Ex-senator still has clout despite dire deregulation
(NEWSER) - Former Senator Phil Gramm helped create the subprime meltdown, yet faces no punishment—and could even become treasury secretary if John McCain wins in November, David Corn writes in Mother Jones. Eight years ago, a Gramm bill stopped the feds from regulating insurance policies that protected Wall Street securities. These policies, or "swaps," ended up at "the heart of the subprime meltdown," one expert said. More»
