ACCUMULATING PERIPHERALS


John McCain’s Swiss banker… by mattsteinglass
September 22, 2008, 9:01 am
Filed under: President

…is his top secret financial adviser, Phil Gramm, who is also vice chairman of the investment banking arm of gargantuan Swiss bank UBS.

UBS is among the European banks with the greatest exposure to the collapse in American mortgage-backed securities. Over the weekend, UBS successfully lobbied to have its cratering US mortgage-backed securities included in the US treasury’s buyout plan. That is, US taxpayers are going to pony up $700 billion to, among other things, buy bad debt from a Swiss bank. And one of McCain’s top two financial advisers is the vice chairman of that bank.

If the Democrats made TV ads the way Republicans do…think about how that would run. The GOP wants to take 700 billion dollars of taxpayer money. No questions asked. And give it to the banks. And not just American banks. Swiss banks, too. Like this one. UBS. Where John McCain’s friend Phil Gramm, the guy he wants to make Treasury Secretary, just happens to be vice chairman.

I’ve always thought the phrase “old boy network” was a hollow stereotype out of 1930s movies, but if there were an instantiation of what that means in the modern world, this is it.

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