Phil Graham is the guy who said America is in a "mental recession" and just a bunch of winers is actually the guy who wrote and shoved through the deregulation that got the banking industry in its current mess.
Late in his Senate career, Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act in 1999, which served to reduce government regulations in existence since the Great Depression separating banking, insurance and brokerage activities.
Critics now point to Gramm and this same legislation as having been pivotal in encouraging the corporate practices that led to the 2008 mortgage crises in America.
Between 1995 and 2000 Gramm, who was the chairman of the Senate Banking Committee, received $1,000,914 in campaign contributions from the Securities & Investment industry.
As lobbyist for Swiss bank UBS, Gramm has pressured congress to ease it's restrictions on predatory lending tactics by mortgage brokers. For his efforts, Gramm received $750,000 from UBS in a one year period starting in 2007.
No comments:
Post a Comment