Yes, McCain is going to clear up all that corruption in Washington!
09.22.08 -- 9:54AM
The Rot
Last week I got a mountain of emails asking me to call the McCain campaign out for 'lying' about former Fannie Mae CEO Franklin Raines' relationship with the Obama campaign. It was pretty clear, as Karen Tumulty noted in Time, that the McCain camp was happy to play up Raines' race. And all the McCain camp could find to justify calling Raines an Obama 'advisor' was a stray reference in an article in the Washington Post which reported that Raines had taken a couple phone calls with people tied to the Obama campaign.
Still, in the rough world of politics, this amounted to basically a lie and not the usual McCain standard of 100% lie. But now we learn from the NY Times that McCain's campaign manager and right hand man Rick Davis bagged more than $2 million running a front group set up by Fannie Mae and Freddie Mac to defend them against stepped up federal regulation.
--Josh Marshall
09.21.08 -- 8:48PM
The Big Question: 2+2=4?
The New York Times reports this evening that "foreign banks, which were initially excluded from the [Wall Street bailout] plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks."
The Times further reports that two of the biggest foreign banks in need of such relief are Barclays and UBS. In fact, my understanding is that UBS is more on the line here than any other foreign bank.
Let's add this up.
John McCain's top economics advisor, who is widely believed to be his choice for Treasury Secretary, should he win in November, is former Sen. Phil Gramm. (Indeed, just last night his spokesman refused to say Gramm wouldn't be McCain's choice for Treasury Secretary.)
Gramm is both vice chairman of UBS's US division and a lobbyist for UBS.
If UBS successfully lobbied over the weekend to get in on the bailout, what was Gramm's role in the lobbying?
--Josh Marshall
The Rot
Last week I got a mountain of emails asking me to call the McCain campaign out for 'lying' about former Fannie Mae CEO Franklin Raines' relationship with the Obama campaign. It was pretty clear, as Karen Tumulty noted in Time, that the McCain camp was happy to play up Raines' race. And all the McCain camp could find to justify calling Raines an Obama 'advisor' was a stray reference in an article in the Washington Post which reported that Raines had taken a couple phone calls with people tied to the Obama campaign.
Still, in the rough world of politics, this amounted to basically a lie and not the usual McCain standard of 100% lie. But now we learn from the NY Times that McCain's campaign manager and right hand man Rick Davis bagged more than $2 million running a front group set up by Fannie Mae and Freddie Mac to defend them against stepped up federal regulation.
--Josh Marshall
09.21.08 -- 8:48PM
The Big Question: 2+2=4?
The New York Times reports this evening that "foreign banks, which were initially excluded from the [Wall Street bailout] plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks."
The Times further reports that two of the biggest foreign banks in need of such relief are Barclays and UBS. In fact, my understanding is that UBS is more on the line here than any other foreign bank.
Let's add this up.
John McCain's top economics advisor, who is widely believed to be his choice for Treasury Secretary, should he win in November, is former Sen. Phil Gramm. (Indeed, just last night his spokesman refused to say Gramm wouldn't be McCain's choice for Treasury Secretary.)
Gramm is both vice chairman of UBS's US division and a lobbyist for UBS.
If UBS successfully lobbied over the weekend to get in on the bailout, what was Gramm's role in the lobbying?
--Josh Marshall
posted by Anonymous | 12:02 AM
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