UBS foreign bank part of bailout. Phil Gramm lobbyist for UBS and part of US division.

[Pisces]

Hmmmm. Something is not adding up. I understand that UBS is embroiled in the subprime mess, however, we are now bailing out foreign banks and not helping some Americans that only need a leg up to pull themselves out.

The New York Times reports this evening that "foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks."

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.

If UBS successfully lobbied over the weekend to get in on the bailout, what was Gramm's role in the lobbying?

--Josh Marshall

[flamingdem]

1. No wonder they want to shove it through before the details are examined

No way no how no blank check

[AndyA]

2. And I want to know why this story isn't all over the news today.

Never mind, I already know why it isn't... :eyes:

[Ganja Ninja]

3. It just never ends

Now we have to bail out all the banks in the fucking world. I'm beginning to think we might be better off if the whole house of cards collapses and we start over from scratch.

[whistle]

4. The U.S. taxpayer now is expected to bailout International Bankers,

...this calls for an immediate RICO investigation, this is a worldwide crime syndicate at work with Hank Paulson former Lehman Bros CEO and now Sec. of the U.S. Treasury the Al Capone of this criminal cabal.