Is Paulson going to bail out McCain’s friend, Phil Gramm’s UBS?

It just gets worse by the minute. Toxic debt traders of the world, unite. Who ever would have thought that the US taxpayer would be coughing up billions for foreign banks to save those precious, delicate little flowers trying to make ends meet on Wall Street? It’s not unreasonable to ask yet again, what the hell everyone on Main Street is getting out of this deal, besides screwed.

Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.

“Yes, and they should. Because … if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution,” Paulson said on ABC TV.

So let me understand this. Is Henry Paulson talking about bailing out Phil Gramm’s UBS? UBS has been one of the worst hit banks in the world and so far has written-down roughly $38 billion in bad business during this cycle. Phil Gramm already tried lobbying the US government for a bailout on behalf of his employer, elite Swiss bank UBS, so Paulson’s addition does raise questions. We need to understand if McCain’s friend and rumored Treasury Secretary has lobbied for Swiss bank UBS to be included in this US taxpayer bailout. Let the Swiss, the British or any other country bail out their own banks with their own damned money.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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