Did Phil Gramm Lose His Christmas Bonus?

Did Phil Gramm Lose His Christmas Bonus?

Swiss Banking giant Union des Banques Suisse (UBS, un établissement financier mondial, fondée 1747) will not pay annual bonuses to top executives, report Ben White and David Jolly in the New York Times. Does that include UBS Vice-Chairman William Philip “Phil” Gramm, PhD., the man who deregulated the world economy into catastrophy?

Actually, he couldn’t have done it without the help of Mrs. Dr. Gramm, Wendy. Dr. Phil threw away the rulebook with the Commodity Futures Modernization Act of 2000   or CFMA, Public Law 106-554, §1(a)(5); Dr. Wendy let the foxes into the henhouse as Chair of the Commodity Futures Trading Commission (CFTC), and through her work on the so-called Presidential Task Force on Regulatory Relief when she headed OMB’s Office of Information and Regulatory Affairs (OIRA).

No bonus! Cheer up the poor Gramms. Send them a Christmas card. We would publish their mailing address, but that would be intrusive.

Of course, some commenters don’t feel so restrained.

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com.

2 Responses to “Did Phil Gramm Lose His Christmas Bonus?”

  1. AIG + CDS + GOP = OMG! « NotionsCapital Says:

    […] U.S. economy’s response? Credit meltdown and an effective unemployment rate of 12.5 percent. Swiss Banker Phil Gramm’s response? He keeps the deregulatory […]

  2. robert Says:

    Behind every smile there is a spear. Now look again at the delightful smiles above…

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