Sanchek
06-02-2008, 01:23 AM
There's talk here lately about how Obama will have to surround himself with good advisers to make up for his alleged inexperience, and that his choices haven't been great thus far.
Thought I'd point out the latest example of McCain not doing any better himself:
http://www.newsweek.com/id/139443
McCain's campaign is already distancing itself from some of Gramm's other work for UBS: his involvement in attempts to sell financial products known as "death bonds," which BusinessWeek described last summer as one of "the most macabre investment scheme[s] ever devised by Wall Street." Not long after joining UBS, the Houston Chronicle reported, Gramm helped lobby Texas officials, including Gov. Rick Perry, to sign on to a UBS proposal in which revenue would be generated for a state teachers' retirement fund by selling bonds, whose proceeds would in turn be used to buy annuities and life-insurance policies on retired teachers. UBS would advance money to the retirement fund, then repay itself, compensate bondholders and pocket profits when insurance companies paid off on retirees who died. According to a banking-industry source, who asked for anonymity when discussing a sensitive matter, Gramm was involved in efforts to pitch similar UBS products to other financial institutions.
I'm not one to buy into the soap opera drama over these things, but it's so disappointing to see him choosing these same corporate bankers that have been complicit in financially fucking us all so badly. Especially since McCain himself points out that he doesn't know much about economics and will have to lean on an adviser, during a time when we need economic reform and recovery so desperately.
Thought I'd point out the latest example of McCain not doing any better himself:
http://www.newsweek.com/id/139443
McCain's campaign is already distancing itself from some of Gramm's other work for UBS: his involvement in attempts to sell financial products known as "death bonds," which BusinessWeek described last summer as one of "the most macabre investment scheme[s] ever devised by Wall Street." Not long after joining UBS, the Houston Chronicle reported, Gramm helped lobby Texas officials, including Gov. Rick Perry, to sign on to a UBS proposal in which revenue would be generated for a state teachers' retirement fund by selling bonds, whose proceeds would in turn be used to buy annuities and life-insurance policies on retired teachers. UBS would advance money to the retirement fund, then repay itself, compensate bondholders and pocket profits when insurance companies paid off on retirees who died. According to a banking-industry source, who asked for anonymity when discussing a sensitive matter, Gramm was involved in efforts to pitch similar UBS products to other financial institutions.
I'm not one to buy into the soap opera drama over these things, but it's so disappointing to see him choosing these same corporate bankers that have been complicit in financially fucking us all so badly. Especially since McCain himself points out that he doesn't know much about economics and will have to lean on an adviser, during a time when we need economic reform and recovery so desperately.