Coincidentally, on the very same day the Financial Times reported that UBS had advised 50 current and former employees of its private banking group not to travel to the United States. The bank is worried that they might be arrested in connection with a massive tax-evasion scheme under which UBS helped rich Americans cheat the IRS, thus making sure that the rest of us suckers had to pay for, e.g., the War in Iraq. Some of the clients of the scheme are already testifying before a grand jury, and a senior UBS official has already been indicted. UBS is offering to provide lawyers for all of the suspects.
Now, how is it that Gramm got to be Vice-Chairman of UBS? Why, by being the chief author of the banking-deregulation legislation (the repeal of the Glass-Steagall Act) that made so many bankers rich and helped create the crisis McCain doesn't want to do anything about.
In keeping with McCain's decision to purge "lobbyists" from his campaign, Gramm had himself de-registered as a lobbyist. But he's still Vice Chairman of UBS, and still McCain's chief economic adviser. All the de-listing means is that he can't now personally call Congressmen or Senators; no doubt his staff can handle such details for the next few months.
