bump for later reading
In February, 2009, Wolf was appointed as a member to the President’s Economic Recovery Advisory Board to provide the Obama administration with advice on counsel in fixing America’s economic downturn. In 2011, he was appointed as a member to the President’s Council for Jobs and Competitiveness to provide advice on how to strengthen the US economy.
Obama and Wolf] first met in December 2006 in the New York office of billionaire investor George Soros. Mr. Wolf was a newcomer to elite Democratic donor circles. Then-Sen. Obama, still months from launching his bid for the White House, was desperate to raise campaign cash on Wall Street. Mr. Wolf slipped the senator his business card. He got a call from Mr. Obama the next morning. “I picked up the phone and said, ‘Yeah, sure, this is really Obama.’ And it was.” The two men dined twice in Washington over the next month. A few weeks later, Mr. Wolf hosted New York’s first Obama fund-raiser. The event, at UBS’s Manhattan offices, drew nearly 200 people and raised $350,000 in three hours, Mr. Wolf says. Mr. Wolf’s fund-raising clout helped seal a bond, despite their divergent personalitiesa onetime bond trader and obsessive Little League coach hitting it off with a bookish former community organizer.
Mr. Wolf has visited the White House nearly 20 times since Mr. Obama moved in last January. Mr. Wolf lunched alone with the president in June. He joined him July 4th to watch the national fireworks from the White House lawn. They golfed together on Martha’s Vineyard in August.
Making the relationship all the more unusual is that Mr. Wolf works for a foreign bank that agreed last year to pay the U.S. government $780 million to settle accusations that it had helped defraud the Internal Revenue Service. The Justice Department alleged that UBS helped 52,000 wealthy Americans hide billions of dollars in assets to avoid U.S. income taxes. Obama aides say they determined early on that the U.S. arm of UBS wasn’t involved in the alleged tax fraud.
Simply put, it’s the “who cut the cheese” campaign!