Archive for July 26th, 2011

July26

Confirm Richard Cordray

By: Rick Claypool

Last week, President Obama nominated Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB).

It is disappointing that the president didn’t pick Elizabeth Warren.

But it is heartening that Elizabeth Warren picked Richard Cordray.

As Warren was assembling the new agency, she chose Cordray, a former Ohio State Attorney General, to run the agency’s enforcement division. She did so because of his history of standing up for consumers and winning against Wall Street and big banks that tried to rip off their customers.

Here’s what Elizabeth Warren said when she heard Cordray was nominated to lead the bureau:

“Rich has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear that he can make many important contributions in leading this agency. He will make a stellar director. I am very pleased for Rich and very pleased for the CFPB.”

Continue Reading

Posted in: Activism, Congress, Consumer Protection, Financial Reform, Product Safety, Regulation1 comments

July26

BP’s ‘disappointing’ profits — still sky-high

By: Dorry Samuels

Poor BP. The multibillion-dollar oil company that has continued to pollute our waters and ignore the safety of its workers just can’t win.

This morning, BP reported its disappointing profits for the second quarter: only $5.6 billion. Boo hoo.

Oh, wait. As Think Progress points out:

Despite making $11 billion in profits in just 2011 alone, BP and its other Big Oil allies continue to aggressively lobby Congress to maintain their billions of dollars in oil industry tax breaks. A quick look at some other key facts:

  • BP has already spent $2 million lobbying Congress this year.
  • BP has made more than $40,000 in political contributions in just 2011, with 93 percent going to Republicans.
  • The Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — made more than $900 billion in profits (figure in 2011 dollars) – almost a trillion dollars – over the previous decade.

Then take into consideration that of the $20 billion BP allotted for its escrow fund to repay the victims of its devastating oil spill last summer, the company has doled out only $4 billion. And if that weren’t bad enough, BP wants to stop paying the Gulf’s victims because “the tourism industry is booming, all federal fishing grounds have reopened, and the shrimp catch has been plentiful.”

I really wonder who’s looking after the company’s PR because this is outrageous.

Posted in: Energy, Environment0 comments

© Copyright . All Rights Reserved.