Phil Gramm: The architect behind Gramm-Leach-Bliley

Discussion in 'Wall St. News' started by risk1, Nov 12, 2009.

Is Phil Gramm dumb or disingenuous?

  1. Dumb.

    3 vote(s)
  2. Disingenuous.

    6 vote(s)
  3. Neither.

    2 vote(s)
  4. Both.

    8 vote(s)
  1. risk1


    Phil Gramm, the former Republican Senator from Texas who co-wrote the act that undid Glass-Steagall, said, “I’ve never seen any evidence to substantiate any claim that this current financial crisis had anything to do with Gramm-Leach-Bliley,” Gramm said in a Nov. 10 telephone interview.
  2. This is easy....

    Look at where he gets his milk....


    “In fact, you couldn’t have had the assisted takeovers you had,” said Gramm, now a vice chairman at the investment bank division of UBS AG, Switzerland’s biggest bank by assets. “More institutions would have failed.”

    Gramm does not get it.....Volcker gets it....
    Without Gramm.....the US would not be in the situation
    that it is in....

    Gramm likes UBS checks....always has....

    Simple a true PIMP of WHORES....
    Has one interest.....HIMSELF....

    The 262-page piece of legislation was added as a last-minute rider to an 11,000-page omnibus bill on the afternoon of December 15, the Friday before the Christmas recess. "I would say there was no one, except the drafters of the bill, who understood what it did," said Michael Greenberger, who served in the Commodities and Futures Trading Commission in the late 1990s. "And the drafters were Wall Street lawyers, not legislators."

    What the bill did was to largely deregulate many complex derivatives - financial instruments traded privately over the counter or on futures exchanges - that gain or lose values as an underlying rate, price, or other variable changes. Using derivatives, traders bet on future trends in financial assets - stocks, currencies, commodities, energy, mortgages - without owning them.

    Signed into law by Bill Clinton a week after its stealthy introduction, "the bill freed the (derivatives) system from any regulation and set the stage for financial fiascos," said Greenberger, now a professor at the University of Maryland. "The trouble now is not just with mortgages, it's with all kinds of loans," he said in an interview. "Derivative products have been spread all over the world."

    The man who introduced the bill, Phil Gramm, then a Republican Senator from Texas, had close links with Enron, where his wife Wendy served on the board of directors. Enron, which went bankrupt in 2001, had lobbied vigorously for the new legislation which exempted most trading on electronic energy markets from regulatory oversight.
  4. Has anyone seen Phil Gramm lately?
    They won't get him to testify in congress in person? Some kind of courtesy to one of their own?

  5. jem


    Phil Gramm is a traitor.
  6. huh


    I can't believe this douche bag was McCain's advisor for a part of the election....boy its been one hell of a "mental recession" Gramm you POS.