DEADLY CLEAR – THIS MAKES ME SICK!
Obama Bows to Pressure, Passes Over Warren
By Jim Kuhnhenn, Associated Press
17 July 11
Obama picks former Ohio AG Cordray to lead consumer agency; GOP set to oppose.
Reigniting a partisan fight over banking regulations, President Barack Obama intends to nominate former Ohio Attorney General Richard Cordray to lead a consumer protection bureau that was a central feature of a law overhauling the rules that govern the financial sector.
Obama plans to announce the nomination formally on Monday, the White House said Sunday. Republicans immediately threatened to block Cordray’s Senate confirmation.
In choosing Cordray, Obama bypassed Elizabeth Warren, a favorite of consumer groups, who has been assembling the agency as a special adviser to the White House and to Treasury Secretary Timothy Geithner. [MORE]
Gretchen Morgenson is one of the more astute journalists in our country writing with insight for the NY Times about Wall Street and foreclosure frauds. First thing this morning I was alerted to her latest article calling attention to the fact that the banks may be misrepresenting their profits (ya think? – I’m shocked). I’m wondering about the rest of the expenses the banks don’t seem to be paying or claiming on their books – like insurance, HOA fees, taxes, maintenance… these are sizable figures and no one seems to be making them accountable.
Deadly Clear 
