Boy, this story just keeps on amazing me.
While former US Senator Phil Gramm's wife, Wendy Gramm was a member of Enron's audit committee, and also serving on the company's of the Board of Directors, UBS was a consultant for the State of California in 2002 to help fix the State's energy crisis.
The Foundation for Taxpayer and Consumer Rights (FTCR) wanted Governor Gray Davis to fire UBS, saying the company had a conflict of interest since they represented both the State of California and Enron.- Read Article
Senator Gramm defended Enron, and basically told California that the state's energy problems were of their own making.
Shortly after, Enron went bankrupt, and Gramm resigned taking a job with UBS Warburg as a Vice President.
After Enron went bankrupt, UBS Warburg bought Enron's energy trading operations. UBS PaineWebber which is a subsidiary of UBS Warburg, was in charge of Enron's employee stock option program.
In Houston, a former UBS PaineWebber broker, Chung Wu was fired after he advised his clients to sell their Enron stock when it was trading around $36.- Read Article
You remember the U and US, UBS slogan. Who do they mean by US?
You can make up your own mind, but this whole situation goes much deeper than just Ken Lay, and Jeff Skilling.
