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That that there's a reality here that we have to deal with and at this point now another reality is the election yeah and it's gotten.
Little nasty on both sides really and part of it involves the president going after Mitt Romney's time at Bain Capital private equity -- you've dealt with a lot of private equity guys.
Is that the route he should be taking or their other things you could attack Mitt Romney on like a jobs plan or tax plan.
While not gonna get into the the rhetoric on how the president.
-- -- campaign or candidate Romney in their campaign going over each other that's politics that's not what I do well I will say that in private equity.
I have a lot of friends that run private equity they're great businesses they run.
Also though it's not about job creation and I think that private equity is more about wealth creation and job creation.
And a at but I would tell you at times the president works with the private equity industry just recently Carlyle.
Got involved in the refinery in and not in Philadelphia.
And that's a great thing for this country.
And so you know you look at Carlyle they've been a great organization -- doing great things but I think when I'm governor Romney goes on and says that.
Private equity is all about job creation.
That -- in the line.
Okay let's go back to the the banking issue and and the newest scandal Seattle Libor scandal the rate manipulation scandal which.
We now about sixteen banks UBS one of them but it was -- is that got busted for it.
And you look at this and you say -- man not the little guy the retail investor is really.
Down about this do you understand that you understand that when they look at this and -- this game is totally -- how they feel about it.
Listen I have only been falling the Libor scandal from what I read in the papers bomb and we need our industry to have our ethics beyond reproach.
I have been a supporter of reg reform.
I think it's important that Dodd-Frank of daughter frankly.
I want to preface I'm a supporter of Dodd-Frank I liked it better when it was 85 page treasury blueprint for.
Then 5000 pages today I think it could be a little more principles based.
But I was there the three days before the -- of the Lehman crisis and the one thing that -- -- your cat the New York fed and it's clear to me.
That this country should have a systemic regulator and I think -- have the Fed being that systemic regulator Smart.
We need -- resolution authority we need to understand how to wind down.
These systemically important global farms that are interconnected.
Of which there are five or only six that -- if you count Wells Fargo that equal about 70% Charlie Gasparino was just talking about it of everything that you.
A lot of talk now about breaking up the big banks sandy Weill came out yesterday against -- a complete 180 -- -- wait now I change my mind we should break up the big banks.
Do you agree with.
Now I'm not a supporter of going back to Glass-Steagall I think that.
Where -- to dynamic in the banking industry to go back to the 1980s.
And the 1990s we've moved forward.
I think the way that the industry's thinking about it is less leverage higher equity people are getting ready for Basel III.
I think worked we need to be smarter about it.
But really at the end of the day right from wrong is right from wrong OK and we just gotta make sure as an industry that -- -- -- beyond.
Priceless -- diamond complain that Dodd-Frank and by the way they send in a lot of lobbyists and a lot of money to try to take the teeth out that the Dodd-Frank ruins their chances at making decent profits.
Is that true bond and I -- Jamie answer for Jamie I think that there's parts of Dodd-Frank like derivative transparency the living will.
Parts of the Volcker Rule are important for our industry to make sure that that people have faith.
That -- industry is going forward in the and the right risks we're taking you sat on the economic recovery advisory board with Paul -- -- yes I'm good friend of Paul Walker a big fan big fan big supporter you feel that the Volcker Rule is something that should be upheld.
The inception of the Volcker Rule.
Was a lot different than it is today.
I understand why financial institutions.
Who have depositary insurance.
And the FDIC behind them.
Should probably not do proprietary and not be involved with private equity and -- I understand.
The Volcker Rule has moved from that to a lot of different things which I'm not as close to anymore.
I also think though the one thing we have to be careful of is being so rules based in some ways.
You know -- but it's a dynamic industry got to be a little more principles based and make sure that people use -- comments.
-- -- -- You know we saw a lot of bankers who didn't do that we saw.
A lot of greed out there and and that the principles thing for middle America and look at a fourteen billion lost jobs they say -- We get you what these guys took left left them to their own devices -- look what happened and I.
Understand that we're going through -- humbling phase in this country.
On where middle America -- is which is why I think the president's idea or two.
Immediately have a middle.
The middle income class middle class reduction in taxes that supports 98%.
Of this country and we should spend ten seconds on this.
Right now we can everyone wants clarity.
We can right now pass a bill that gives clarity for 98%.
Have the debate on that 2%.
But why not have clarity for the 98% where consumer driven country why not give clarity.
So -- I understand armed with a presence going and -- supportive of that opposition to shop.
You've got this new venture 32 advisors name by the way for his Jersey -- played football -- -- -- yes I did so that was your number of future housing my Little -- Jersey my high school Jason -- my car my football -- there's the picture we have you know you bet that picture was when I was shaped like give me unfortunately.
That chart now I can -- without shoulder -- you're more of anybody learn a lot of getting there aren't bad figure eight but what if as this consulting business hopefully takes off for him and UBS is -- first client.
What if the president were to call and say I've been reelected Timothy Geithner is stepping down.
Would you be my Treasury Secretary what would you say well -- one of flattered that -- even have that question.
I love being the friend in the advisor -- the president that's good for me and let's be honest the Wall Street guy going through confirmation.
It's probably a nonstarter.
But if he asked -- -- have -- He's not ask -- Bob wolf good luck to you thank you very much -- -- -- Robert wolf outgoing chairman of UBS Americas investment bank -- we wish you the best of luck and you'll continue look a couple of months before the election -- still out there.
Promoting and supporting the press I will be held there as often is the president and no I get asked -- -- to support him as our next president of the United States.
Well wolf thank you thank you -- with a happy.