Presidential candidate Rick Perry has touted Texas’ thriving economy as a sign that he would make an excellent economic steward, but one of his proposals might not do so well on a national scale: a plan to let Wall Street gamble on when retired Texas teachers would die.
According to notes of a meeting provided to The Huffington Post, Perry’s budget director Mike Morrissey advanced a plan in which investors from Swiss banking firm UBS profited from teachers’ deaths by purchasing life insurance policies on them. A fee for arranging the deals would accrue to Texas, which Morrissey said could eventually generate as much as $700 million for Texas.While Perry’s office has repeatedly denied explicitly backing the scheme, maintaning that the governor was simply keeping an open mind by listening to the proposal, an attendee at a meeting where the idea was pitched to teachers’ groups told The Huffington Post that the governor was fully behind the idea. Insurance Commissioner Jose Montemayor, a Perry appointee, was a particularly enthusiastic advocate.
Tag Archives: UBS
From Consortium News:
John McCain has been purging lobbyists from his campaign trying to reclaim the mantle of political reformer, but there’s one lobbyist whose role as a key economic adviser makes him almost untouchable despite ties to the sub-prime debacle, links to the Enron disaster and alleged evasion of ethics rules.
Former Sen. Phil Gramm, who was listed as a lobbyist for banking giant UBS as recently as December 2007, has emerged as what Fortune magazine calls “McCain’s econ brain,” filling McCain’s acknowledged void on economic expertise (“I don’t know as much about the economy as I should”).