A co-chairman of John McCain's presidential campaign is also an executive with a Swiss bank being investigated by regulators, Newsweek reported.
Former U.S. Sen. Phil Gramm, R-Texas, is one of five McCain campaign co-chairs. A sixth, former Rep. Tom Loeffler, R-Texas, resigned from the campaign after Newsweek reported on his role as a lobbyist for Saudi Arabia.
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This is a "just-the-facts" newswire report. It is brief and to the point. That this is breaking in UPI is significant, as news outlets worldwide who subscribe to UPI could begin to report on this story. I reviewed the "Texas Observer's" special report on McCain's ties to Graham and UBS on June 4th, wondering if this would make it to main-stream media. Let's watch where it goes from here. This is a potentially image-damaging story which will be a thorn in McCain's side for the general election. The blurb mentions that Newsweek quoted "liberal bloggers" and it would have been great if UPI mentioned who those liberal bloggers were; this story could have been sourced more completely.
Providing little-known information about elected officials is the essence of the function of journalism in a democratic society.
In a very short article abut Phil Gramm's association with the giant bank UBS a story that has been getting some traction once again surfaces. Phil Gramm considered to be a major participant in the sub prime fiasco is once again exposed. McCain has been unable to get many staff members that are not associated with some type of lobbying or scandal. Wow like that is something we didn't expect from a Republican candidate.
This is an amazingly good article from a somewhat-uneven news source. UPI has not always been a reliable source for truth, but it, along with some other middle-of-the-road media, seems to be more willing recently to publish news sourced from progressive sources. I am particularly impressed by the fact that the corporatist Newsweek has been publishing truthful material recently, and this is a good example of where they actually are cited in a meaningful fashion. Recommended.
A very short punchy investigative article that focuses on one specific potential problem for McCain - campaign co-chair Phil Gramm's lobbyist links to Swiss financial giant UBS, and the latter's connection with US banking legislation and the sub-prime mortgage crisis. Readers will notice three recent dates the article mentions and their relevance to Gramm (1) Dec 2007 - still a registered UBS lobbyist on mortgage backed securities (2) April 2008 UBS withdrew Gramm's registration as lobbyist (3) Ongoing investigation into UBS activities in allegedly supporting tax evasion in US. This article simply states the facts and invites further inquiry
More than fair. Completely neutral on whether or not McCain is hurt by this or should sever ties to Gramm. What a bunch of creeps.
Sure..it offers an interesting perspective on the ties to corporate America and how possible business "favors" can be a huge factor in campaigns and elections
This is a good story because it puts together three facts - Phil Gramm is a Vice Chairman of UBS and co-chairman of McCain's campaign and UBS is being investigated. The story's angle is that the UBS investigation must be embarrassing for the McCain campaign. Yes, indeed. Another angle is to turn the story around - being under investigation, is it really helpful for UBS to have Gramm as Vice Chairman? It is not helpful for UBS in Congress. Why doesn't UBS cut Gramm loose?
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