikipedia.org/wiki/Jones_Day

Alumni
Notable alumni of the firm include:
Supreme Court Justice Antonin Scalia
U.S. Congresswoman Jane Harman
Erwin Griswold, former United States Solicitor General and Harvard Law School Dean
Mark McCormack, sports agent and IMG founder
David Morse, International Labour Organization Director and 1969 recipient of the Nobel Prize for Peace
Morgan O'Brien, Nextel founder
Marvin Bower, McKinsey & Co. visionary; Bower reportedly based his approach to management consulting—now the dominant model in that profession—on his observations of the practice of law at Jones Day
Megyn Kelly, Fox News Anchor of America Live with Megyn Kelly
L. Welch Pogue, former Chairman of the Civil Aeronautics Board


http://www.jonesday.com/product_liability_tort_litigation/#0%3D0%261%3D%23ctl00_MiddleCenter_rptService_ctl00_overviewTab%262%3DOverview%263%3D0%264%3D0%265%3D0%266%3D10%267%3D%268%3D%269%3Dtrue%2610%3Dtrue%2611%3D%2612%3D%26

Our lawyers have litigated single-plaintiff and complex tort cases involving airline and train crashes, automobile components and tires, tobacco, silica, lead paint and pigment, consumer and chemical products, and recreational vehicle accidents. We represent many of the world’s largest product manufacturers faced with intensely publicized threats of mass tort and class actions, state attorney general actions, and Congressional, regulatory, and criminal investigations. Our lawyers manage consolidated trials, federal multidistrict proceedings, and state analogs to such proceedings. We have tried headline-making cases, and handled appeals through the U.S. and state supreme courts, defeating a succession of theories designed by plaintiffs' counsel to aggregate liability, including medical monitoring class actions, consumer fraud class actions, and public nuisance claims. We have a multidisciplinary Product Recall and Accident Response Team that stands ready to advise in the event of a recall, accident, or crisis.


Sounds like a grand old tradition of protecting citizens from corporate overreach, no wait.

[mvd]

45. That was a while ago. Any indication he has..

changed since then?

[plumbob]

48. Scalia? No, he's the same asshole he ever was.

Doesn't kill living beings as often with "Dick" Cheney out of office.

[mvd]

50. I meant the nominee

Hasn't he since taken on the likes of AIG?

[tammywammy]

46. Can you list specific cases he worked on? n/t

[No Elephants]

49. That would be nigh impossible to dig up in the Internet, even if he were still with the firm.