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Last month, Robert Wolf, the chairman of UBS in the Americas, announced that he was leaving the Swiss bank to start his own consulting and advisory firm, 32 Advisors. Page Six reports that some Wall Streeters have speculated that Wolf left UBS because of his widely publicized close-knit relationship to President Obama.
That’s because the banker, who is a big fundraiser for Obama’s re-election, has vacationed with the President where they would shoot hoops and golf with each other.
Recently, some Wall Streeters have been griping about Wolf’s relationship with Obama, whose administration has pushed for tougher regulations on the financial services industry.
According to Page Six, some industry insiders even believe he’s aiming for a position in the Cabinet.
Well, Wolf seems to be setting the record straight for why he decided to leave UBS.
Here’s what he told Page Six:
“I turned 50 in March and decided it was a good time to start something on my own. There is no question that being the Wall Street friend and outside adviser to the president attracted attention for both myself and UBS, but . . . that is attention that I can live with, versus the attention that some Wall Street firms are getting.
“With respect to a role in the administration, I am flattered, but it is not a topic of conversation with [Obama]. My primary goal is to help him get re-elected. A position in the White House . . . is not something that I have desired or pursued.”
So, who do you believe?