Meanwhile, on the Republican side, McCain is coming under new scrutiny today for having economic advisers linked to aggressive corporate behavior and financial deregulation. McCain adviser and former Senator Phil Gramm is a vice-chair of the UBS investment bank. On Tuesday, UBS announced losses of billions of dollars because of investments tied to the US subprime mortgage crisis. In the 1990s, Gramm chaired the Senate Banking Committee, where he led efforts to deregulate the financial industry. His efforts culminated in the 1999 repeal of the Glass-Steagall law separating regulation of commercial and investment banks. Another key McCain adviser, Carly Fiorina, is the former CEO of Hewlett-Packard. She was ousted three years ago and linked to spying efforts to uncover the source of a boardroom leak.
And finally a correction: on Tuesday we reported on the closing of a Marine recruiting center in Berkeley, California, following a wave of protests. The information was based on a press release sent out by the group Code Pink. It turns out the press release was an April Fools’ Day hoax by the antiwar group. The Marines have no plans to leave Berkeley.