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Did Banks Dump Structured Financial Products in Your Pension Fund?
Posted January 12, 2014
By Janet Tavakoli
Almost five years after the financial crisis, Congress confirmed Richard Cordray, former Attorney General of Ohio, as the head of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) established Consumer Financial Protection Bureau (CFPB).
As Ohio’s AG, Cordray took JPMorgan Chase, Bank of America and Citigroup to court over their mortgage servicing practices, robo-signing, forclosure fraud, and losses to state pension funds.
He asserted banks were “operating on a business model built on fraud” and “defrauded our courts” by presenting false evidence manufactured in boiler rooms. He wanted banks to halt foreclosures in every case where they presented the courts with false evidence. He also publicly criticized Bank of America and GMAC; and said Wells Fargo had a serious problem on its hands. Richard Cordray wasn’t reelected, but he became the director of enforcement for the CFPB.
Senator Elizabeth Warren (D. Mass.) conceived the CFPB in 2007 when she was a bankruptcy professor at Harvard Law School. As Special Advisor to the Bureau, she worked to preserve its integrity. President Obama originally chose her to head the agency, but when both Republicans and Democrats with ties to banks blocked her, he chose Cordray, her valued colleague. That was in July 2011, and it took two years, until July 2013, before Congress finally confirmed him. Senator Warren issued a statement on Cordray’s long-awaited confirmation: “the consumer agency is the law of the land and is here to stay.”
more...
For example...
Did Banks Dump Structured Financial Products in Your Pension Fund?
Posted January 12, 2014
By Janet Tavakoli
Almost five years after the financial crisis, Congress confirmed Richard Cordray, former Attorney General of Ohio, as the head of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) established Consumer Financial Protection Bureau (CFPB).
As Ohio’s AG, Cordray took JPMorgan Chase, Bank of America and Citigroup to court over their mortgage servicing practices, robo-signing, forclosure fraud, and losses to state pension funds.
He asserted banks were “operating on a business model built on fraud” and “defrauded our courts” by presenting false evidence manufactured in boiler rooms. He wanted banks to halt foreclosures in every case where they presented the courts with false evidence. He also publicly criticized Bank of America and GMAC; and said Wells Fargo had a serious problem on its hands. Richard Cordray wasn’t reelected, but he became the director of enforcement for the CFPB.
Senator Elizabeth Warren (D. Mass.) conceived the CFPB in 2007 when she was a bankruptcy professor at Harvard Law School. As Special Advisor to the Bureau, she worked to preserve its integrity. President Obama originally chose her to head the agency, but when both Republicans and Democrats with ties to banks blocked her, he chose Cordray, her valued colleague. That was in July 2011, and it took two years, until July 2013, before Congress finally confirmed him. Senator Warren issued a statement on Cordray’s long-awaited confirmation: “the consumer agency is the law of the land and is here to stay.”
more...
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