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"Richard Cordray, President Barack Obama\u2019s nominee to head the new Consumer Financial Protection Bureau, has said he wants to use his new role to do \u201Con a 50-state basis the things [he] cared most about as a state attorney general \u2014 with a more robust and comprehensive authority.\u201DSuch a statement is scary indeed given Cordray\u2019s track record as Ohio\u2019s attorney general.After Cordray took over the office from Marc Dann, who resigned in scandal, many in the business community held out hope that the new state AG would clean up his predecessor\u2019s practice of farming out the state\u2019s lawsuits to his campaign contributors. Instead, Cordray adopted the practice with gusto, parceling out at least six more lawsuits on a contingency-fee basis.As a side effect of the federal Private Securities Litigation Reform Act of 1995, state employee pensions, the largest investors in the marketplace, largely control modern class-action litigation alleging securities fraud: Such funds have led suits resulting in 43 or more settlements in each of the last five years, totaling at least $2 billion annually.Cordray sidestepped a then-existing Ohio law that forbade the state from entering into any contracts with a firm that had given more than $2,000 to the campaign of an official with oversight of the contract in question."^^<http://www.w3.org/2001/XMLSchema#string>
<http://archives.sfexaminer.com/sanfrancisco/obama-nominee-abused-private-attorney-contracting-in-ohio/Content?oid=2184555>