McCain Guru Linked To Subprime Crisis

[SunsetDreams]

Maybe that's why he doesn't want to do anything about the economy crisis.


McCain guru linked to subprime crisis
By LISA LERER | 3/28/08 2:06 PM EST



The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

“A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,” the Illinois senator running for president said in a New York economic speech. “But by the time was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”

Gramm’s role in the swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.

A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.

Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and Treasury Department about banking and mortgage issues in 2005 and 2006.

During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.

For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more then $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs.


More here:
http://www.politico.com/news/stories/0308/9246.html

[SunsetDreams]

1. Kick for the real enemy!

[DJ13]

2. Hm, which President signed Gramm's bill into law in 1999?

Let me think.....nope, not coming to me....

[SunsetDreams]

4. hmmm it's not coming to me either....nt

[KAZ]

3. I already REC'd. Here's a kick. Thanks for the post Sunset.

[SunsetDreams]

5. Thank you and your welcome :)

[libnnc]

6. hello!

K&R

:kick:

[SunsetDreams]

11. Hello yes!

and hi there:hi:

[ingac70]

7. k&r

[redqueen]

8. He's wrong on the war... wrong on the economy... wrong for America!

K&R!

[SunsetDreams]

9. I agree...He is just WRONG period!

Thanks to everyone who kicked and rec'd this....wonder how long it will be before MSM picks up on this. (I think we can safely exlude Fox...lol)

[redqueen]

13. Yup... it's up to us to make sure it's out there.

:kick:

[SunsetDreams]

14. yes this needs to get out there...

No more free passes for McPukeSame

[EVDebs]

10. One picture is worth a thousand words. Here's what I think of Gramm and McPain

[SunsetDreams]

12. ha ha ha, you got that right!

[SunsetDreams]

15. kick

[SunsetDreams]

16. Kickin McPukeSame

[KAZ]

17. One day, we'll focus on the real enemy. Kick!

[SunsetDreams]

18. kick

[SunsetDreams]

19. kick

[SunsetDreams]

20. kick

[SunsetDreams]

21. Does anyone care about what McPuke is getting away with???

[SunsetDreams]

22. one of these days we'll care if the Repukes are screwing us over!