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.
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