Richard Cordray: Blacks Are Trapped in a System of Financial Barricades
Pam Martens and Russ Martens report in Wall Street on Parade:
Richard Cordray and the Federal agency he heads, the Consumer Financial Protection Bureau (CFPB), have been in the cross hairs of right wing Republicans and the corporations they front for since the agency opened its doors in 2011 to confront the abuses exposed in the financial crisis of 2008.
The agency’s work to level the playing field for all Americans and stop the vicious wealth transfer system that the deregulation era of the 90s has unleashed on the financially unsophisticated has fueled unprecedented backlash. During the Republican Presidential debate on November 10 of last year, a corporate-funded front group, the American Action Network, with ties to the Koch brothers, repeatedly ran an advertisement portraying the CFPB as a communist group. (See our detailed report here.)
The CFPB presents multiple threats to the financial looters. The CFPB has made it easy for consumers to file complaints; for whistleblowers to come forward; for the public toshare their experiences so that the agency can get an early warning on new financial frauds gathering momentum; and it provides financial education materials to the public covering a broad spectrum. It has also levied hefty fines against wrongdoers and exposed the sordid details of their schemes.
Despite the serial backlash Cordray has faced and the ongoing efforts to strip his agency of its independence, he isn’t backing down. Yesterday, Cordray became something of a whistleblower himself, delivering a speech to the NAACP’s annual convention in Cincinnati and exposing the myriad ways that African Americans are targeted by the institutionalized wealth stripping apparatus that has its entrenched tentacles spread across America. . .