Besides lobbying for UBS – one of the worst hit banks in the subprime crisis, based in Europe – McCain national campaign co-chair, economic adviser and possible choice for Treasury Secretary, Phil Gramm played a critical role in setting up countless problems that the US is facing today. It was his signature legislation that cast aside Depression era laws and regulations, creating the Wild West gambler environment that has forced a bailout of the industry and thrown the entire US economy (and soon world) into a tailspin. Haven’t we seen enough of this? The GOP experiment has shown everyone how serious the consequences can be. Of course, if anyone read a bit of history they would have known we’ve been here before. They also would remember McCain’s role in the last banking failures we experienced back in the 1980s when he was part of the Keating Five scandal.
McCain’s lobbyist problems continue – will Phil Gramm now resign?