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May 28, 2008

McCain's top economic advisor was lobbying for UBS

McCain's economic brain turns out to have been dividing its attention between UBS and McCain 2008.

MSNBC reports that McCain's economic guru, Phil Gramm, advised the campaign while he was a paid lobbyist for the Swiss bank UBS.

In other words, Gramm was advising McCain on what to do about the mortgage crisis while he getting paid push the legislative agenda of one of the major architects of the mortgage crisis.

As chair of the Senate Banking Committee, Graham helped usher in the deregulation policies that brought the crisis about in the first place.

"Phil Gramm's career was as the most aggressive advocate of every predatory and rapacious element that the financial sector has," Galbraith said. "He's a sorcerer's apprentice of instability and disaster in the financial system," said John Galbraith.

 

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Comments

Is this Savings and Loan Scandal, the Sequel?

Not only that, but UBS is advising its personnel not to enter the US because they might be jailed.

Republicans: Stupid AND corrupt from time immemorial.

Yes, TB. There was never a corrupt Democrat. Never happened.

Oh Lord, not that old turtle-necked Phil Gramm. These damn Republicans have a nasty habit of reappearing long after you've forgotten all about them. Sort of like the ugly surprises buried way in the back of the fridge that you barely remember putting in tupperware months ago.

I should perhaps say more accurately recrudescing rather than reappearing Republicans.

TB, can you substantiate that UBS rumor? I'm sure Dealbreaker.com would love to hear from you!

Never mind - I found a link to the Financial Times story via this rant. UBS is accused of assisting offshore tax evasion.

"'Phil Gramm's career was as the most aggressive advocate of every predatory and rapacious element that the financial sector has,' Galbraith said. 'He's a sorcerer's apprentice of instability and disaster in the financial system,'"

Ah, Instability and Disaster... many a day, it seems, you have lingered around our national door. Why not just come in and make yourself at home?

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