Sunday, March 30, 2008

McCain's involvement with current US recession

McCain and former Sen. Phil Gramm have a long political history. The two became close when they worked together as senators to defeat Hillary Rodham Clinton’s 1993 health care plan, holding meetings at hospitals and clinics across the country. They’ve reunited in this presidential race.

Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006. During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages. For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs.

Comments: Post a Comment

Subscribe to Post Comments [Atom]



Links to this post:

Create a Link



<< Home

This page is powered by Blogger. Isn't yours?

Subscribe to Posts [Atom]