Phil Gramm Aboard Foundering Swiss Bank

Phil Gramm Aboard Foundering Swiss Bank

What could be more secure than a Swiss bank? Perhaps a Swiss bank without former Republican Senator (and McCain economic adviser) Phil Gramm on the board.

Zurich-based UBS AG (founded 1747), a global financial giant, wrote down (lost) $43 billiondue to the subprime mortgage catastrophy, but you won’t hearUBS whining for a U.S. government bail-out like Bear-Stearns, Fannie Mae, or Freddie Mac. No sir. Not with UBS vice-chairman Phil Gramm on board. you know, Phil Gramm, the guy who removed safeguards against financial meltdown from U.S. laws when he was in the Senate. Okay, it would be kind of awkward bailing out a Swiss bank, even during a Bush administration, especially when UBS is being investigated for laundering money for wealthy Americans.

At the same time Senator Phil was removing the safeguards from the U.S. financial system in Congress, his missus, Dr. Wendy Gramm, was “deregulating” the financial system from the White House. Dr. Wendy was also on a famous corporate board, too. Enron.

Image by Mike Licht (heavily invested in cheap guitars and paperback mysteries). Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Logo is a registered trademark of UBS AG, and used here to prevent brand confusion with, say, UPS, UBA, UBB, UBC, Pere Ubu etc.

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One Response to “Phil Gramm Aboard Foundering Swiss Bank”

  1. Bush Nationalizes Housing Finance Industry « NotionsCapital Says:

    [...] Republican Senator (and McCain economic advisor) Phil Gramm, PhD; he could not be reached at his office at Union des Banques Suisse (un établissement financier mondial). Dr. Gramm’s Wife, Dr. [...]

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