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BS 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 we could go to -- Robert wolf chairman of the Americas for UBS investment bank announced.
That after eighteen years he 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 was good to be -- good to have it will the rumor mill the second word was that -- were 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 it down and he didn't and suddenly you left or were pushed out what is the real story of why you're leaving -- -- -- 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.
I'm 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 muzzle you 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 I continue 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 him get reelected it's not a UBS Obama -- it's -- Robert wolf decision.
And I'm glad that -- their support that they supported me in this decision.
So and also what I gotta throw this act as a lot of people start Paula -- is a power struggle between -- and the new CEO Robert McCann over UBS Americas.
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 -- three but I've decided to do my own thing.
You know you can understand why people's.
-- 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 then 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 they -- back in 2008.
Listen I think 2008 is very different in 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 and 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 rich people -- -- -- 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 up banks 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 -- revenues are gonna -- -- Up will be -- saying 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 -- private equity they're great businesses they -- Also though it's not about job creation and I think that private equity is more about wealth creation and job creation.
And at but I would tell you -- times the president works with the private equity industry just recently Carlyle.
Got involved in the refinery in in 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 -- and says.
That private equity is all about job creation.
-- -- -- -- -- 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 know sixteen banks UBS one of them but it was -- is that got busted for it.
And you look at this and you say -- man -- the little guy the retail investor is really.
Down about this do you understand that you understand when they look at this and say this game is totally great 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 -- industry to have our ethics beyond reproach.
I have been a supporter of reg reform.
I think it's important that Dodd-Frank -- daughter frankly.
I want to preface I'm a supporter of Dodd-Frank I liked it better when with 85 page treasury blueprint for a -- 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 that 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 -- interconnected.
Of which there are five -- only six that people 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 did a complete 180 -- a wait now I change my mind we should break up the big banks.
Do you agree with no I'm not a supporter of.
Going back to Glass-Steagall I think that.
Where wait to dynamic and 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 our ethics stay beyond.
Priceless and a diamond complain that Dodd-Frank and by the way they send in a lot of lobbyist for a lot of money to try to take the teeth out but the Dodd-Frank ruins their chances at making decent profits.
Is that true -- 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 our industry is going forward in the and the right risks we're taking you sat on the economic recovery advisory board with Paul Volcker -- yes I'm good friend of Paul -- 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 about 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 -- rules based in some ways.
You know -- but it's a dynamic industry ought to be a little more defensible space 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 GAAP.
We get you what these guys took left left to their own to -- -- 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 a sharp.
You've got this new venture 32 advisors name by the way for his Jersey -- -- played football at U -- yes I did so that was your number of mutuality my Little -- Jersey my high school Jersey -- my -- my football -- there's the picture we have you know you bet that picture was when I was shaped like a V unfortunately.
That shirt now -- where without shoulder -- you're more of anybody -- -- -- -- getting there aren't bad figure eight but what if as this consulting business hopefully takes off for him and UBS is your first client.
What if the president were to call and say I've been reelected.
Timothy Geithner is stepping down will you be my Treasury Secretary what would you say Melissa one of -- that -- even have that question.
I loved 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 he's -- -- have.
He's not ask if Bob wolf good luck to you thank you very much -- -- have -- is Robert wolf outgoing chairman of UBS Americas investment bank we wish you the best of luck and you'll continue outlook 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 to handle I get asked on to support him is our next president of the United States.
-- wolf thank you thank -- good to have you.