Obama cozy with the CEO of UBS…too cozy?
[Obama] spent five hours golfing with Robert Wolf, president of UBS Investment Bank and chairman and CEO of UBS Group Americas. Wolf, an early financial backer of Obama’s presidential campaign, raised $250,000 for him back in 2006, and in February was appointed by the president to the White House’s Economic Recovery Advisory Board. Economic recovery for whom?
Interestingly, Wolf’s appointment came in the same month that UBS agreed to pay the U.S. $780 million to settle civil and criminal charges related to helping people in the U.S. avoid taxes. Not to worry. UBS, an ailing bank with a pre-existing condition, had great insurance coverage. It was actually receiving $2.5 billion in a backdoor bailout from bailed-out insurance giant AIG.