Phil Gramm

Does BofA CEO Ken Lewis Want To Break Up The Bank?

Is Ken Lewis suggesting a rebirth of Glass Steagall? If so, the Grave of Phil Gramm’s must be turning over. And also the special interests of Gramm’s decades-long crusade to deregulate banking must have gotten to him, as the story that started this rumor has been updated. Lewis said something of the sort after a

CFTC Head Gary Gensler Opposes CFTC/SEC Merger

Since Mary Shapiro was named head of the SEC and Gary Gensler was named head of the CFTC, speculation has been that the two groups would be combined. The SEC has taken hits for everything from Lehman to Bear to Madoff. Meanwhile, the CFTC was “modernized” under the leadership of then Senator Phil Gramm, if

Credit Default Swaps Soon To Be Exhange Traded, More Transparent

As the Lehman collapse showed us, the market for credit default swaps can wreak havoc on markets, since investment banks and hedge funds were making these markets in private. CDSs are insurance contracts on bonds and other credits that are a $62 trillion market, making it four times larger than the stock market, and utterly

Did Phil Gramm Kill The Economy? Will He Be Treasury Secretary?

Back in June, Portfolio.com released tournament brackets where users can vote on who killed the economy. Even though blame can’t rest with a single person or entity, this is a fun tool that’s still on their most-read list. Interestingly, former senator and current UBS investment banking executive Phil Gramm was not even on the list.

Obama and McCain’s Economic Plans In Detail

While John McCain is mired in message problems about the economy—are the “fundamentals of our economy strong” or are we in “total crisis”—Barack Obama released explicit details about what he’s proposing for the economy. Details below… $1,000 Tax Cut for Middle Class American Families Obama and Biden will cut income taxes by $1,000 for working

McCain: I Have An Economic Plan, It’s Good (part 7)

Never seems to go too long before republican presidential hopeful John McCain provides another completely valid reason for us to continue with our series on his economic policy meandering. Here’s what McCain said today … The fundamentals of our economy are strong. McCain said this today … one day after Alan Greenspan said this is

How And When Would a Fannie/Freddie Bailout Happen?

Fannie Mae and Freddie Mac have had a few good trading days this week, but they’re still ripe for a near-term Treasury bailout if capital problems persist. As NY Times writer Gretchen Morgenson pointed out Sunday, this bailout is complicated by credit default insurance (or swaps). She’s covered this otherwise under-reported area of the credit

Top McCain Campaign Advisor In Middle of Foreclosure Crisis

Tonight MSNBC reported that former Senator Phil Gramm, campaign co-chair for presidential hopeful John McCain, was working for for UBS AG and against proposed foreclosure legislation that would help troubled homeowners keep their homes. Gramm officially joined the McCain campaign on March 12, 2007… but as early as October, 2006, RealClearPolitics reported that McCain was