Today In Mavericky Straight Talk

Mr. Ethics:

Republican presidential candidate Sen. John McCain’s national campaign general co-chair was being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy, federal records show.

“Countdown with Keith Olbermann” reported Tuesday night that lobbying disclosure forms, filed by the giant Swiss bank UBS, list McCain’s campaign co-chair, former Texas Sen. Phil Gramm, as a lobbyist dealing specifically with legislation regarding the mortgage crisis as recently as Dec. 31, 2007.

[...]

After Gramm passed a law easing regulation of energy-commodity trading, California experienced a sharp run-up in energy costs. The energy-trading company Enron was blamed and soon collapsed.

In 1999, Gramm successfully undid the Depression-era Glass-Steagall Act, removing the decades-old wall between commercial banking, which was heavily regulated, and investment banking, which was not. The Gramm-Leach-Bliley Act did not extend significant new regulation to investment banking.

As Josh notes:

Many of the lobbying connections the press has dug up on McCain have been embarassing. But I'm not sure any have really had teeth until this one. After all, how much does the average voter care that Charlie Black represented a lot of foreign dictators? A stench, yes? But finding out that McCain had a major subprime lender bank lobbyist whispering in his ear when McCain told the public that it was basically tough luck if they lost their houses?

Oh, as for UBS?

UBS has told members of its former private banking team responsible for rich US clients not to travel to America, the Financial Times reported.

[...]

The move follows the recent indictment of one of the unit's former senior executives, Bradley Birkenfeld, who US authorities have accused of helping a billionaire client evade taxes. Birkenfeld has pleaded not guilty.

UBS' travel restrictions suggest it is concerned that investigations into the bank by the US Department of Justice and the Securities and Exchange Commission may widen, the newspaper added. The bank declined to comment, it said. [Via Atrios.]

Would it be too much to ask for Graham to be indicted as well?

And would it be too much to ask for this to sink McSame's campaign?

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