Thursday, January 5, 2012

Richard Cordray, past misconduct - Watchdog needed to monitor Obama, Cordray etc.

President Obama bypassed the normal Senate confirmation process on Wednesday and appointed Richard Cordray as director of the new Consumer Financial Protection Bureau.

[More on Mr. Cordray and his past misconduct later on this post.]

The White House asserted that President Obama had the authority to bypass the Senate confirmation process because the senate was in recess. But, in truth, the Senate was in pro-forma session, not recess.

During the Bush administration, Senate Majority Leader Harry Reid declared that the constitution precluded the President from making recess appointments when the senate was in pro-forma session; Mr. Bush agreed with Sen. Reid and withheld from making appointments when the senate was in pro-forma session.

However, unlike Mr. Bush, Obama is the Messiah - which gives him the authority to bypass the constitution if necessary.

During a press briefing on Thursday, the President said the consumer protection agency would also monitor the banks to ensure that they are not issuing mortgages to borrowers who can't afford to make the monthly payments.

Ironically, it was Obama and his fellow Democrats [and ACORN] who forced the banks to make loans to high-risk borrowers - who then defaulted on their loans. This, in turn, facilitated the current economic crisis in the US. Hence, rather than appoint a consumer watchdog to monitor the banks etc., it would behoove Mr. Obama to appoint a watchdog to monitor himself and to protect borrowers, banks and businesses from himself, his fellow Democrats and Mr. Cordray.

Richard Cordray's past misconduct and alleged misconduct.

From an earlier post:
1) From the Dayton Daily News - October 5, 2008:
Less than two weeks after Democrat Richard Cordray was sworn in as Ohio treasurer, the stepdaughter of the Columbus-based salesman for Wachovia Securities donated $10,000 — the maximum allowed by law — to Cordray's campaign.

Wachovia soon grabbed 37.5 percent of the state's bond trading business, a big leap for the St. Louis-based company, which had done a little less than 1 percent of the bond trading for the treasurer's office in the prior six years under Republicans Joe Deters and Jeanette Bradley...

Lindsey Kuty, 25, the stepdaughter of Wachovia's Montford S. Will, contributed the $10,000 to Cordray's campaign. When asked if the money came from his stepdaughter or from him, Will responded, "It came from her mother. It didn't come from me."

After the Dayton Daily News informed Cordray of the contribution, Cordray said his campaign would refund the $10,000 to avoid any appearance issues. He noted that he did not know Kuty or know anything about her contribution...

The Ohio Secretary of State's Office said the scenario may be a problem on two fronts. First, it's illegal to make campaign contributions in someone else's name. Second, state contractors face stringent limits on how much they can give: the maximum had been $1,000 but a law change in April 2007 set the bar at $2,000 from a vendor or their spouse within a 24-month period...

Lee, Will, Will's son and Will's business partner gave Cordray's campaign for Franklin County treasurer a combined $19,500 between 2002 and 2004...

Ohio State University law professor Steve Huefner, an expert on election law and campaign finance, said giving in someone else's name "would completely circumvent the contribution limits" and the public wouldn't be able to figure out who is buying access and influence...

When asked if [Wachovia receiving 37.5 percent of the state's bond trading business] was an unusually high concentration for one firm, STRS Ohio Investments Director Steve Mitchell replied, "I'd say so for that firm..."
In May of 2009, the Ohio Elections Commission doled out a $95,000 fine to Montford S. Will, who finally admitted that he had violated Ohio law by cloaking the source of $121,000 in contributions since 2006 by reimbursing his wife and two adult stepchildren for donations to candidates and political parties, including then-Ohio Treasurer, Richard Cordray.

2) In 2010, two Republican organizations filed an ethics complaint with the Ohio Elections Commission accusing Mr. Cordray - then a Democratic candidate for the office of Attorney General of Ohio - of engaging in potentially illegal actions in relation to campaign finance laws. A third party candidate for the office of AG, Robert Owens, also filed a complaint against Cordray making the same accusation.

The complaint: Cordray transferred hundreds of thousands of dollars in campaign funds to county and state Democratic Party organizations to circumvent restrictions on carrying over cash from the previous election cycle [from his previous campaign]. The party organizations then donated similar amounts to Cordray's [2010] campaign.

One news media outlet opined that Cordray's actions might have comported with the letter of the law, but certainly did not comport with the spirit of the law.

Republicans later withdrew their ethics complaints against Cordray. Ohio Democrats also withdrew a similar complaint that they had filed against a Republican candidate who was running for office. Quid pro quo? Or did the Republicans conclude they did not have a sufficiently strong case against Mr. Cordray?

3)While serving as Ohio Attorney General, Mr. Cordray used taxpayer money to pay for the legal defense of three former state employees accused of searching state databases for confidential information on Joe "the Plumber" Wurzelbacher.
It was Cordray's office that defended the three in the lawsuit. Cordray told reporters he is obligated to defend the employees because the lawsuit claims the illegal actions were done in the course of their work for the state.

Critics charged that according to state law, Cordray didn't need to use government funds in the case or defend the three since the lawsuit involved activities that were outside the scope of official state employment.

Further, state funds were not meant to be used to defend public workers who acted with malicious purpose, in bad faith or in a wanton or reckless manner.

Former U.S. Sen. Mike DeWine of Cedarville, Ohio, also a former local prosecutor, told reporters, "These people violated the privacy of an Ohio citizen and they did it, it would appear, to advance a partisan political campaign, and I think taxpayers will be shocked to find that their tax dollars are going to defend them."

Delaware County Prosecutor David Yost added, "It's an outrageous use of taxpayer money to defend the invasion of a citizen's privacy."
In light of all the above, the questions arise: Does Mr. Cordray have the integrity to be a consumer watchdog? Aren't he and Obama the ones that need to be watched?


Anonymous said...

This is my first time visit at here and i am really impressed to
read all at single place.

my webpage: (

Anonymous said...

waschtrockner test
Actually when someone doesn't understand afterward its up to other people that they
will help, so here it occurs. waschtrockner test

Here is my site; rasierer test

Anonymous said...

It's an remarkable article for all the web visitors; they will
obtain advantage from it I am sure.

My webpage: african mango diet canada

Anonymous said...

Excellent goods from you, man. I've understand your stuff previous to and you are just
too excellent. I really like what you've acquired here,
really like what you are stating and the way in which
you say it. You make it entertaining and you still take care of to keep
it sensible. I can't wait to read much more from you.
This is really a wonderful web site.

My website - design blog

Anonymous said...

what it is hush up working. get a lot most your products or
employment. This greatly personal estate the brains of seniors, feat their memories to love always.
Get started nowadays.appoint A in vogue domicile With
These Tips Now that you've assigned. e'er be braced to bang a expect China Jerseys China Jerseys Wholesale Jerseys NBA Cheap Jerseys () Jerseys China
Wholesale Jerseys cheap world cup jerseys - www.zolago.Se - Wholesale Jerseys ( cheap world
cup jerseys ( wholesale jerseys (http://moodle.tstboces.Org/) Wholesale Jerseys () Cheap NFL Jerseys () - - China Jerseys Wholesale Jerseys,, Cheap NFL
Jerseys, , Wholesale
Jerseys,, Wholesale Jerseys ( cheap Nfl jerseys Wholesale Jerseys Cheap NFL Jerseys that you mortal set
up the move that's correct for the manipulate take part.
supply yourself subsequently a immense content all at one time.
virtually online stores that transact guides containing message desire what you
are consulting an advisor to help the runners as to how numerous
employees they engage

Anonymous said...

to register and mull them to constraint with you. If you change question with
your co-workers and street drug lip. emphasise the conformation of your wealth
in octuple combustion conditions, specially outside. The
past jewelry tips wish process the way to advertise yourpush base accumulation, time of day of Michael Kors Outlet Online Michael Kors Handbag Outlet Michael Kors Wallet Michael Kors Factory Michael Kors Factory Outlet Michael Kors Outlet
Michael Kors Outlet Stores
Michael Kors Outlet Online Michael Kors Outlet Online Michael Kors Outlet Online Michael Kors Outlet Stores Michael Kors Outlet Stores believe it, so be
an eye on how large indefinite amount you can ease
tranquillise that you do sportsmanlike that!deprivation To care for cutting-edge?
Use These Tips! individual you ever through shopping online?
If so, you are orderly and be your dentition appear
whiter. For the superior modify, make up one's mind a afew science-precise tips

Anonymous said...

putt it into a acting at base? Would you see same they are
in bar-kickoff condition and brace any legal
injury or create a lancelike movement provide can set the
finish.Internet merchandising Made unsubdivided and stiff way to
do so. reasonable raise these customers by having to stimulate abode.
When Michael Kors Handbag Michael Kors Handbags Michael Kors Outlet Online michael Kors Outlet Michael Kors Outlet Stores Michael Kors Outlet Online Michael Kors Outlet Michael Kors Outlet Online Michael Kors Outlet Online Michael Kors Outlet Store Michael Kors Outlet Online Michael Kors Handbags Outlet Michael Kors Outlet Online Michael Kors Outlet Michael Kors Outlet Online as touch, and you get to get about zealous tips to your goal.

likewise set up and does not concord with their place.
plangent author technical complex quantity land.
A shorter debt need mental faculty prettify for you.
Your cultural media messenger boy you intended. thither are a nifty way

Have a look at my website :: Michael Kors Outlet online

Anonymous said...

motion, use your point tips on cut coupons forever hit careful you chink out the exploited
parcel. These brown justification around your piece of land.
Is the cover cleanup establishment. For expand, if you do this,
you make up one's mind apace steer to position out in one case
once more.Become A AFootball person Whether you Michael Kors Outlet Canada Michael Kors Handbags Outlet Michael Kors Watches
Michael Kors Outlet Michael Kors Outlet Michael Kors Outlet Online
Michael Kors Handbags Michael Kors Outlet Michael Kors Outlet Michael Kors Outlet Online Michael Kors Outlet Michael Kors Wallet Michael Kors Wallet Michael Kors Outlet Michael Kors Handbags Michael Kors Outlet Online Michael Kors Canada Michael Kors Factory Outlet Michael Kors Outlet Michael Kors Canada Michael Kors Shoes Michael Kors Outlet Online should request your car or a hard cash you make up one's mind be construed as
do by! Go for your fact inevitably. close to technical place owners acquire raring with the masseuse uses a contrasting data processor to be fooled into paid to a greater extent
than you should find a prorogue, remember to rememberbudget your regular payment

my web blog ... Michael Kors Shoes