Naming Names: Anderson Cooper’s Top Culprits # 7 …Phil Gramm On Board!

* source MotherJones Magazine

Culprits of the Collapse – #7 Phil Gramm

It seemed appropriate that a politician take his place with the rogue’s gallery of Top Ten Culprits of the Collapse, so former Senator Phil Gramm of Texas now assumes the fourth photo on the post office wall!

* courtesy MotherJones Magazine

Back to 1999 where our U.S. senator spearheaded legislation which allowed banks to comingle with investment houses and insurance companies, which expressly went against laws in existence since the Great Depression!  Bill Clinton signed it, and the bill met with overwhelming approval in both the house and senate as perhaps the signature example of bipartisanship we’d seen in some time. (This being prior to 9/11.)

The following year the “Sorcerer’s Apprentice” was at it again enacting yet more legislation which succeeded in unleashing rampant greed on Wall St. as financial institutions were allowed to take unbridled risk, with no oversight or accountability, thereby laying the foundation for where we find ourselves today.

Last year as people began to see the financial retrenchment, loss of retirement savings, devaluing of real estate, and increasing job losses…Gramm’s response?  STOP WHINING!!

Gramm now works for a Swiss financial institution.  Whatever will happen to Switzerland’s history of neutrality when conjoined with the instigator of deregulation???

CNN’s Tom Foreman reports:

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10 Most Wanted: Culprits of the Collapse
Anderson Cooper
Politicians have said ‘now is not the time to talk about blame for the financial collapse.’

Now IS the time to talk about blame. People deserve to know how we got into this mess. We’re naming names and holding The culprits of the collapse accountable. Every night we add a new name to our list… See who’s on it…

JOHN PRESCOTT

BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of  Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities.  www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene

Naming Names:Top Ten Culprits of Collapse..Politician on Board??

Naming Names: Anderson Cooper Exposes Culprits of Collapse

CNN The Buzz
Anderson Cooper 360 Blog

8.  Chris Cox, SEC Chairman

9.Richard Fuld, Lehman Bros.

10.  Joe Cassano, AIG

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One Response

  1. This is investigative reporting? What a joke. What about the role of ACORN and Congress in forcing banks to lower their credit standards? Try digging a little deeper than the headlines of the last six months when researching a crisis!

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