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  #41  
Old 09.01.2012, 19:10
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Re: SNB chief resigns...

You can't excuse insider trading but I guess it must be strange working in a position where you can't use your knowledge in your private life. If you are a plumber or electrician you can work on your own house and save a few bob, but if you're a currency trader or banker then different rules apply.

Not the same thing I know, but it makes you think. The same way a professional footballer knows his team is on a run but can't put a bet on.

Just thinking allowed really.
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  #42  
Old 09.01.2012, 19:12
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Re: SNB chief resigns...

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In other words, you claim to know what your wife is doing at all times. Can you get her over here, please, we'd like to talk to her. Thanks dear.
Thats why its a good idea to tell your wife where you work and what your job entails - otherwise you could end up like Hildebrand where the wife had no idea he is the head of SNB whose decisions may impact the currency when she decided to trade it
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  #43  
Old 09.01.2012, 19:16
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Re: SNB chief resigns...

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If you have a closer look at swiss law, insider trading concerns transaction on securities, options, shares.....but not operations on currencies!

With respect to swiss law there was no criminal act from ex-SNB chief.

What do you think?
If he didn't break the law then it comes down to moral standards I guess. I'm not too worried though, I'm sure he has many influential friends in high places who will give him a job.

He won't be down or out for long.
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  #44  
Old 09.01.2012, 19:18
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Re: SNB chief resigns...

The good thing about this is that some of the staunchest supporters of the banking secrecy have just invalidated their position.

Plus the likely successor (Jordan) will have no incentive to go easy on the banks.
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  #45  
Old 09.01.2012, 19:21
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Re: SNB chief resigns...

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Thats why its a good idea to tell your wife where you work and what your job entails - otherwise you could end up like Hildebrand where the wife had no idea he is the head of SNB whose decisions may impact the currency when she decided to trade it
I imagine Kashya Hildebrand telling her husband when he comes back tonight: and I thought all these years you were working for S-B-B not SNB! I wondered why you never wore the nice reflective jacket I offered you last Christmas.
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  #46  
Old 09.01.2012, 19:25
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Re: SNB chief resigns...

Reading up on it some more, I think I blame the wife. She must have known that her husband would be seen in a bad light at the very least if it became common knowledge.

I don't think it's a lack of control on his part (we're not living in the Victorian age after all), more a lack of respect on her part and he has paid the price.
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  #47  
Old 09.01.2012, 19:45
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Re: SNB chief resigns...

Like I said, women in these sorts of positions often have very strange notions about whether the law applies to them and what they should and shouldn't do. Pay a hacker to to illegally break into someone's computer because you want to know more about them? Why not. You forgot the shoes that match your dress for an event the next day at home, the event being in a different country to home, so you send a private jet to pick up said shoes, including the butler being flown to the airport to drop them off? Of course! Publicly declare that you feel that the almost fifty thousand francs your husband is paying you per MONTH to support your lifestyle after he asked for a divorce is just not enough - despite this being purely goodwill on his behalf, since nothing has been settled in court? Absolutely.

Status and money does funny things to a lot of people.
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  #48  
Old 09.01.2012, 20:03
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Re: SNB chief resigns...

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I imagine Kashya Hildebrand telling her husband when he comes back tonight: and I thought all these years you were working for S-B-B not SNB! I wondered why you never wore the nice reflective jacket I offered you last Christmas.
At last, the mystery is solved. Now we finally know where Dougal's Breakfast got his jacket... Mrs. Hildebrand had taken it down to the Brockihaus because her husband wasn't wearing it.
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  #49  
Old 09.01.2012, 20:17
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Re: SNB chief resigns...

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chf 151,200.00
As he resigned he will get 'punished' however that only delays the payout so it may well be 151,000 after 1 months waiting period, assuming he does not do any other paid work.
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  #50  
Old 09.01.2012, 21:20
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Re: SNB chief resigns...

I think it's very telling that this tempest in a teacup over a few thousand Francs "illicit gain" (which will have zero impact on the Swiss economy) is the "BIG NEWS", while the SNB's past and present deliberate inflation of the national currency goes virtually unreported.

Starts to look as if the Swiss media are using the same playbook as the US media.
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  #51  
Old 09.01.2012, 21:31
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Re: SNB chief resigns...

I think this "situation" speaks volumes of the easygoing and cosy style of the old boy network of the Swiss business establishment that brought us other joys such as Swissair and more recently UBS.

I can't understand that for a position such as this that there would not be a TOTAL blackout on trading of any currency. If his wife doesn't like it too bad. You accept or you don't take the job.

Most positions such as this (that can impact currency and fiscal policy) in other civilized countries require that you put all of your investments "in trust" so they are managed by an neutral third party. None of this would be up for discussion if the BNS/CH federal government took their fiduciary duty seriously.
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  #52  
Old 09.01.2012, 21:46
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Re: SNB chief resigns...

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In other news - how many of you could hold a press conference in three languages?

My husband could do it in four!
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  #53  
Old 09.01.2012, 22:26
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Re: SNB chief resigns...

With the scandals, and chaos in the market, What's the credibility of EURCHF 1.200 floor.... Me think . . .
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Old 09.01.2012, 22:27
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Re: SNB chief resigns...

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Quite pissed off about this. The guy was competent and no way did he risk everything he has for such a small amount. He was heckled out of his job by the sort of media mud-slinging that I'm only used to seeing in the US.
Tell the same thing to Adam when Eve took the apple..... :-)

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  #55  
Old 09.01.2012, 23:18
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Re: SNB chief resigns...

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In other news - how many of you could hold a press conference in three languages?
I could.

What I couldn't do is lying in three languages, but I assume only ex- hedge fund managers have this talent-
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  #56  
Old 09.01.2012, 23:33
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Re: SNB chief resigns...

Now we finally know the purpose of bank secrecy: protecting cheaters such as Mr Hildebrand and his wife.
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  #57  
Old 09.01.2012, 23:39
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Re: SNB chief resigns...

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Now we finally know the purpose of bank secrecy: protecting cheaters such as Mr Hildebrand and his wife.
No, now we now that the banking secrecy is up for political machinations. And that concerns much more than making a 75,000.00 profit.
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  #58  
Old 09.01.2012, 23:42
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Re: SNB chief resigns...

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With the scandals, and chaos in the market, What's the credibility of EURCHF 1.200 floor.... Me think . . .
SNB issued a press release re-affirming the 'peg'.

Good riddance to him. As for who would replace him, I vote for using a tub of lard in the tradition of "have i got news for you" that would have probably produced better monetary policy in the last few years.
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Old 09.01.2012, 23:43
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Re: SNB chief resigns...

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Reading up on it some more, I think I blame the wife. She must have known that her husband would be seen in a bad light at the very least if it became common knowledge.

I don't think it's a lack of control on his part (we're not living in the Victorian age after all), more a lack of respect on her part and he has paid the price.
frankly, i would imagine that they were relying on banking secrecy to have this never get out and allow them to 'get away with it'.
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  #60  
Old 09.01.2012, 23:43
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Re: SNB chief resigns...

For me the interest is behind this story.

After preaching the merits of the Swiss banking secrecy laws, the SVP effectively gave the story to the weekly Weltwoche magazine. http://www.weltwoche.ch/

I read that the IT employee at the bank discovered the "Crime" and told a SVP lawyer, who is an an old school friend. The lawyer told a canton SVP politician, who told Blocher, who told the old Swiss president. At some point the bank account information was stolen and passed up the line, seemingly with no due regard to bank secrecy, but motivated by a pressing need to drop Hildebrand in the muck. It seems the canton SVP member passed the story to the newspaper. I hope their deceitful behaviour is punished!

The current president Eveline Widmer Schlumpf, has promised to come down hard on the people hiding behind the screens: [... „knallhart“ gegen die „Drahtzieher“]

In German, the SVP story: http://www.weltwoche.ch/die-weltwoch...erhindern.html

.

Last edited by Sbrinz; 10.01.2012 at 00:02.
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