Phill Gramm,everything he touches turns to... well, ENRON & the Moertgage Meltdown

[quickerthanmost]

Phill Gramm everything he touches turns to sh!t!!!!!!!!!!!!!!!!!!!!!!!!!!!! Enron, Mortgage MeltDOWN and this is Mc cain's Boy

Wow this guy has been involved in the deregulation of Energy futures ie. ENRON:

In an apparent response to a 1992 plea from Enron, Dr. Wendy Gramm ( his wife), then chair of the federal Commodity Futures Trading Commission, moved to exempt the company's energy-swap operation from government oversight. By then, the Houston-based Enron was a major contributor to Senator Gramm's campaign.

A few days after she got the ball rolling on the exemption, Wendy Gramm resigned from the commission. Enron soon appointed her to its board of directors, where she served on the audit committee, which oversees the inner financial workings of the corporation. For this, the company paid her between $915,000 and $1.85 million in stocks and dividends, as much as $50,000 in annual salary, and $176,000 in attendance fees, according to a report by Public Citizen, a group that has relentlessly tracked Enron, which in turn has called the report unfair.

Meanwhile Enron had become Phil Gramm's largest corporate contributor—and according to Public Citizen, the largest across-the board donor in its industry. Between 1989 and 2001, the company tossed Gramm just under $100,000.

In 1998, Wendy Gramm cashed in her Enron stock for $276,912. There's nothing unusual about a Washington regulator quitting the government and going to work for a private company she was regulating. And people often get rich in the process. Wendy Gramm, whose office didn't return Voice calls, has told reporters she sold the stock expressly to avoid any hint of a conflict of interest.

But that's not the end of the story.

In June 2000, Senator Gramm co-sponsored the Commodity Futures Modernization Act, a measure aimed at deregulating certain kinds of futures trading, but not energy futures. That bill never made it to the floor, and thus quietly died. Six months later, on December 15, Gramm curiously turned up as co-sponsor of a bill with the same name, the Commodity Futures Modernization Act, which did deregulate energy futures and which, without undergoing the usual committee hearings and preliminary votes, was immediately attached as a rider to an 11,000-page appropriations bill.

Now the government officials who voted to call off federal oversight face the task of sorting out this labyrinthine disaster. Lawmakers have launched a dozen separate Capitol Hill investigations, seeking answers to why the executives got rich while the workers—many of whom had their life savings in Enron stock—lost everything. The freewheeling Enron created a maze of some 2800 subsidiaries, many of which were offshore tax havens. The company also wove a web of influence, leading not only to the recusal of Attorney General John Ashcroft from the case, but that of the entire U.S. attorney's office in Houston as well.