SIGN IN to access Harper’s Magazine
1. Sign in to Customer Care using your account number or postal address.
2. Select Email/Password Information.
3. Enter your new information and click on Save My Changes.
Subscribers can find additional help here. Not a subscriber? Subscribe today!
Speaking of huge contributions to politicians from Wall Street, you’d think members of Congress would by now be reluctant to accept donations from the American subsidiary of Swiss giant UBS. The economy looks to be in free-fall and the financial excesses (and dubious accounting) of firms like UBS is one important reason why.
UBS has been implicated in the sub-prime mortgage crisis, having been forced to write down “more than $18 billion in exposure to subprime loans and other risky securities.” Even worse, a Senate committee in July “completed its report on UBS’s role in helping wealthy investors shield money from federal taxes,” the Washington Post recently reported. “The bank also is under scrutiny by the IRS and the Justice Department.”
Yet new campaign disclosure reports show that prominent members of Congress, including members of the Senate Banking Committee and House Financial Services Committee, continue to take in big money from UBS. During the second half of August, the company cut checks for a combined $68,500, money that overwhelmingly went to Republicans. Top recipients (accepting the maximum PAC contribution of $5,000) included Senators Lamar Alexander of Tennessee, and Congressmen Adam Putnam of Florida, Lamar Smith of Texas, and Pat Tiberi of Ohio. Senator Mel Martinez and House Republican Leader John Boehner each got a check for $2,500 from UBS.
Some Democrats were also more than happy to take UBS’s cash. Getting the $5,000 maximum from the company were Senator Robert Menendez of New Jersey (through his personal PAC) and Congressman Rick Boucher of Virginia.
UBS, of course, has connections to Senator John McCain’s campaign through former Senator Phil Gramm, one of the senator’s economic gurus. The McCain campaign ditched Gramm–who has served as a lobbyist for UBS and as vice chairman of its investment banking arm–after he detailed his economic recovery plan, namely that things would get better when Americans stopped whining.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Freddie Gray’s relatives arrived for the trial in the afternoon, after the prep-school kids had left. By their dress, they seemed to have just gotten off work in the medical and clerical fields. The family did not appear at ease in the courtroom. They winced and dropped their heads as William Porter and his fellow officer Zachary Novak testified to opening the doors of their police van last April and finding Freddie paralyzed, unresponsive, with mucus pooling at his mouth and nose. Four women and one man mournfully listened as the officers described needing to get gloves before they could touch him.
The first of six Baltimore police officers to be brought before the court for their treatment of Freddie Gray, a black twenty-five-year-old whose death in their custody was the immediate cause of the city’s uprising last spring, William Porter is young, black, and on trial. Here in this courtroom, in this city, in this nation, race and the future seem so intertwined as to be the same thing.
Number of Turkish college students detained in the last year for requesting Kurdish-language classes:
Turkey was funding a search for Suleiman the Magnificent’s heart.
A former prison in Philadelphia that has served as a horror-movie set was being prepared as a detention center for protesters arrested at the upcoming Democratic National Convention, and presumptive Republican presidential nominee Donald Trump fired his campaign manager.
Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!
“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”