Is it conceivable that this “knowing crime,” so widespread within the UBS enterprise, was unknown to Vice Chairman Gramm—even though it primarily involved U.S. tax evasion, and he had been hired by the company because of his expertise in American law, some of which he helped to write? As Gramm said when he was hired in 2002 by UBS, the position “will provide me with the opportunity to practice what I have always preached. I have been involved in every major financial debate since I’ve been in the Congress.”

Phil Gramm lost his position as the co-chairman of John McCain’s presidential campaign when he blamed the recession not on the banking deregulation he championed but rather the people of the United States, which he described as a “nation of whiners.” But that was a sideshow compared with the serious charges now swirling around UBS, charges that may finally prove to be Gramm’s undoing.

Despite the scalding expose on these two toads (former Senator Gramm and his wife, Wendy) I find it hard to believe that any harsh punishment will come to them. Strange is it not? that the mentality that pushed for the Commodity Futures Modernization Act of 2000, still finds a sprouting seed in the form of President Obama’s top economic advisor, Lawrence Summers.
Why do I get the feeling that these are examples of folks I have often heard about: the ones who are able to walk between the raindrops.