MSNBC reported last night that Phil Gramm was a registered lobbyist for Swiss banking giant UBS until last month. As TPM points out, the corporation is deeply mired in the mortgage-foreclosure crisis with some $37 billion invested in sub-prime loans. Furthermore, the Financial Times reports that UBS is advising its bankers not to step foot in the U.S. for fear of facing indictment.

Gramm has been one of John McCain’s primary advisers on economic issues. Fortune dubbed him “McCain’s econ brain.”

In a March speech addressing the mortgage-foreclosure crisis, McCain offered few concrete ideas for fixing the mess other than convening a panel of accounting professionals to study what went wrong. Notably the GOP presidential aspirant failed to endorse more pro-active policy proposals such as freezing mortgage rates. “I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers,” McCain said at the time.

Gramm was de-registered as a lobbyist for UBS on April 18, roughly a month after the speech. He remains the bank’s vice chairman.