Moral of the story:
UBS’ PAC contributions, lobbying and political donations exploded between 2002 and 2004. This is when Gramm began working at UBS.
- From the 2002 to 2004 elections, UBS doubled its campaign contributions, moving from around the 100th largest overall donor into the top 15.
- Between the 2002 and 2004 election cycles, UBS PAC donations jumped from $156,485 to $1,194,592.
- Between the 2002 and 2004 election cycles, UBS’ lobbying expenditures jumped from $60,000 to $700,000
Phil Gramm at UBS
UBS announced Gramm would become a Vice Chairman in the Investment Banking division in 2002 (when he was in his last few months as a Senator). He was registered as a lobbyist from 2004-2008 (UBS deregistered him as a lobbyist in their 2008 first quarter lobbying report. The UBS website still lists him as a Vice Chairman and there has been no news reports indicating that he has relinquished this position. UBS’s enormous increase in political spending occurred at the same time as Gramm began his UBS tenure.
UBS Americas Fund for Better Government
UBS runs a PAC called UBS Americas Fund for Better Government.
For the 2008 election cycle it has totaled $1,035,932 in total receipts and spent $948,150 to date. (opensecrets.org)
For the 2006 election cycle it totaled $1,239,889 in receipts. It spent $1,194,592. All donors listed are UBS employees – it donated money to a wide range of politicians. Per Dyrvik is listed as the Treasurer. (opensecrets.com)
2004 Cycle: $1,070,239 in total receipts. $853,666 spent.
2002 Cycle: $123,358 in total receipts. $156,485
PAC called Paine Webber fund for better Government before 2002 cycle (Paine Webber acquired by UBS in 2000). Its figures:
2000 Cycle: $132,546 in total receipts. $119,520 spent
1998 Cycle: $113,613 in total receipts. $88,289 spent.
UBS LOBBYING
UBS ANNUAL LOBBYING EXPENSES (Opensecrets):
2008: $170,000 to date
2007: $720,000
2006: $980,000
2005: $750,000 plus $20,000 by Sullivan & Cromwell
2004: $660,000 plus $40,000 by Sullivan & Cromwell
2003: $660,000 (UBS $460,000 and Alston & Bird $200,000)
2002: $40,000 plus $20,000 by Alston & Byrd
2001: $80,000 ($40,000 by Alston & Byrd, $40,000 by Arnold & Porter
Contracted Lobbying Highlights
Year End 2005 and Mid Year 2006: Sullivan & Cromwell lobbied the House of Representatives and Senate on behalf of UBS regarding:
Oversight of Gramm-Leach-Bliley Act
General Commercial/Investment bank issues
Names of lobbyists: Elizabeth Davy, Michael Wiseman, Samuel Woodall III.
Woodall signed the reports and is listed as legislative council.
Official contact is Daryl Libow, 202-956-7500.
Gramm’s Lobbying 2004-2008
Phil Gramm was listed on UBS lobbying reports from 2004-2008. UBS reported that the majority of its lobbying was undertaken by only Savercool and Cole, with Gramm occasionally listed. Below is everything UBS reported Gramm had lobbied on as well as a few bills or proposals he was not listed on that might be of interest. The lobbying reports only require UBS to specify which issues it lobbied, not its position on them.
Current Address:
UBS Americas INC
1501 K Street, NW
Suite 1100
Washington, DC 20005
Phone number: 202-585-8987
Past Lobbyists: Phil Gramm, Jennifer Maldonado, Megan Silvia (the old Stanford, CT contact).
Current Lobbyists: John Savercool (current head), Jason Cole, Peter Rowan, Dick Ribbentrop
Before joining UBS in 2003 Savercool was the Senior Legislative Assistant for Phil Gramm from 1985-1999.
August 16, 2004: (2004 Midyear Report):
Megan B. Silvia - 203-719-0741
677 Washington Blvd
Stamford, CT 06901
John Albright listed as Executive Director on the filing.
Reported $340,000.
John Savercool, Gramm and Jason Cole lobbied on:
HR 522 FDI Reform Act of 2003.
S 229 Safe and Fair Deposit Insurance Act of 2003.
S 1967 Interest on Business Checking Act of 2003.
Proposed Treasury Rule Requiring US banks to report the interest income of non-resident alien accounts in the US. (UBS wanted Treasury to withdraw the proposed rule).
HR 1375 (and Senate Companion Bill to HR 1375): Financial Services Regulatory Relief Act of 2003.
HR 2420: Mutual Funds Integrity and Fee Transparency Act of 2003.
S 1971: Mutual Fund Investor Confidence Restoration Act of 2003.
Proposed SEC trade-through rule and waivers. (UBS wanted to obtain a more meaningful "opt-out" provision than the current proposal allows for sophisticated and institutional investors.
HR 2575: Secondary Mortgage Market Enterprises Regulatory Improvement Act.
S 1508: The Federal Housing Enterprise Regulatory Reform Act of 2004.
S 1637: Jump Start out Business Strength Act (earnings stripping, repatriation of dividends from the foreign earnings of US companies and Title IV provisions designed to curtail tax shelters).
HR 2896: Companion bill to S 1637 (above). Noted that above now called HR 4520, the American Jobs Creation Act of 2004.
Cole and Savercool:
HR 975 Bankruptcy Abuse Prevention and Consumer Protection Act of 2003 (Credit Cards).
HR 1776: Pension Preservation and Savings Expansion Act of 2003 (Pension reform).
Noted that Jennifer Maldonado will no longer lobby for UBS.
Year End 2004: $320,000 reported. Lists only same bills as previous report.
Mid-Year 2005: $380,000 reported.
Gramm, Savercool and Cole listed together for:
HR 1461 Federal Housing Insurance Reform Act
All other lobbying reported to be done only undertaken by Savercool and Cole.
Year End 2005: $370,000 reported in lobbying expenses.
Gramm, Savercool and Cole listed together for:
HR 1185: FDI reform Act of 2005 (deposit insurance caps).
HR 1224: Business Checking Freedom Act of 2005.
HR 1295: Responsible Lending Act of 2005.
HR 1182: Prohibit Predatory Lending Act.
Addressed proposed Treasury Regulation 133254-02, Reporting of Deposit Interest Paid to Nonresident Aliens (they repeatedly lobby similar bills).
HR 3375: Financial Data Security Act.
S 751: Notification of Risk to Personal Data Act.
HR 4127: Data Accountability and Trust.
Also addressed issues relating to currency exchange.
S 852: Fair Act of 2005.
HR 4313: Terrorism Risk Insurance Revision Act of 2005.
Cole and Savercool (among other things they lobbied for):
HR 2830: Pension Protection Act.
S 1783: Pension Security and Transparency Act.
HR 1960 and 1961: Pension Preservation and Savings Expansion Act.
Mid-Year 2006: $600,000 reported in expenses.
Gramm, Cole and Savercool:
HR 1638: Commodities Exchange Improvements Act of 2005.
Addressed SEC with respect to implementation and timetable of rulemaking involving Rule 202 of the Investment Advisors Act.
HR 5337: Reform of National Security Reviews of Foreign Direct Investment Act
S 2333: Foreign Investment Security Improvement Act of 2006.
Trade issues between the US and Switzerland, Turkey and Korea.
Cole and Savercool (among other bills):
HR 1461: Federal Housing Finance Reform Act.
HR 2830: Pension Protection Act.
Year End 2006:
$380,000 reported in lobbying expenses.
Cole, Gramm and Savercool:
Addressed issues relating to currency exchange programs
Data Security Legislation (HRs 3376, 3997, 3160, 6127, S 1789, 1332, 751).
Regulatory Relief Legislation (HR 3505, S 2856).
Addressed proposed Treasury Regulation 133254-02 on reporting of deposit insurance paid to non-resident aliens.
HR 1185: FDI Reform Act of 2005.
HR 1224: Business Checking Freedom Act of 2005.
HR 1295 Responsible Lending Act of 2005.
HR 1182: Prohibit Predatory Lending Act.
Mid Year 2007: First year filing from K Street Address. Phone number 202-585-8987.
Savercool now listed as contact name, not Megan Silvia.
$340,000 reported for lobbying expenses.
Peter Rowan now lobbying for UBS.
Rowan, Cole and Savercool (among other bills):
HR 3046: Social Security Number Privacy and Identity Theft Protection Act.
S 1260: Data Security Act of 2007.
Issues relating to hedge funds and private equity governance.
Issues related to 401(k) Plan Fee Disclosers.
HR 2 / S 2: Minimum Wage Legislation (tax titles).
HR 2136 / S 681: Stop Tax Haven Abuse Act.
HR 1672: To deny qualified dividend income treatment to certain foreign dividends.
Gramm, Cole and Savercool:
HR 1427: Federal Housing Finance Reform Act.
HR 3012: Fair Mortgage Practices Act of 2007.
S 1299: Borrower's Protection Act.
U.S. Sanctions policy - consulted with staff from Treasury, SEC, Capitol Hill regarding US sanctions policy.
HR 1527: Shareholder Vote Executive Compensation Act.
S 1348: Comprehensive Immigration Reform Act of 2007.
Year End 2007:
Reported $380,000
Dick Ribbentrop now lobbying for UBS.
Cole, Gramm and Savercool:
HR 3609: Emergency Home Ownership and Mortgage Equity Protection Act of 2007.
S 2136: Helping Families Save Their Home in Bankruptcy Act of 2007.
Cole and Savercool:
Addressed private equity governance, the SEC with regard to International Accounting Standards and regarding mutual fund fees.
Addressed the Department of Homeland Security, executive office of the President and the Senate with regard to visa reform issues.
First Quarter 2008:
$170,000 reported in lobbying expenses.
Phil Gramm reported as no longer lobbying for UBS.
UBS AG and UBS Americas Donations
According to Opensecrets.org:
For 2008 Election Cycle: UBS AG has donated $2.21 million or $2.04 according to different opensecrets lists. The $2.21 ranks them sixth in Finance/Insurance/Real Estate industries list. The site lists the $2.04 million as the tenth overall largest contributer. UBS donates less than Goldman, Citigroup, JP Morgan Chase, Morgan Stanley and the Natl Assn of Realtors. They donate more than the American Bankers Assn, Lehman Brothers and Bank of America. UBS is a top donors to:
Barack Obama: $373,056
Mitch McConnell: $52,150
Richard E. Neal: $7,500
John Sununu: $20,700
Mitch McConnell: $41,450
Joe Lieberman: $63,450
Charles Schumer: $74,250
Richard Lugar: $12,858
Pedro Pierluisi, Alfrdo Salazar, Peter Graham Olson,
2006 Election overall (UBS Americas): $1.97 million – 9th in the Finance/Insurance/Real Estate industries or $2.56 million depending on which opensecrets list is cited.
UBS Ag also separately listed as having given $1.08 million
2004: UBS Americas donated:
$2.55 million overall (6th in Finance/Insurance/Real Estate industries, 13th largest overall).
$1.3 million in 2002. (100th largest overall donor).
Less than $1.28 million in 2000 (out of top 100).