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FBN’s Charlie Gasparino on the impact on UBS of Robert Wolf’s departure and BlackRock assessing the potential damages to the bank from the Libor s...
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Or let's get back to that breaking news out of UBS and a major change at the top you heard it here.
On Fox Business Charlie Gasparino is here with the DHL's stock is falling half a percent the news is that Robert wolf.
Head of UBS Americas is leaving the firm after eighteen years.
This is one of the BF that's a President Obama he has raised a lot of money he has been a vocal supporter.
Sat on the jobs council has been a friend of this network comes on all the time.
Sources are telling me that he was out.
Hustling -- client business last week in Silicon Valley but making noise that you know what.
He didn't like.
The impasse that I tell you I do have a breaking news on black -- that I wanna hit on after this of course but but it was just so nobody -- is someone -- so that we -- -- here.
Might move the markets on that one but that -- we should point out the Bob wolf.
Has not been a major player within UBS for awhile.
I I think the stock is reacting it's kind of bizarre -- reacting to this sometimes you know people pushed you know if if the buttons on the on the news.
I don't think this is a negative for the stock I think really Bob wolf.
Who like things have really good guy I mean I spent time with them at the White House correspondents dinner with him -- lovely wife decent guy.
Is a very good friend of -- Obama very close I think.
That the company itself.
Got very skittish about his ties to presidency that's my opinion I've heard this from -- from people close.
Close to the company and I think that's why he was pushed out to suppose -- that stock.
You listen you could sell UBS for a lot of reasons including the Libor scandal which it's involved in I don't think you sell the stock over this okay.
Let's was -- up the sources were telling me and these -- CEOs out.
On the West Coast but also in the mid western part of this nation that he was their go to -- for client that he was the guy that they would say okay we'll give you UBS the business.
That he was a rainmaker UBS as far as UBS Americas was concerned and they were asking him about it.
And that the word was that he was at an impasse with UBS.
That he considers President Obama one of his best friends -- a man of principle and loyalty and he said you know what four months before the election -- up backing down bright throughout I think he -- I think that's part of it I think that you -- -- it's this was bank.
Few people wanna be -- -- that much I think that's pretty clear it when you Swiss -- U wanna basically.
You know they'll get their quiet they'd like to be quite in my -- -- -- -- I don't think this is a reason to sell the stock.
Problem we should market does it and half a percent are kept -- for stock traders are stupid what's judges on black or.
-- we should point out that BlackRock is is the largest money management firm out that the -- three trillion dollars in assets and the management.
And on the exact number of money market funds but here's what we know that's going inside black mark sources inside the -- -- the Fox Business Network that they are clearly assessing.
This Libor scandal and may know within the next week whether or not.
They're gonna file some sort of a lawsuit they're gonna look for.
Essentially you know whether or not they have their money market funds were ripped off by artificially depressing the price of -- board member Libor.
Is a short term interest rate a lot of money market funds get priced -- that.
If you're looking for victims of this -- scandals some of them are.
Municipalities that have swap contracts when interest rates go up you know the values go down invite vice a Versa you know they work opposite so if you push Libor down.
Usually that's good for bonds well guess what some of these municipalities have -- swaps that that actually hurts their holdings.
The other potential victim here are money market funds and this is keep BlackRock has billions of dollars in money market funds.
Everybody's eyes on black or because of their size will no I think within the next week -- -- -- was a little longer but they're clearly assessing.
Whether they should do something legally sue.
Whoever you know there's a bunch of banks -- as Barclays is one.
JPMorgan others are and possibly -- they have been charged yet but that's what's going on a BlackRock and all eyes on black -- we should point out this is getting kind of a crazy situation.
Think about it this way -- JPMorgan the big bank might have manipulated.
-- -- down that might have hurt its own customers in its money market funds so what is JPMorgan to -- itself.
I mean this.
Really crazy stuff I will tell you this that inside black -- is -- -- story all eyes erotic we should know I think I'm hearing from people inside a -- within a week.
What -- what they might do from a legal they made -- do nothing just assessing liability here is very difficult -- at --
