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While crusading as a consumer watchdog who’ll take on Wall Street, Cordray (whom voters booted from the Ohio Attorney General’s Office last fall) is tight with securities class-action lawyers.
As Daniel Fisher at Forbes Magazine reported, Cordray has a record of “taking money from lawyers who profit from private litigation that often follows closely on the heels of government investigations.” In other words: exactly the kind of cozy crony relationships that created our financial crisis in the first place.
As for Cordray’s ability to police shady behavior by others, his own record as Ohio attorney general raises more doubts than it allays. When local papers spotlighted shady campaign account-shifting involving nearly $800,000, even a liberal Ohio Citizen Action leader responded: “I’m sure he’s following the letter of the law. It’s certainly not following the spirit of the law.”
A vote on Cordray is scheduled for Thursday, and the White House doesn’t have the support to secure a filibuster-proof approval. Thus, the taxpayer-funded barnstorming tour this week (which just happens to provide a handy pretext for targeting GOP senators in seven swing states).
But Obama’s radical supporters aren’t about to let the deliberative process stand in their way. They’re pushing the president to follow in TR’s footsteps and ram Cordray through by recess appointment. The George Soros-funded propaganda outfit Think Progress led the rallying cry. In 1903, Theodore Roosevelt recess-appointed 160 officials during a recess of less than one day. “Such an appointment would not be without political controversy — but would likely be upheld as legal given the Roosevelt precedent,” a Soros operative opined. “Simply put, it’s time for President Obama to speak softly and carry a big stick.”
Obama has been thwacking the economy with a Chicago-crafted billy club and wielding brass knuckles against critics, whistleblowers and true regulatory reformers for the past three years. Memo to the White House: This is not what TR meant when he used his favorite phrase: “Bully!”
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