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POPSMcCain's Treasury Sec. pick tied to Subprime Meltdown More: For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. Wall Street firms are increasingly under scrutiny for contributing to the economic downturn by packaging and selling risky mortgage securities. When the home loans tied to the mortgages defaulted, investors and the banks lost billions, contributing to a widespread credit crunch. UBS has written down more then $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 job Now, some housing experts and economists see Gramm’s thinking in the recent housing proposal from McCain, the Republican Party’s presumed presidential nominee. Gramm is often a surrogate for the Arizona senator, particularly in meetings focused on the economy. And McCain has hinted he’d consider the former Texas senator for Treasury secretary in a McCain administration.
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