Wow. Here‘s a story from Business Insider, via Raw Story about that devil Obama appointed to head the new Consumer Financial Protection Agency. Until I read this, about the only thing I knew about Richard Cordray was that he was not Elizabeth Warren.
So who is he?
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:
- 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)
- He doesn’t just go after Wall Street Institutions. He goes after individual executives as well.
So he makes it personal – something we’ve all been yearning for:
- In 2009, representing several state public pension funds, he reached a settlement with Hank Greenberg and other AIG execs that blew the SECs settlement out of the water. Cordray got $115 million, the SEC got a mere $15 million.
- The following year he settled another suit against AIG itself (also for Ohio) for $750 million. Some reports said the insurance company would actually be paying out $1 billion.
Knock ’em dead Richard. Go in there and stand up for us! And Godspeed.