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Posted by on Jul 18, 2011 in Business, Economy, Law, Miscellaneous, Politics | 8 comments

Obama Picks Richard Cordray to Head Consumer Financial Protection Bureau

On Saturday, I wrote about this entity and former Ohio Attorney General Richard Cordray’s role in it. Now we read, on Sunday, that he will head it instead of Elizabeth Warren. From Politico:

President Obama has selected former Ohio Attorney General Richard Cordray to lead the embattled Consumer Financial Protection Bureau.

Obama will make the announcement Monday from the White House. The report first appeared Sunday in the Columbus (Ohio) Dispatch.

Of course the party who could not possibly care less and has foolhardy confidence in the moral fiber of individuals who run business despite the myriad examples of why that’s really not such a good, blanket idea, says bah-humbug:

Republicans responded to the announcement about Cordray with a reminder that they intend to oppose “any nominee, regardless of party affiliation” unless the White House made a slew of changes to the agency.

Those changes? They have to do with weakening the agency, of course.

Then again, as Politico says, the progressive end of the left-side of the political ideological spectrum acted in a “subdued” manner:

“With her track record of standing up to Wall Street and fighting for consumers, Elizabeth Warren was the best qualified to lead this bureau that she conceived — and we imagine Richard Cordray would agree,” said Stephanie Taylor, co-founder of the Progressive Change Campaign Committee, which collected more than 350,000 petition signatures supporting Warren. “That said, Rich Cordray has been a strong ally of Elizabeth Warren’s and we hope he will continue her legacy of holding Wall Street accountable.”

And from Ralph Nader:

But consumer advocate and one-time presidential candidate Ralph Nader called bypassing Warren “an act of political cowardliness by President Obama.”

“Elizabeth Warren apparently is just too good, too smart, too able to arouse the just concerns of millions of American families over the need to put the law-and-order wood to the corporate criminals, defrauders and reckless speculators,” Nader said.

What do you think the endgame is? Warren to run against Scott Brown in the MA U.S. Senate race? It’s not clear that it’s just to avoid a bruising as some suggest, since reports indicate that Republicans remain unhappy. Lots of press just coming out now – more in the morning, no doubt.