GOOD LUCK TO HIM FOR SAYING THAT
THE U.S. IS ACTUALLY ALSO ON
BOARD IN FINDING NEW WAYS TO GO
AFTER RUSSIA’S WEALTHIEST AFTER
COUNTRY INVADED UKRAINE.
TASK FORCE COLLECTO CAPTURE THE
NAME OF PRESIDENT BIDEN’S
BRAND NEW ENTER-AGENCY TASK
FORCE DESIGNED TO ENFORCE
SANCTIONS ON RUSSIAN OLIGARCHS
AND FREEZE THEIR ASSETS IN
FOREIGN COUNTRIES MANY WHO
DERIVE THEIR WEALTH FROM THEIR
CLOSE TIES TO VLADIMIR PUTIN.
THIS AS THE EUROPEAN UNION
ANNOUNCED THE REMOVAL OF SEVEN
ADDITIONAL RUSSIAN BANKS FROM
THE SWIFT MESSAGING SYSTEM
INCLUDING THE COUNTRY’S SECOND-
LARGEST BANK NOW, VTB.
FORMER UBS AMERICA CHAIRMAN AND
CEO AND FOX NEWS CONTRIBUTOR
ROBERT WOLF KNOWS JUST A LITTLE
BIT ABOUT SWIFT, I WOULD IMAGINE
, ROBERT.
THIS HAS BECOME COMMON KNOWLEDGE
FOR A LOT OF PEOPLE IN THE PAST
SEVEN DAYS SOMETHING THEY DIDN’T
KNOW ABOUT BUT THIS VAST NETWORK
WHERE 11,000 FINANCIAL
INSTITUTIONS USE IT TO CONDUCT
ALL KINDS OF TRADE, OR
FINANCIAL MOVES, ET CETERA, BUT
YOU KNOW, HOW IMPORTANT IS IT TO
ANY BANK?
>> I MEAN, IT’S HOW WE
COMMUNICATE, IT’S GMAIL MEETS
VENMO SO THERE’S NO FUNDS IN
SWIFT BUT EVERYTHING ELSE AROUND
IT FROM THE MESSAGING TO THE
COMMUNICATION, SO IF COMPANY A
WANTS TO DO BUSINESS
WITH COMPANY B, COMPANY A TELLS
THEIR BANK, THAT BANK TELLS
COMPANY B’S BANK & COMPANY B
BANK TELLS THE COMPANY
AND THAT’S HOW YOU DO COMMERCE.
FOR THE MOST PART, THIS IS HOW
COMMERCE IS DONE, AND WITHOUT IT
, YOU’RE SEEING WHAT’S
HAPPENING.
RUSSIA IS BEING ISOLATED, THEY
ARE BLACKLISTED, BEING CHOKED
FROM ALL TYPES OF COMMERCE, AND
WHICH IS WHY THEY CAN’T EVEN
OPEN UP THEIR MARKET.
THE RUBLE IS GETTING ANNIHILATED
YOU’VE BEEN DOING AN AMAZING JOB
, YOU KNOW, DISCUSSING IT,
AND I KNOW, LIZ, THAT EVERYONE
IS WORRIED ABOUT WELL WHAT ABOUT
OIL EMBARGO.
LET’S BE CLEAR.
IF YOU’RE NOT WILLING TO BE A
COUNTERPARTY OF THE BANK, AND
YOU’RE NERVOUS THAT THE
SHIPMENTS MAY OR MAY NOT
GET THERE BECAUSE YOU COULD SEE
A TRADE EMBARGO, AND AN OIL
EMBARGO, WHY DO YOU THINK ANYONE
IS EVEN BUYING RUSSIAN OIL RIGHT
NOW?
THERE’S A REASON I WOULD TELL
YOU THAT RUSSIA’S BEING CHOKED
IN EVERY WHICH WAY, AND I THINK
ONE THING YOU MENTIONED EARLIER,
YOU KNOW, SPUR BANK WHICH IS THE
LARGEST BANK, IS NOT ON THE
, IT’S ABLE TO USE SWIFT BUT
THEIR STOCK IS DOWN 99% IN THE
LONDON EXCHANGE.
LIZ: IT’S GOING TO COLLAPSE
ISN’T IT?
YOU’RE A BANKER, YOU WOULD KNOW.
>> SO YOU DON’T NEED TO HAVE A
NAIL IN EVERY COFFIN TO KNOW
THAT YOU’RE ALREADY SIX FEET
UNDER.
SO I WOULD TELL YOU RUSSIA, FROM
A FINANCIAL PERSPECTIVE, FROM A
CAPITAL MARKETS PERSPECTIVE, IF
I’M A RUSSIAN CITIZEN, I’M
SAYING LIKE WHAT JUST HAPPENED
IN THE LAST WEEK, WHERE ALL OF A
SUDDEN WE ARE BLACK BALLED BY
THE WORLD AND I THINK WHAT WE
HOPE IS UKRAINE COMES OUT ON TOP
, AND DEMOCRACY WINS.
LIZ: WE’RE SHOWING RUSSIAN-BASED
ETF’S RTX, WHICH IS THE VECTORS
RUSSIA ETF, HIT A BRAND NEW
ALL-TIME LOW, ITS NEVER BEEN
THIS LOW, ROBERT.
SO CAN THESE THINGS SURVIVE, AND
HOW LONG BEFORE IT STOPS PUTIN,
BECAUSE THEY’RE STILL BOMBING.
>> YEAH, WELL, THERE’S TWO
DIFFERENT THINGS HERE.
YOU’RE TALKING ABOUT, YOU KNOW,
A WAR AND I THINK PUTIN HAS
SOMETHING A SCREW LOOSE IN HIS
MIND THAT HE BELIEVES HE CAN
TAKE OVER THE DEMOCRACY AND
WE’RE GOING BACK TO THE PRE-COLD
WAR DAYS.
THAT BEING SAID, THAT’S VERY
DIFFERENT FROM WHAT I WOULD SAY
FINANCE CAPITAL MARKETS,
COMMERCE, AND HE’S REALLY BEING
SHUT OFF, AND I WOULD TELL YOU
THAT A FEW DAYS AGO, THE U.S.
WAS WAITING FOR WHERE
SAUDI WAS GOING TO BE AND THE E
MIRATES AND TURKEY AND
OTHER AREAS AND YOU’RE EVEN SEE
ING THEM COME ON BOARD.
LIZ: EXACTLY AND SWITZERLAND.
YOU KNOW, YOUR FORMER BANK,
RIGHT?
>> IT ONLY TAKES TIME, I MEAN,
I LOOK AT WHEN I WAS RUNNING UBS
AS PRESIDENT OF THE
INVESTMENT BANK, US AND
DEUTSCHE WERE THE TWO LARGEST
BANKS IN RUSSIA AND THAT WAS
DURING THE RUSSIA CRISIS, AND,
YOU KNOW, YOU NEED THE CAPITAL
MARKETS.
YOU CAN’T HAVE A RUN ON THE BANK
YOU NEED TO EXIST, AND THEY’RE
CUTTING THEMSELVES OFF.
SIMILAR TO WHAT IRAN HAS DONE.
LIZ: YOU KNOW, WE’VE JUST HAD
SOME HEADLINES FROM TONY BLINKEN
, THE SECRETARY OF STATE,
AND HE IS SAYING THAT PUTIN’S
630 BILLION-DOLLAR WAR CHEST
RESERVE VAPORIZED BECAUSE HE
CAN’T REALLY ACCESS IT.
JAMIE DIMON SAID YESTERDAY THAT
HE FORESEES SOME UNINTENDED
CONSEQUENCES FROM ALL OF THESE
SANCTIONS.
NOW, YOU KNOW, SOMEBODY LIKE ME
SAYS TOO BAD.
WE’RE GOING TO HAVE TO ENDURE A
LITTLE PAIN CONSIDERING WHAT THE
UKRAINIANS ARE DOING, AND
HOW RUSSIA’S JUMPING IN THERE
WITH ITS IRON FIST, BUT
PRESIDENT BIDEN JUST HAD HIS
STATE OF THE UNION ADDRESS LAST
NIGHT, AND THERE WERE 96 OR SO
STANDING OVATION APPLAUSES WHERE
HE WAS INTERRUPTED, ONLY A
COUPLE OF THEM INVOLVED THE
REPUBLICAN SIDE OF THE AISLE
HERE IS ONE OF THEM THAT HAD TO
DO WITH THE POLICE IT’S GETTING
A LOT OF ATTENTION WE WANTED OUR
VIEWERS TO HEAR IT BUT I NEED
YOU TO TELL YOU WHERE ELSE HE
COULD HAVE BUILT SOME BRIDGES IN
PRESIDENT BIDEN: THE ANSWER IS
NOT TO DEFUND THE POLICE, IT IS
TO FUND THE POLICE.
[CHEERS AND APPLAUSE]
FUND THEM.
LIZ: YOU CAN SEE THE REPUBLICAN
SENATE AND MEMBERS OF CONGRESS
THERE ALL STANDING BUT THERE
WEREN’T THAT MANY OF THOSE
MOMENTS, WERE THERE?
>> YOU KNOW I WOULD PROBABLY
PHRASE IT A LITTLE DIFFERENTLY.
I WOULD SAY THERE WERE THREE
ASPECTS TO THE SPEECH.
THE FIRST ONE WAS PATRIOTISM AND
DEMOCRACY REVOLVED AROUND
UKRAINE.
EVERYONE APPLAUDED THAT.
THAT BRINGS US MUCH MORE
TOGETHER THAN WE HAD BEEN TWO
WEEKS AGO.
I BELIEVE THE SECOND ONE WAS
MUCH MORE ON WHAT I WOULD CALL A
RESET.
ONE, WE DO HAVE INFLATION.
TWO, WE HAVE TO LOOK AT
IMMIGRATION REFORM?
THREE, OF COURSE WE HAVE TO FUND
THE POLICE.
AND KIND OF A RESET ON
"BUILD BACK BETTER" WHICH I
ACTUALLY THINK MAKES A LOT OF
SENSE.
WE SHOULD LOOK AT POST-PANDEMIC
NEEDS, ELDER CARE, CHILD CARE,
THE COST OF HEALTH CARE.
I THINK THE THIRD PART IS WHEN
WE WORK TOGETHER.
LIZ: OKAY.
>> THE TRUTH IS THERE ARE A LOT
OF PLACES WE CAN WORK TOGETHER
AND I THINK IT WAS VERY
WELL-RECEIVED.
THE ONE THING THAT REARS ITS
UGLY HEAD EVERY DAY YOU’VE BEEN
TALKING ABOUT IS INFLATION.
WE DON’T HAVE A GOOD ANSWER TO
THAT TODAY.