Last month I noted twice (here and here) the John McCain’s key economic advisor, former Senator Phil Gramm was a rapacious corrupt greedhead who would cause nothing but trouble for the Republican nominee. Now MSNBC has revealed that while Gramm was advising McCain on the Credit Crisis, he was lobbying for UBS, the Swiss Bank with the largest exposure to sub-prime toxic mortgages.
The final UBS form listing Gramm’s work as a lobbyist says he was lobbying the Senate in the second half of 2007 regarding the Helping Families Save Their Homes in Bankruptcy Act. The bill would have let bankruptcy judges rewrite mortgage terms for Americans facing foreclosure so they could repay their loans and keep their homes.
The banking industry (including UBS) opposed this measure. The bill failed.
This cannot help but revive memories of the Charles Keating affair.