Recent campaign rhetoric and government policy has amplified a feeling of hostility toward American businesses, two current and former executives contended Thursday.
Democratic presidential candidate Sen. Bernie Sanders of Vermont has repeatedly taken swipes at the banking system and big corporations, promising to rein in their power and influence. Pfizer and Allergan, meanwhile, scrapped a $160 billion merger deal this week after the Treasury Department issued new rules to deter so-called tax inversions.
Those and other developments underscore a need for more reasonable business policy and tax reform that encourages businesses to stay in the United States, said Robert Wolf, former CEO of UBS' Americas division. Sanders' rhetoric does not help that cause, he said.
"He has an incredible angst against the business community," Wolf said on CNBC's "Closing Bell."