These are my links for February 13th:
- Darling offers tax abuse pledge but few words on Lloyds - For God's sale Alastair - do something positive
Say it's wrong!
- US Senate panel to examine UBS in tax haven probe - One to look forward to
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I hope they investigate Phil Gramm.
Phil Gramm was a Republican Senator for Texas who pushed, perhaps more than anyone, for deregulation of the financial industry in the US during the Presidency of Clinton. He was remarkably successful in getting Clinton to sign Republican inspired deregulation between 1995 and 2000, while chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He efforts include the landmark Gramm-Leach-Bliley Act in 1999, which removed Depression-era laws separating banking, insurance and brokerage activities.
Having done that what did he do?
“October 7, 2002
Senator Phil Gramm to join UBS Warburg
UBS Warburg today announced that Texas Senator Phil Gramm will join the firm as vice chairman. In this role, he will advise clients on corporate finance issues and strategy. Senator Gramm plans to join the firm at the end of his term. In his new role, he will work closely with Vice Chairmen Lord Brittan and Ken Costa, who are based in London.”
UBS is being investigated for encouraging wealthy Americans to hide in the region of $20 billion dollars behind Swiss banking privacy laws.
His wife, Wendy Lee Gramm, was on the board of directors of Enron.
An interesting read on her deregulatory work for Reagan and Enron can be found at the NYTimes here:
http://query.nytimes.com/gst/fullpage.html?res=9A01E0D81038F934A25752C0A9649C8B63