Don't know much about what Gramm did, but I suppose that will come out,if true.
Here are some facts about UBS.
UBS has three arms.
The investment arm, which made the mortgage loans, may be up for sale, according to the Telegraph (UK). It has 24,000 employees, of whom 9500 can look forward to termination in fairly quick order.

Overall, the bank has 83,000 employees. The world's largest money manager, its position is secure.

The first bailout of the investment arm was financed by the Singapore Sovereign Wealth fund, and by United Arab Emirate interests, some $13 billion. The bulk has yet to be dealt with. The chief executive said the 'resizing' would be dealt with in the next few weeks.

UBS is offering $15 billion in rights offerings, which already have buyers, to replenish capital, and its stock, and the stock market in general, advanced as a result.

Lehman Bros. offering of preferred stock (4 million shares) at $1000 a share quickly sold out and the common stock appreciated 32%.

Many investment analysts say the crisis is over as far as the major investment companies are concerned. As far as the major .... As far as the major ....