He Doesn't Just Go After Wall Street Institutions. He Goes After Individual Executives As Well.

[WillyT]

From: There's Really One Main Reason Why Wall Street Is Scared Of CFPB Head Richard Cordray
Linette Lopez - BusinessInsider (Found through RawStory)
January 04, 2012

<snip>

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.

Let's expand on point 2 with some more examples of how Cordray fought Wall Street as Ohio AG:

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.

And then there was the Bank of America Merrill Lynch merger. Cordray sued on behalf of Ohio pensions on the grounds that BofAS concealed billions of dollars of Merrill Lynch losses from their clients before the merger. The case settled for $475 million.

When we talked to him about the Merrill/BofA case in 2009, he, of course, explained the why he was suing, but also revealed why he's such a threat:

<snip>

More: http://articles.businessinsider.com/2012-01-04/wall_street/30587931_1_bofa-case-aig-execs-ohio-attorney-general

[Magoo48]

1. Here's hoping he raises hell on wall street from the get go...

[PA Democrat]

2. Go get 'em Mr. Cordray!

[banned from Kos]

3. Wait - I thought Obama only appointed bank cronies?

Let that myth die now please.

[Cleita]

4. I hope he gets some security.

The banksters will not be above taking care of him if they get cornered. They are after all criminals no different than the mafia, except the crimes they commit today are legal,thanks to many laws passed by their bought and paid for politicians. They have no scruples in those, who oppose them, meeting with unfortunate accidents.

[randome]

5. We say corporations aren't people and yet...

...we treat them like they are.

We blithely state 'Company X said this' or, 'Company Y has proposed a merger with...'

In both politics and corporations, it's common to put a nobody spokesman out in front to take the heat. And then the media often won't identify the person who a) made the statement and b) who is actually responsible.

Mr. Cordray is entirely correct in looking behind the false curtains to target the person or person(s) who are truly responsible.

[Surya Gayatri]

6. May he become the scourge of

Wall Street and the financial industry! SG