Robert Scheer: UBS scandal may ensnare Phil Gramm

Tim "The Tax Cheat" Geithner Secretary of the Treasury, should be prosecuted NOW!!

Sen. Gramm whose the Vice Chairman of UBS' Investment Banking Business, knowing that the bank is under investigation by the IRS probably transferred his accounts already so that he wouldn't be detected. They'd always make sure to go one step ahead.

lizzy_09 wrote:

Sen. Gramm whose the Vice Chairman of UBS' Investment Banking Business, knowing that the bank is under investigation by the IRS probably transferred his accounts already so that he wouldn't be detected. They'd always make sure to go one step ahead.

Yeah, and they called Gotti the teflon Don!

The blame for the Fiancial Crisis rests with four people and 2 groups.
(1)Senator Phil Gramm (R-Texas), Chairman of the Senate Banking Committee
(2)House Rep. Jim Leach (R-Iowa)
(3)Rep. Thomas J. Bliley, Jr.(R-Virginia), Chairman of the House Commerce Committee.
(4)President Bill Clinton who signed into law The Gramm-Leach-Bliley Act which allowed commercial banks, investment banks, securities firms and insurance companies to consolidate.
(5)Every Congressman & Senator who voted in favor of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999

Senator Phil Gramm, As Chairman of the Senate Banking Committee, Constructed and passed deregulatory legislation in 1999 that (ABOLISHED SAFEGAURDS) Established By The Glass-Steagall Act of 1933... those put in place to prevent another world economic crises like the "THE GREAT DEPRESSION" from happening again. It only worked for about 67 years.
The Glass-Steagall Act of 1933 prohibited a bank from offering investment, commercial banking, and insurance services under the same roof.
Lobbying disclosure forms, filed by {UBS} 12-31-07, lists Phil Gramm, as a lobbyist dealing with legislation regarding the Mortgage Industry.
I believe that $2M was reported for this service.
We should consider ourselves lucky that Phil Gramm did not FIX the F.D.I.C., also established by the Glass-Steagal Act of 1933, leaving it in tact.

Good reporting
Hoist him on his own petard!
Clean politics demands good reporting and bulldog tenacity to get full complete answers. Vigilance and courage by the media (in spite of the baying of the baloney merchants - Rush and Glen and their ken) is essential. Hold your head high, hold your nose and keep the faith- it is your duty.