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"Is it conceivable that this "knowing crime," so widespread within the UBS enterprise, was unknown to Vice Chairman Gramm -- even though it primarily involved U.S. tax evasion, and he had been hired by the company because of his expertise in American law, some of which he helped to write? As Gramm said when he was hired in 2002 by UBS, the position "will provide me with the opportunity to practice what I have always preached. I have been involved in every major financial debate since I've been in the Congress.""
As a top government regulator, Wendy Gramm changed the rules to make Enron's chicanery possible, and as the chairman of the Senate Finance Committee, Phil codified those rule changes into federal law. While Enron execs like Chairman Ken Lay (a major Gramm campaign contributor) were indicted, the charmed couple that created the loopholes Lay and others jumped through escaped legal responsibility.
After leaving the government, Wendy Gramm joined Enron's board, where she headed the audit committee that managed to avoid auditing the company's disgraceful accounting procedures -- just as her husband has apparently looked the other way during his stint in the private sector with UBS.
You know, I think I like the above the best about the whole thing. You can't beat free enterprise, especially when it's paid for by the American taxpayer.
Gramm, the Republican former chair of the Senate Finance Committee, where he authored much of the deregulatory legislation at the heart of the current banking meltdown, has for the six years since he left office helped lead a foreign-owned bank specializing in tax dodges for the wealthy. These schemes by the Swiss-based UBS not only force the rest of us taxpayers to pay more to make up the government revenue shortfall but are blatantly illegal. In February, UBS admitted to having committed fraud and conspiracy and agreed to pay a fine of $780 million. Republican "Tea Baggers" take note: Offshore tax havens do not equal populist revolt.
John McCain's right hand man. The sheeple who voted for him probably never heard of Gramm until he called them "whiners"
I'm sure he and all the executives high up in UBS are well protected, by their own lawyers as well as UBS's and the lawyers representing the offshore tax havens.
Does anyone know if this jerk and his wife have ended up in prison yet?
TigerLily24, you are right. It really couldn't happen to a nicer guy.
Phil Gramm had nothing to do with this nor was he part of the IRS investigation. He never was regardless of Huffington Posts wishful thinking.
Gramm is Vice chairman of UBS Investment Banking he is not involved in UBS’s Wealth Management business. The later was the subject of the investigation.
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