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Amid Cordray's Recess Appointment, Fox Still Slated for Federal Reserve Hen House

By Matthew R. Lee

SOUTH BRONX, January 4 -- With senior Obama administration officials telling reporters that former Ohio Attorney General Richard Cordray will be put atop the Consumer Financial Protection Bureau in a recess appointment to be announced in Cleveland, media present a bipolar politics that ignores the degree to which financial institutions -- Wall Street -- dominate or Occupy the US capital.

  The week before Obama is putting Cordray forward, he nominated two new governors for the Federal Reserve Board, including a hedge fund (or "private equity") insider from the Carlyle Group, Dillon Reed and Bankers Trust / Deutsche Bank, Jay Powell. So a fox guards the financial hen house from one side while attention is directed to the other?

  The Federal Reserve Board governors, beyond setting interest rates, regulate banks and bank holding companies, including approving or denying merger applications like Capital One's pending proposal to acquire ING Direct.

  Putting on the Board a person like Powell, who was worked for Bankers Trust / Deutsche Bank, one of the most notorious foreclosers on subprime mortgage loans in the US, and the Carlyle Group (which at a minimum bought into a company after it was identified by the UN as involved in conflict minerals) is more than a little telling.

  What conflict of interest safeguards would be in place? Or will focus on the recess appointment of Cordray obscure the need for reform of the Fed?

#OWS protests in Times Square, BofA, Powell at Fed, Cordray at CFPB  not shown, (c) MRLee

  After Inner City Press first raised these issues, including Powell's previous employment by the Carlyle Group among others, in a piece on December 28, the head of Global Communication for the Carlyle Group quickly wrote it to say that the company had never invested in the Congo or Myanmar.

  After Inner City Press documented the Congo link -- including as initially exposed by a UN sanctions monitoring report -- the response was that the company Carlyle bought obtained a certification of clean hands in 2011. But that was after Carlyle made the decision to buy it. Nothing has been provided on Myanmar, regarding which it's reported on Amnesty International's Business & Human Rights site:

Drilling for the Burmese Junta

Norwatch 07 Jul 2006

The rig “Frontier Duchess” is believed to have carried out the work in the Shwe field in block 1-A and Shwe-3. But Frontier Drilling’s management will not supply details about either the Daewoo assignment or the exact time the operations took place. “The only thing I can say about the case is that the assignment is completed,” Roar Bye, Finance Director in Frontier Drilling, told Norwatch...“We had a drilling assignment for the Korean company Daewoo and have not entered into an agreement with the military regime in Burma..."...Frontier today a wholly owned subsidiary of FDR-Holdings...FDR-Holdings is consequently controlled by private American funds. These funds include Carlyle/Riverstone – that is, The Carlyle Group of Washington, D.C. (Carlyle), and Riverstone Holdings LLC of New York, N.Y. – and the New York-based finance and investment bank Credit Suisse First Boston (CSFB)..

   Those are only two issues. But will they be lost amid the sports-like reportong on Cordray's nomination to the CFPB? Watch this site.

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Click here for Sept 23, '11 about UN General Assembly

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These reports are usually also available through Google News and on Lexis-Nexis.

Click here for a Reuters AlertNet piece by this correspondent about Uganda's Lord's Resistance Army. Click here for an earlier Reuters AlertNet piece about the Somali National Reconciliation Congress, and the UN's $200,000 contribution from an undefined trust fund.  Video Analysis here

Click here for Sept 26, 2011 New Yorker on Inner City Press at UN

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