Phil and Wendy Gramm's controversial history

[Rammer]

It's amazing to me how the powerful escape prosecution, even when their hands are firmly in the cookie jar.

1993: As chairwoman of the Commodity Futures Trading Commission, Wendy Gramm(Phil's wife), pushed through a key regulatory exemption just as she was about to leave office. Five weeks later, she joined Enron's board of directors, where she served on the board's audit committee and had access to key financial information about the company.

2000: After having to wait several years to become chairman of the Senate Banking Committee, Phil Gramm sponsored the 'Commodity Futures Modernization Act'. Through coordinated trickery in reintroducing the bill with a different number, Gramm was able to pass the legislation without a full debate because of his position as chairman. This bill not only set up Enron to pull their scams, but it is responsible for most of the banking & oil speculation craziness we have seen - due to the removal of government safeguards and partitions. Warren Buffet called this bill 'Financial Weapons of Mass Destruction'.

2001: Now with their energy activities shielded, Wendy is able to create false electricity shortages in California for Enron. Enron was able to bilk customers out of an estimated 40 billion dollars.

January 2002: UBS Warburg agrees to buy the energy trading unit of bankrupt Enron. UBS is the parent company - UBS stands for Union Bank of Switzerland(Switzerlands largest bank).

October 2002: Phil Gramm becomes the vice chairman of UBS. Isn't this an interesting relationship between Phil/Wendy & UBS/Enron???

UBS proceeded to lose 70% of it's value in recent years under Gramm. How do you lose billions and billions if you are a financial whiz?

Those secret Swiss bank accounts just might come in handy, hmmm?

July 17, 2008: Senator Carl Levine states that UBS has an estimated 19,000 so-called 'undeclared accounts' with United States citizens (estimated 18 billion in assets) that have been kept secret from the IRS. You don't suspect that Phil and Wendy Gramm are two of the 19,000, do you?

Later that day, UBS announces that they will no longer provide offshore banking or securities to U.S. residents.

To think that Phil Gramm was/is going to be Treasury Secretary under McCain. Unbelievable.

Remember the good old days....when we had public hangings?

[sheeats]

Whoa, whoa...public hangings? It's not like they rustled cattle or bought a jar of salsa made in New York City.

[plumber2]

But aren't we supposed to trust slow talking politicians from Texas? Oh that's right, he's really from Georgia.

[Mark F. Barnes]

Same reason Bill and Hillary Clinton aren't their cell mates................. Whitewater anyone?

[RedScare]

Same reason Bill and Hillary Clinton aren't their cell mates................. Whitewater anyone?

Please. 100,000 bucks? That's the difference between Democrats and Republicans. Republicans have more zeros after the comma in their scams.

[cottonmather0]

Why Isn't Phil Gramm & his Slimy Wife in Prison?

Uhhhhh, because they're not criminals?

[FilioScotia]

It's amazing to me how the powerful escape prosecution, even when their hands are firmly in the cookie jar.

It's probably worthwhile to point out that every bit of Enron's crooked dealings -- ALL OF IT -- happened between 1993 and 2001, which just happen to coincide with all 8 years of Bill Clinton's Presidency. Yes it was Clinton who signed that terrible bill you say Gramm pushed through Congress.

As you so eloquently put it: "This bill not only set up Enron to pull their scams, but it is responsible for most of the banking & oil speculation craziness we have seen - due to the removal of government safeguards and partitions. Warren Buffet called this bill 'Financial Weapons of Mass Destruction'.

We can thank Clinton for that. His signature made it possible for Enron to steal billions of dollars. All of it happened on his watch with his permission. Phil Gramm just sponsored the bill, which both houses of Congress approved, but Clinton made it into law.

Somehow, this is always forgotten or overlooked by those so eager to blame GW Bush and all other Republicans living and dead for what happened with Enron.

History tells us that Enron's house of cards started collapsing almost as soon as Bush took office.

[Mark F. Barnes]

And a simple Veto would have killed it, because the way the vote was split in congress back then, they would have never got the numbers it would have taken to override the Veto. Ooops!

[Rammer]

By the way, I'm conservative. But a schmuck is a schmuck...regardless of party affiliation.

[Rammer]

Uhhhhh, because they're not criminals?

Just because Phil & Wendy weren't prosecuted, doesn't mean they aren't criminals.

That's the whole point.

[RedScare]

It's probably worthwhile to point out that every bit of Enron's crooked dealings -- ALL OF IT -- happened between 1993 and 2001, which just happen to coincide with all 8 years of Bill Clinton's Presidency. Yes it was Clinton who signed that terrible bill you say Gramm pushed through Congress.

As you so eloquently put it: "This bill not only set up Enron to pull their scams, but it is responsible for most of the banking & oil speculation craziness we have seen - due to the removal of government safeguards and partitions. Warren Buffet called this bill 'Financial Weapons of Mass Destruction'.

We can thank Clinton for that. His signature made it possible for Enron to steal billions of dollars. All of it happened on his watch with his permission. Phil Gramm just sponsored the bill, which both houses of Congress approved, but Clinton made it into law.

Somehow, this is always forgotten or overlooked by those so eager to blame GW Bush and all other Republicans living and dead for what happened with Enron.

History tells us that Enron's house of cards started collapsing almost as soon as Bush took office.

Which is one of the big reasons why I always wondered why Republicans so despise Clinton. He signed off on this bill. He pushed welfare reform, which kicked over 60% of families off the public dole. He signed NAFTA. And, worst of all, he put Greenspan in charge of the Fed, who pushed the subprime fraud until it resulted in the housing collapse. Bush merely extended his term. Considering all he did to allow wealthy Republicans to run roughshod over the financial system, you'd think Clinton would get a little more respect from Republicans. But instead, they fixate on a blowjob, something that more than a few in the GOP are fans of themselves.

I'd be willing to bet that if Democrats had not felt the kneejerk need to rush to Clinton's defense, they'd have turned on him themselves. As for Bush, most of us know that he didn't cause Enron, and frankly didn't cause the current mess. But, like most presidents, Clinton included, he could not resist claiming credit for that anemic 4 years that he calls an economic recovery, so now he gets to take the blame for this crappy non-recession we are in.

The record budget deficits however, are completely his, and he has rightly earned his title as the most fiscally irresponsible president in US history.

[RedScare]

Speaking of Alan Greenspan, I just saw this editorial on the US banking system. Granted, it appears to be written by a gold purveyor, but I didn't see any outright fabrications, either. Pretty sobering seeing all of these items lumped together.

US Banks Insolvent

[westguy]

Which is one of the big reasons why I always wondered why Republicans so despise Clinton. He signed off on this bill. He pushed welfare reform, which kicked over 60% of families off the public dole. He signed NAFTA. And, worst of all, he put Greenspan in charge of the Fed, who pushed the subprime fraud until it resulted in the housing collapse. Bush merely extended his term. Considering all he did to allow wealthy Republicans to run roughshod over the financial system, you'd think Clinton would get a little more respect from Republicans. But instead, they fixate on a blowjob, something that more than a few in the GOP are fans of themselves.

I'd be willing to bet that if Democrats had not felt the kneejerk need to rush to Clinton's defense, they'd have turned on him themselves. As for Bush, most of us know that he didn't cause Enron, and frankly didn't cause the current mess. But, like most presidents, Clinton included, he could not resist claiming credit for that anemic 4 years that he calls an economic recovery, so now he gets to take the blame for this crappy non-recession we are in.

The record budget deficits however, are completely his, and he has rightly earned his title as the most fiscally irresponsible president in US history.

Greenspan had been Chairman since 1987. The "Enron Loophole" was one of those nasty little riders that Senators tack on to very important bills. Either Clinton was not aware of it, or there wasn't enough time to send it back to the Republican congress.

[cottonmather0]

Just because Phil & Wendy weren't prosecuted, doesn't mean they aren't criminals.

That's the whole point.

What laws have they broken?

(and saying, "they're just shady" isn't a crime)

[RedScare]

Greenspan had been Chairman since 1987. The "Enron Loophole" was one of those nasty little riders that Senators tack on to very important bills. Either Clinton was not aware of it, or there wasn't enough time to send it back to the Republican congress.

You may be right, but the fact remains that there wasn't very much liberalism in Clinton's fiscal policies, except of course, that he managed to run a surplus, which is clearly NOT a Republican principal.

[TJones]

I'd be willing to bet that if Democrats had not felt the kneejerk need to rush to Clinton's defense, they'd have turned on him themselves.

How much of a bet are we talking here ? Although, I do have to consider that Clinton's "ghetto pass" has been revoked. So there are definatley signs that the Dems. WILL eat their own.

[Rammer]

Well, Gramm's 'Financial Weapons of Mass Destruction' have fully kicked in now.

His bill allowed unregulated swaps, derivatives, speculation, and hedge funds that have destoyed our country. I hope you took my July warnings to heart...I knew this was going to happen.

[Native Son]

and when you guys do finally elect the senator from AZ, and the whiz kid from Wasilla AK, who do think the Sec. of T or the new Chairman of the Fed will be? anyone taking bets?

[Rammer]

and when you guys do finally elect the senator from AZ, and the whiz kid from Wasilla AK, who do think the Sec. of T or the new Chairman of the Fed will be? anyone taking bets?

Phil Gramm was clearly going to be the McCain's Treasury Secretary up until a few months ago.

However, Gramm is still flying under the media radar - FOX won't report his guilt and CNN is too stupid to know about it.

But it looks like Obama will win, so it's probably academic.

[Native Son]

Phil Gramm was clearly going to be the McCain's Treasury Secretary up until a few months ago.

However, Gramm is still flying under the media radar - FOX won't report his guilt and CNN is too stupid to know about it.

But it looks like Obama will win, so it's probably academic.

do you think that the senator from IL has taken the lead because "the economy is essentially sound", or because "Americans have become a nation of whiners"?

I can't imagine Fox not reporting on questionable activities of a conservative icon, or (lol) CNN (lol) being too stupid to know about real news as opposed to blatant sensationalism

[Rammer]

do you think that the senator from IL has taken the lead because "the economy is essentially sound", or because "Americans have become a nation of whiners"?

I can't imagine Fox not reporting on questionable activities of a conservative icon, or (lol) CNN (lol) being too stupid to know about real news as opposed to blatant sensationalism

I heard Bill O'Reilly say that both parties were to blame, but he only identifies democrats by name.

I wonder if these FOX hosts have been instructed by Rupert Murdoch not to mention Gramm...or else.

[Native Son]

I heard Bill O'Reilly say that both parties were to blame, but he only identifies democrats by name.

I wonder if these FOX hosts have been instructed by Rupert Murdoch not to mention Gramm...or else.

I can not believe that RM would interfere in a noise, er news organization....and O'Rielly, well if he ain't said it, it ain't happened

[Rammer]

THIS IS A GREAT DAY!!

For the first time since I have been writing to the mainstream media about Phil Gramm, there is an actual story pointing the finger at the old doofus. Be sure to read the article today titled 'How Congress set the stage for a fiscal meltdown' in USAToday. YES!!!!!!! USAToday rules!!!

[N Judah]

Wow. The fact that McCain was even considering Gramm for that post makes me dislike McCain.

[sevfiv]

Here's the USA Today article:

http://www.usatoday.com/money/economy/2008...-meltdown_N.htm

[cottonmather0]

Couldn't get any takers on the "throw them in jail" title?

Funny stuff.

[westguy]

Someone edited the title? Why?

[Mark F. Barnes]

Someone? No not someone, the thread starter did. Had to change bait, wasn't getting much done with the stink bait.

[TJones]

Well, Gramm's 'Financial Weapons of Mass Destruction' have fully kicked in now.

His bill allowed unregulated swaps, derivatives, speculation, and hedge funds that have destoyed our country. I hope you took my July warnings to heart...I knew this was going to happen.

You seem to be forgetting that Phil only helped co-author the bill. How companies conduct themselves using the law is NOT on Phil, or anyone else, that signed it into law. I will even give Clinton a pass on it for signing it. It is the companies that have abused the law not the ones who wrote it or passed it. Whether it was authored or passed to help themselves in business, remains to be seen. If you can show me where Phil or Clinton are part of the upper management of AIG or Fannie or Freddie, I will jump on board with your "Crusade".

[Rammer]

Someone? No not someone, the thread starter did. Had to change bait, wasn't getting much done with the stink bait.

I didn't change the title...someone with HAIF did. I don't remember exactly what I titled it, I think I had something about 'slimy wife Wendy' that they probably didn't like.

By the way, I am a conservative. My big 5 for this mess are Phil Gramm®, Frank Raines(D), Paulson(D), Barney Frank(D), and Chris Dodd(D). Gramm snuck the bill by Congress without a full debate.