JAY: "Is there any kind of level of accountability for
Phil Gramm's role in this? I mean, it's come out, but he was instrumental, at least in terms of the recent facilitation of this."
COCKBURN: No. A lot of people—you know, he had a lot of company,
but he was a particularly egregious example. I mean, he was a person whose, you know, public career has had, as far as I can see, no redeeming feature whatsoever. He went on to his reward, which was to be vice chairman of UBS, the giant Swiss bank, which itself, you know, managed to lose a huge amount of money when Wall Street crashed in 2007-2008. And UBS, of course, has also more recently been in the news 'cause it turned out—also it was alleged by authorities here—they were running a very handy tax evasion scheme for American taxpayers. But, no, Phil Gramm, Senator Graham, as we still call him, he's still there.
He's still very powerful in Texas politics. He still has not issued one iota of remorse for his role in basically creating this disastrous situation that's ruined millions of people and made millions of people homeless."