TalkingPointsMemo

Now that UBS and other foreign banks may be included in the proposed government bailout of banks holding troubled mortgage assets, Josh Marshall wants to know whether Phil Gramm, the former Republican senator from Texas, John McCain adviser and vice president of UBS, lobbied the Bush administration on behalf of his bank. McCain himself has yet to take a clear stance on the bailout bill, which is supported by congressional Republicans but criticized by Democrats who want more independent oversight of banks, writes Marshall.