Who Is Obama Playing Ball With?

[katty]

more: http://www.commondreams.org/view/2009/08/26-9

Published on Wednesday, August 26, 2009 by TruthDig.com
Who Is Obama Playing Ball With?
by Amy Goodman

It looked like it was business as usual for President Barack Obama on the first day of his Martha’s Vineyard vacation, as he 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. Sen. Olympia Snowe, R-Maine, said, “It looks like we’re simply laundering this money through AIG.” UBS, this bank that shelters wealthy tax dodgers, was actually being bailed out by hardworking U.S. taxpayers.

UBS, which once stood for Union Bank of Switzerland, was founded more than a century ago. Its success hinges on Switzerland’s famous banking secrecy laws, allowing people to squirrel money away in untraceable “numbered accounts.” Secret Swiss bank accounts have become a favorite way for wealthy people in the U.S. to dodge taxes.

[JuniperLea]

1. If he and his team continue to get these bastards to clean up their act...

I don't care who he plays ball with.

This guy took the helm long after the worst crap went down, and he's been there during the payback and transparency changes. When he does something bad, I'll worry again about UBS. Right now, all eyes are on them.

[Amos Moses]

7. continue?

When are they going to start?

[polichick]

2. This is the kind of appointment that makes me question Obama's intentions. nt

[MTERAN9]

3. I am very dissapointed in Obama

This must be payback. Wolf was a big fundraiser and contributor. Obama promised us change. This is just more of the same ... MONEY!

[polichick]

5. Yeah, same ol' same ol' - very cozy with the banks and Wall Street. nt

[katandmoon]

4. Obama doesn't even TRY not to appear as a corporatist tool.

[bertman]

6. Maybe none of the President's homeys from the islands play golf. Got to imagine the knees

are starting to get a bit rickety at 47, so roundball is giving way to the long stroll.

Or maybe he was setting up one of those secret Swiss bank accounts. :evilgrin: