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Outgoing UBS Americas Investment Bank Chairman Robert Wolf on his decision to leave UBS to start his own firm and President Obama’s relationship wit...
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OBS last week Wall Street started barking very loudly.
When one of the few -- out there who continues to publicly support President Obama said he was leaving his lucrative job.
One week ago today Robert wolf chairman of the Americas for UBS investment bank announced.
That after eighteen years -- is leaving the firm to start his own business now some speculated he was pushed out for maybe being too vocally supportive of the president.
But now we find out the real story we are pleased to be joined in a Fox Business exclusive.
-- Robert wolf in its final interviews of top UBS banker before moving on to his own firm 32 advisors.
Welcome to the program thank you -- good to be here good to have it will the rumor mill the second word was that you're leaving started turning and immediately it was everything from.
UBS was getting aggravated because he was out there constantly giving interviews and supporting the president and they've said tone -- down and he didn't and suddenly you left or were pushed out what is the real story of why you're leaving you -- -- nice to be talked about but it's good to be on the give the facts that I -- Eighteen years at UBS ten years it's Allman Brothers I think when I came into Wall Street out of college.
I didn't actually think I'd be doing one thing for twenty years and I've been lucky for twenty years to be too great firms -- Allman Brothers was just an amazing place.
And UBS has really helped me.
-- establish myself as a real professional in this industry.
After 28 years and I just turned fifty in March and I was with my college roommates and my family it's been something I've been contemplating for awhile.
And I've been around a lot of entrepreneurs the last few years with work for the president as part of the I said you know maybe I should try something different and I just became very excited to try my own thing and you know more importantly when I sat down with UBS to talk about it they were very supportive to the point where.
I'm happy to say they're gonna be my first client so usually when you have a startup you know you don't have a big client like UBS to be -- -- so.
I know all the media speculates all these things basically UBS -- to -- -- does that term.
Well I've been well I I think one it's not true because I've been supporting the president probably.
When he was then Senator Obama and I -- -- -- to support the president.
That -- he's been out of the bottle for four years it will continue to be out of that bottle.
And I look forward to be able to helping them get reelected it's not a UBS Obama -- it's -- Robert wolf decision.
And I'm glad that down their support that they supported me in this decision.
So and also what I gotta throw this act as a lot of people start -- -- is a power struggle between you and the new CEO Robert McCann over ABS America's.
Who came from Merrill any truth to that no.
A -- Bob and I can easily coexist he has a great vision for the farm.
I think I have a great vision for the firm together one plus one I think would have equaled three but I've decided to do my own thing.
You know you can understand why people start.
Asking about whether that the support of the president.
Got a little hot under the collar for a lot of people because this at a time where President Obama had started back in 2009 -- Wall Street bankers the so called fat cats.
-- he -- their compensation he didn't do much about it wasn't like he.
Stepped on it but he he spoke out against it and that of course he -- Dodd-Frank in two in two in the law.
So do you understand why Wall Street doesn't seem to be supporting the president like -- -- back in 2008.
Listen I think 2008 is very different than 2012.
So one when different times.
Hope the president has his supporters.
Candidate Romney has his support if that's what makes America America that we have the right to change our mind we have the right to vote.
I can easily fill a room and about twenty seconds with Obama supporters from Wall Street no different -- candidate Romney.
Okay kids can get his supporters.
I think this whole thing about Obama and Wall Street I mean I think -- -- -- it sounds nice it's a lot of talk it plays well on the media.
But he's done great things okay for the business community.
His export initiative I don't mean to carry on.
But look at Caterpillar in Boeing's earnings today.
His export initiative that people really thought never could happen when he brought it up three years ago.
When he said that we will double exports and a five year period.
Never been done before were on pace to do that exports now as a percent of GDP is over 15%.
And so I would just tell you there are some policies that are working well.
And there are some policies that we'd like to move forward and have better but certainly you know I think Boeing Caterpillar were good examples today of things working.
There's this perception that he's contemptuous of the wealthy.
Slash bankers slash rich people is he contemptuous of the rich people I mean you're wealthy listen I'm gonna answer that definitely the answers now.
How -- I hear the stuff about.
Class warfare and Occupy Wall Street.
I've known the president for a long time.
It's not about wealth creation or wealth destruction.
From my perspective it's very clear and it's a little different perspective than maybe what the president has -- candidate Romney.
Every war since 1776.
In this country.
Has been fall by taxes we know one thing that's always free -- -- for a war and then taxes we all can't forget.
Read my lips no new taxes only to have taxes.
We've been and ten year war and we -- -- pay for it we all talk in this country about the balance between unemployment.
And fiscal discipline.
Well one of the things is when the ten year what we gotta find out how to pay for it in the truth is.
In this post recession environment we're going a little too slow to just think that we can cut expenses -- --
