Phil Gramm Took Up Where McCain Left Off In Banking Criminality

[FarCenter]

While it is unlikely that Phil Gramm will ever face the music for the crimes he has committed against mainstreet, that does not mean that we should view this man as good for America. In fact, Republican Phil Gramm, along with Democrats, took to a whole new level the raping of America through the manipulation of banking regulation. It would be amusing, if not such a dismal result to rank and file Americans, that Gramm seemed to take lessons from his buddy, Presidential candidate John McCain, in his interactions with the banking system in the Keating Five Scandal.

There probably was no single greater influence on banking, leading to the Ponzi housing scam than manifested in Gramm both by his actions and through the actions of his wife. Phil Gramm led the repeal of Glass Steagall, and his wife worked to get derivatives disconnected with gambling legal issues and the mandate that they be traded on regulated exchanges.

So, Gramm essentially broke down the barriers of banking, insurance, and mortgages, while through his wife derivatives were to be used like a casino hedge, permitting the banks to bet massively on bad mortgages. These mortgages were then securitized and sold as if they were sound AAA bonds when they weren't. His wife Wendy used the CFTC to exempt OTC derivatives from regulation.



Read more: http://www.businessinsider.com/phil-gramm-legacy-mccains-evil-twin-2010-12

[aquart]

1. I would be happy to attend Phil Gramm's hanging.

Although I'm sure the invitations would be too eagerly sought after for a nobody like me to secure one.

[Warpy]

2. He needs a guillotine and he needs to take his wife with him

because she's easily as bad as he is. Hanging is too tidy. I want blood and bone and screams.

Yeah, I know, I'm anti DP as a practical matter, but I can and do dream. I await the tumbrils, knitting at the ready.

[UTUSN]

3. K&R #3 for, Senator ENRON, and wife Wendy's quite the operator, too n/t

[notesdev]

4. It ain't just Phil

look at the role his wife played as well - from Wikipedia:

"In her role at the Mercatus Center, Gramm generally calls for deregulation of the energy industry. Previously, Gramm held several positions in the Reagan Administration, including heading the Commodity Futures Trading Commission from 1988 to 1993. After a lobbying campaign from Enron, the CFTC exempted it from regulation in trading of energy derivatives. Subsequently, Gramm resigned from the CFTC and took a seat on the Enron Board of Directors and served on its Audit Committee. While on the board of directors she received donations from Enron to support the Mercatus Center."

So the husband weakens finance laws while the wife runs rampant exploiting the conflicts of interest thus created!

[Octafish]

5. Phil left the Senate to serve UBS as vice chairman.

There's a certain method to his mindness:

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

Luv ya, Phil. Wendy's a real swell, too.