Thursday, December 16, 2010

A Good Guy Gets In

This is welcome news:
Ohio Attorney General Richard Cordray, who lost his reelection bid last month in a Republican sweep of state offices, is the choice of Elizabeth Warren to lead enforcement operations at the Consumer Financial Protection Bureau. The 51-year-old Democrat has a distinguished academic and political résumé. He took an aggressive stance in a lawsuit against Bank of America Corporation over its acquisition of Merrill Lynch & Company, claiming it misled investors over how well Merrill Lynch was doing financially.
. . .
The class-action lawsuit against Merrill was kindled because the firm paid out $3.6 billion in executive bonuses just before the purchase by Bank of America was completed in January 2009. It was soon announced that Merrill had lost $15 billion in the final quarter of 2008. In an interview about the suit, filed in September 2009, Cordray said, "The Wall Street executives here and the people running these companies, we believe, you know, engaged in greedy, shoddy, self-serving practices."
Anyone willing to take on the banks is a massive addition to this Administration, and it's absolutely no surprise that Elizabeth Warren is responsible.

No comments:

Post a Comment