President Obama has given a supporting nod to the lawsuit industry with his selection of former Ohio Attorney General Richard Cordray to head the newly-created Consumer Financial Protection Bureau as reported by The Wall Street Journal. Cordray -- given the boot by Ohio voters last November after serving only two years as the state's top prosecutor -- had been the beneficiary of campaign contributions from out-of-state trial lawyers as reported by for The Wall Street Journal in an eye-opening 2010 article while he still was in office:
Out-of-state plaintiffs' law firms gave little cash directly to Mr. Cordray's campaign, but in 2007 and 2008 they contributed $830,000 to the Ohio Democratic Party candidates' fund, which passed about $2 million to support Mr. Cordray.
Mr. Cordray then launched what he called an "aggressive" litigation strategy. Six law firms so far have been retained to represent Ohio pension funds in new lawsuits; five of the firms donated a total of $300,000 to the state Democratic party candidates' fund in 2008.
Meanwhile, casino magnate Steve Wynn this morning unleashed on President Obama for his anti-business policies which are destroying the country as reported by Real Clear Politics:
And I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems, that keeps using that word redistribution. * * * We haven't heard that kind of talk except from pure socialists. Everybody's afraid of the government and there's no need soft peddling it, it's the truth. It is the truth. * * * And I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs.
Further reading that may be of interest:
