Hightower Lowdown

Hark! Do I hear the sound of hurdy-gurdy music wafting in from Capitol Hill? Yes, indeed—it’s that old Washington merry-go-round picking up another lawmaker and giving him a ride to the executive suites of the very industry he previously oversaw. And who’s seated atop the golden pony this time? Phil Gramm!
Yes, it’s “Dollar Bill” Phil, the money-grubbing senator from Texas whose 24 years in Congress were notable mainly for his willingness to do legislative favors for corporations and big bankers in exchange for their campaign cash. He’s such a notorious hustler, it’s said, he sews extra pockets in his suits.
Ol’ Phil is really cashing in on all the services he’s rendered to bankers. In fact, he’s becoming one! Having announced his retirement from the Senate a few months ago, a giddy Gramm now reveals he’s headed to something called UBS Warburg, the investment-banking arm of Switzerland’s largest financial empire. Phil turned demure when asked how much of a payoff he’s getting, refusing to name the figure—but it’s definitely a multimillion-dollar bonanza.
The Warburg CEO says Gramm’s “experience makes him uniquely suited to assist our clients.” Sure, his experience as a longtime law-maker who used his power to rig the rules in favor of rich investors and fat-cat bankers makes him a natural to become their in-house advisor on rule-rigging.