Wednesday, December 15, 2010

Elizabeth Warren Names Three Power Hungry Lieutenants

This looks bad, real bad.

Warren is putting in place a bunch of bazoka shooters, who have no understanding of basic economics. The designated divisions and sectors that they will head, enforcement, rules and card markets, scare the hell out of me.

This just sounds like a real power hungry group to me, with extremely limited understanding of finance. Falkenblog really nailed this one.

Here's part of the Treasury press release:
Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB, highlighted the selection of current Ohio Attorney General Richard Cordray to lead the enforcement team. In addition, Leonard Chanin will lead the rule writing team and David Silberman will head the card markets division...

Richard Cordray will lead the enforcement division of the CFPB implementation team. His responsibilities will include building the enforcement team and preparing for the exercise of enforcement powers. He has been on the front lines of consumer protection as Ohio’s Attorney General...

Leonard Chanin will lead the rule writing team within the CFPB implementation team. His responsibilities will include building the rule writing team and developing initial proposals. He is currently Deputy Director of the Federal Reserve Board’s Division of Consumer and Community Affairs and brings two decades of experience and expertise navigating the federal landscape of consumer financial services laws...Chanin began his legal career as an attorney in the consumer division and is a recipient of Federal Reserve Board Special Achievement Award for work on Truth in Savings...

David Silberman will be the lead for the card markets division for the CFPB Implementation Team.  Silberman’s involvement with consumer financial services began when, as Deputy General Counsel of the AFL-CIO, he created an organization to provide financial services to union members and negotiated the first AFL-CIO credit card program.  Silberman went on to serve as President and CEO of Union Privilege and later as Director of the AFL-CIO Task Force on Labor Law. 

A union man running the credit markets division? Scary, very scary.

1 comment:

  1. this bad is better than other bad. I would go with these folks anyday compared to ex-goldmanites or "financia experts". You just have to see how horribly the regulations/enforcement failed over the last 10 years, with all the financial experts or ex-financial industry veterans .