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Politics : THE WHITE HOUSE

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To: Sedohr Nod who wrote (22576)	9/18/2008 3:19:05 PM
From: DuckTapeSunroof	of 25737

Although there is plenty of blame to go around for the regulatory failures and stupid legislation that lets the foxes into the chicken coops --- blame that spreads out over literally decades... still these were some of the more bone-headed moves, that are coming back to COST the taxpayers and the American economy the most: "...McCain's former economic adviser is ex-Texas Sen. Phil Gramm. On Dec. 15, 2000, hours before Congress was to leave for Christmas recess, Gramm had a 262-page amendment slipped into the appropriations bill. It forbade federal agencies to regulate the financial derivatives that greased the skids for passing along risky mortgage-backed securities to investors." "...Another Gramm contribution was the "Enron loophole," which prevented federal oversight of Enron's electronic energy trading. Such favors proved very expensive to consumers but profitable to the Gramms. Enron CEO Ken Lay chaired Gramm's 1992 re-election campaign, and wife Wendy Gramm spent years on the Enron board, earning as much as $1.8 million, according to Public Citizen, a consumer advocate." Message 24963043

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