Senator Phil Gramm joined UBS as Vice Chair in 2002. Yet, Gramm's name is never mentioned in reports on widespread tax cheating by UBS. Bloomberg reported:
UBS sent private bankers to U.S. art auctions and regattas to find rich Americans, reel them in as depositors and advise them on setting up sham companies and bogus trusts to shield their money from the tax man, the bank now admits.
What was Gramm's role? Did any of his investment bank clients dodge taxes per Phil's advice? How about the two Japanese businessmen trying to smuggle $134 billion in U.S. bonds into Switzerland. Were they UBS investment advisers?
How about a Congressional investigation on Phil Gramm's role in the widespread UBS tax dodge? It won't happen. The tainted Capital boys look after their own, keeping friends out of the limelight. Ask Kenneth Duberstein.