The Real Reason For McCain's Friday Night Phil Gramm Dump

Bumped again by Carol. Originally posted 2008-07-19 17:09:07 -0500; Originally promoted. -- GH

Stephen D reports on a Phil Gramm Friday night dump attributing Gramm's resignation from the McSame campaign to the "Americans are whiners!" comment. I think that is just cover for the more likely real reason:

UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says

By David Voreacos and Carlyn Kolker

July 17 (Bloomberg) -- UBS AG and Liechtenstein bank LGT Group aided rich U.S. clients who wanted to disguise ownership of accounts and evade taxes on hidden assets, a Senate subcommittee said.

UBS, the world's largest wealth manager, hid as much as $17.9 billion for 19,000 Americans who didn't declare assets to the Internal Revenue Service, the Senate Permanent Subcommittee on Investigations said in a report released in Washington late yesterday. LGT, owned by Liechtenstein's ruling family, fostered a ``culture of secrecy and deception'' while assigning code names to U.S. clients, the panel said.


Remember that Phil Gram works for and lobbies for one arm of UBS in the USA. More below...

 Interesting side note from similar article ABC story posted earlier:


A former UBS private banker, Bradley Birkenfeld, has agreed to a plea deal and is reported to be cooperating with US authorities in bring charges against American citizens on tax evasion charges.



As soon as I read that article linked out by jimstaro at ePM I figured there might be a link.

UBS is still Phil Gramm's gig, isn't it? So sayeth his Wiki:


Gramm is a vice-chairman of UBS Investment Bank.


And we all know about McCain's lobbying troubles because of Gramm:

U.S. Sen. John McCain's presidential campaign faces questions regarding a top economic adviser's work for Swiss banking giant UBS Warburg.


Economist and former U.S. Sen. Phil Gramm is vice chairman of UBS Investment Bank and has lobbied Congress on the company's behalf.


UBS has been hit hard by the U.S. housing and mortgage meltdowns.


Smoke >>>> Fire? Might be worth fanning the flames a little? Face it... Calling Americans whiners is nothing compared to things that republican criminals typically do.


It would be interesting if Cindy McCain's (or one of her trusts') name was on that list of IRS tax dodgers, eh? That would clearly typify a republican circle jerk we have come to expect from the GOP these days. Nevermind the fact that Cindy McCain has a proven track record of not paying her taxes. And when there is a Friday Night Dump involving corrupt republicans and meant to distract the candy coated media from the real story, timing is everything.

idredit, over at Booman Tribune where this is x-posted, as well, chunked in the last piece I was about to go looking for.

you may be on to something here...

but it depends on the meaning of resign Gramm remains in the background as an advisor. But coupled with the UBS naughty naughty, there's the deep in the poop sub-prime debacle.

The Carpetbagger Report

Is Gramm gone, or is he only kinda sorta gone?

Yesterday, the McCain campaign disputed part of Novak's report, saying that Gramm would no longer be a surrogate. But the report also said Gramm would advice McCain on economic matters, and on this, the campaign said nothing.

    Gramm's decision comes after word that, in his weekend column, Robert Novak was to report that the Gramm and McCain had talked subsequent to the ill-time remarks and that he'd stay on as a surrogate and adviser.

    But McCain spokesman Tucker Bounds said earlier today that Gramm would no longer represent the campaign.

    Gramm's move tonight appears to be a move to clarify his status. But when asked whether this meant he'd no longer advise or represent McCain, Bounds only said that it was Gramm's decision to step down from his co-chair post.

So, it's just another round of double-talk from McCain. First the campaign agrees with Gramm, then it doesn't. Gramm is a surrogate, then he isn't, then he is, then he isn't. Gramm is an advisor, then he isn't, then he might be.

I can understand the campaign's embarrassment, but this is ridiculous. Gramm not only thinks we're a "nation of whiners," he's also, more importantly, the man whose financial deregulation efforts made the market meltdown possible.


While Gramm's help in advancing banking deregulation is widely considered partially responsible for the Mortgage Crisis, you have to remember that his deregulation also made it easier for UBS to enter into all kinds of schemes that helped along their offering these illegal tax havens.

The deregulation is much bigger than just mortgages when you look at Gramm.

(X-posted near the local kegger)

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Apologies for minor changes from original. (edit)And , now... Major additions as well. lol

no problem!

I am doing this in between emptying boxes. ACCCCK!

I put this up at dKos, as well, a few minutes ago if anyone cares?

The same thoughts, wonder if the MSM will pick up those thoughts before his and the wifes name hits!!!

He's to much of a snake to leave just because or our 'whining', and the rest don't care neither!!

McCain Uses POW Status as Sword & Shield

"The wise man points to the stars and the fool sees only the finger - and discusses it 24/7 on cable."

or her trusts names are not on that list, I really think the "whiners" comment was just a distraction from the real UBS story.

Were more on the Gramms, but I'm sure the McCains know where to stash some riches, he's still got connections from the 80's reason he's still around and also why Neil bushy is Rarely mentioned!!

McCain Uses POW Status as Sword & Shield

"The wise man points to the stars and the fool sees only the finger - and discusses it 24/7 on cable."

It didn't occur to me but I bet you're right.

carol

Smoke >>> Fire? The whole "whiners" comment thing, IMHO, conveniently coincides and runs parallel to the announcement of the investigations of UBS. Way too convenient as an excuse to push him out.

I'll take this one step further. I would not be surprised if they have a complete republican circle jerk going on here... With money coming back, somehow, into GOP campaigns.

But, so far, no media has gone beyond the "whiners" comment and did just a little research here.

I bet you are definitely on to something here.

... resign is surely one of those words.

Very nice compilation, CTMan! -- Thanks!

A friend of mine has had a number of interesting things to be about our John, and I just can't not share them.

1) Cain is not Abel

2) His real name is McCline

and Today's Big News

He will ask George H. W. Bush to be his VP because, ya" know, experience does count.

By the way seriously he had some things to say yesterday about Iraq's border with Afghanistan and how that is an area with a lot of border conflict. You figure!

Is he suffering a mental decline with increasing age. I bet that he was always a bit slow. Without counting that he was taken prisoner, he had a pretty abysmal military campaign, the bottom of the list academically and a rotten pilot so I have heard.

carol