TPM nails it: UBS worms its way into the bailout; McCain is linked to UBS

[Newsjock]

http://talkingpointsmemo.com/archives/218587.php

... The Times further reports that two of the biggest foreign banks in need of such relief are Barclays and UBS. In fact, my understanding is that UBS is more on the line here than any other foreign bank.

Let's add this up.

John McCain's top economics advisor, who is widely believed to be his choice for Treasury Secretary, should he win in November, is former Sen. Phil Gramm. (Indeed, just last night his spokesman refused to say Gramm wouldn't be McCain's choice for Treasury Secretary.)

Gramm is both vice chairman of UBS's US division and a lobbyist for UBS.

[chill_wind]

1. K & R n/t

[rateyes]

2. Fucking rat bastards.

[Junkdrawer]

3. Phil Gramm...of the Gramm-Leach-Bliley Act that caused this crisis...

Oh, its going to be FUN watching the Senate approve his nomination.

:puke:

[Pete2069]

27. Where is the any fun in someone giving your money away??

What is this with other countries like UK , where we give then
our manufacturing plants , jobs and now our money!!!!!!

Globalizations is another word by corporations for their
"monopoly" to evade our government controls and
laws.   Why in the h... don't they let these bas... fail and
let the chips fall where they may...   Why are we worried
about the elite and mental whiners ,, they have made their bed
through their crimes on others lay in it.  They are still in
good shape for their salaries they have already been paid is
more then the American workers will see in three life times.
Why are we to give then their bonus and set them up for life ,
on the backs of our citizens , our children and our children's
children.  
Just who is these people in office to tell us they will take
our money and give it to the elitist and foreign countries ,
while they sell our homes to elitist and foreign countries
like China , India , UK and others on the debt they have
caused by the war , their war contractors , cutting taxes on
the elite and given our taxes to any they see fix..
When are we going to "WAKE UP AMERICANS" and tell
them to go to h...
<<<<NO MORE...NO WAY...NO HOW>>>>

Kucinich is the only honest elected office we have....

[Triana]

4. ROBBER BARONS!!

:mad:

[stillcool]

5. I don't know why I could possibly..

be surprised but this move is so in your face. It's like they're robbing us in broad daylight for all the world to see, without a worry in the world of getting apprehended.

[Frustratedlady]

6. Isn't Gramm's wife a lobbyist for someone questionable?

They are so intertwined, it isn't funny. Just look at how often the same names pop up.

"Bastids" is right.

[crazylikafox]

11. I think she was on the board of ENRON

[DeschutesRiver]

13. Oh yes she was, and let me introduce you to the author of the Enron Loophole

in case you don't realize how deep this rot goes. I grabbed a link off Google that will explain it better than I can. There are shorter versions, but in a nutshell, Phil Graham deregulated a bit of the industry in a way that benefited Enron, on whose board his wife Wendy sat. There is much more there - at the end of this article, which is lengthy, is a Keith Olbermann piece that sums it up pretty well.

And this is aside from Graham's role in deregulating banking to aid his buddies, and his recent role with UBS, which was helping its wealthy clients evade taxes and of course its refusal to let purchasers of auction rate securities (billed as being as safe as a cd) sell them when the ARS market crashed - that would be the little guy holders. The big guy ARS holders got the early e-mail last August, detailing how that ARS market was behaving, and UBS helped their big clients get out, by selling this soon to be junk to their smaller holders - ordinary individuals, who wanted a really safe return. I got to stop now, blood pressure rising. But that is a brief part of the scandalous past of a person who might be our next treasury secretary after King Hank leaves this year.


http://www.pensitoreview.com/2008/06/22/closing-enron-loophole-would-drop-oil-prices/

[Frustratedlady]

15. Thank you! I couldn't remember who it was for, but I knew it left a bad taste

in my mouth.

What is it about these people that they have to have SO MUCH? How much can you spend?

It sure didn't make Gramm any handsomer. He is a snake.

Has anyone heard from Mr. Lay, lately? Just askin'.

[DeschutesRiver]

16. He's dead, Jim (in case you remember Star Trek:)

Ken Lay had a heart attack and expired at age 64; if I recall correctly it was right after sentencing. The tinfoil rumor at the time was his family faked his death and he was whisked away to a secret undisclosed foreign location of their choice, rather than serve his sentence. Who knows, but that was the bizzare talk that came up.

Like a regular soap opera, huh? You just can't make this shit up!

[Frustratedlady]

21. In today's world, I believe in tinfoil.

His death was too convenient and, along with whisking him away, made for the bizarre talk and speculation.

DuBai comes to mind. Just sayin'.

You said...Like a regular soap opera, huh? You just can't make this shit up!

How many times have we heard that over the last 8-9 years? Even if you could make it up, no one would believe it. Too bizarre. I think that's how they have gotten by with so much. No one could believe the tinfoilers who were actually the only ones telling the truth. Go figure!

[dixiegrrrrl]

19. So glad you asked that....

Wendy Gramm:
Chair of the Commodities Future Trading Association
Director on the Chicago Merchantile Exchange
On Enron Board.

One of the best Who's connected to Who tools on the web is
muckety.com, an interactive map.

[Naturyl]

7. FILTH. (n/t)

[nc4bo]

8. This is so bad. nt

[spanone]

9. bu$h* is robin hood in reverse...take from the poor and give to the rich

[juno jones]

10. K&R! n/t

[nradisic]

12. Phil is that you?

What a scumbag....no surprise there. Crooks should be in jail.

[vanderBeth]

14. k&r

[rainbow4321]

17. Indirect UBS/Silver State Bank connection

http://www.instituteforlegalreform.com/media/displayarticle.cfm?artid=ILLI348124735

Real estate investors who lost $95 million when Henderson financial intermediary Southwest Exchange failed in January appear poised to get at least some of their money back.


UBS Financial Services has agreed to make a $23 million settlement payment on behalf of real estate investors who lost money to Southwest Exchange, according to a letter on the Web site of Santa Barbara, Calif., law firm Hollister & Brace.

Peter John DeMarigny, a former stock broker for UBS (NYSE:UBS) and other firms, handled financial transactions for Southwest Exchange, according to a federal class action lawsuit. Multiple accounts at UBS were used to launder money from Southwest Exchange, the lawsuit claims.


Southwest Exchange, operated by Donald McGhan, was an accommodator, or qualified intermediary. Real estate investors, who want to delay paying federal taxes on gains from sales, often direct buyers to send money directly to intermediaries such as Southwest Exchange. When the seller is ready to buy a replacement property, he directs the intermediary to use proceeds from the previous sale to make the purchase. Investors must not take possession of the money, or the Internal Revenue Service will tax them immediately on the gains.

-------------

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=3684481&mesg_id=3684481


Southwest Exchange, a former customer of Silver State Bank, is currently under investigation and reported to be a defendant in a number of lawsuits for the loss of funds belonging to Southwest Exchange’s customers, which loss has been estimated in newspaper articles to exceed $100.0 million. Southwest Exchange maintained certain deposit accounts with Silver State Bank. Although Southwest Exchange did not maintain custody or escrow accounts at Silver State Bank in the name of or for the benefit of customers of Southwest Exchange, Silver State Bank may become involved in protracted litigation as a result of the activities of Southwest Exchange.

[Odin2005]

18. F*CKING BASTARDS!!!

AAAARRRGGGGHHHH!!! :argh:

[BlooInBloo]

20. hahahah! The fix is in even before the fix is in!

:rofl:

[pleah]

22. K&R It just never ends with these crooks. n/t

[Waiting For Everyman]

23. UBS was indicted in July by the IRS for aiding tax evasion by Americans.

[Juan_de_la_Dem]

24. These guys never lay low

[Shallah Kali]

25. This makes me want to say the F word - Fascism

Rob from the poor, give to the rich.

[whistle]

26. McCain did it, he has obligated American taxpayers to bailout foreign hedge funders

[Kurovski]

28. K&R. (nt)

[mercuryblues]

29. Phil + Wendy

During a senate debate over Social Security it was pointed out that a certain proposal would hurt retirees over 80 years of age. Gramm replied “Most people don’t have the luxury of living to be 80 years old, so it’s hard for me to feel sorry for them.”
During his years as senator, Phil received substantial contributions from Enron. He also was heavily involved in passing of a bill that exempted energy commodity trading from government regulation energy commodity trading from government regulation. His wife Wendy headed a presidential task force on Regulatory Relief,during the Reagan years. She was chairwoman of the U.S. Commodity Futures trading Commission from 88 to 93.
One of her last acts while on that commission was to push through a ruling exempting energy futures contracts from regulation. This ruling was sought by Enron. Not surprisingly Enron appointed her to their board of directors and served on their audit committee. She received well over a million dollars in salary and perks, until Enron’s collapse.