We are the world: "Foreign banks, which were initially excluded from the 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."
JMM wonders about the role of UBS vice-chair and lobbyist Phil Gramm, who might become McCain's Treasury Secretary.
Related: "Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it."
Related: "Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations." No wonder Rick Davis doesn't want to talk issues.