Former UBS Chairman Joe Grano spoke to FOX Business Network’s (FBN) Charlie Gasparino and Brian Sullivan about his former days at UBS, Wall Street regulation, Dick Grasso, Dick Fuld and the future of his career.
Here are the key highlights from the interview, courtesy of FOX Business Network:
On the future of his career and creating his own firm:
“I have been asked by many employees that used to work for me would I re-engage, ‘get me out of here’ type of thing. At UBS, Merrill Lynch and others.”
“If I do, it will be my own firm. It’s a lifestyle change. If I did it I would do it one because I am somewhat upset at what I see.”
On the concept of “Too Big to Fail”: “It’s not on being ‘Too Big to Fail” it’s being too big to create a systemic risk. That comes from over leverage and over concentration.” “I have yet to see anything that’s come out of Congress that is pragmatic.”
On the Volcker rule:
“I don’t think it’s wrong to have JP Morgan Chase to trade derivatives but no to the degree that can create a systemic risk.”
On whether he tried to buy UBS’ brokerage department:
“No, what I did was I recommended to UBS after the huge write offs and problems with the IRS that they needed to change the brand back to PaineWebber. I suggested to them to sell 60%.”
On CEO compensation:
“I believe it got out of hand in 1995. Compensation should be focused more on stock than cash.”
On Dick Grasso:
“We sorely miss him as an industry. If he were still head of the NYSE, the market share wouldn’t be down to where it is.”
On Dick Fuld:
“It’s not going to be easy for him to come back in this industry. I still have a lot of faith in him. He is a good executive and a good man.”
