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  #61  
Old 09.01.2012, 23:46
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Re: SNB chief resigns...

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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.
http://de.wikipedia.org/wiki/Thomas_...%C3%96konom%29

Here you go, his successor.
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  #62  
Old 09.01.2012, 23:50
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Re: SNB chief resigns...

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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 politician, who told Blocher, who told the 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“]
yes. not many have covered themselves in glory in this episode...
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  #63  
Old 09.01.2012, 23:51
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Re: SNB chief resigns...

I reckon this is all a very elaborate ploy to get back at Widmer-Schlumpf.
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  #64  
Old 10.01.2012, 00:18
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Re: SNB chief resigns...

A criticiser of the WeltWoche article states,

Speculator / insider / counterfeiter, etc. all this slander against the president of the SNB's Hildebrand from the WeltWoche! This has absolutely nothing to do with press freedom! If one can harness the WeltWoche & Blocher for revenge and lust for omnipotence, and thinks by any means is right, then it must finally be held accountable. A million law suit for defamation is still possible due to handling stolen data goods and conspiracy to breach bank-client confidentiality! WeltWoche has done it to themselves!
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  #65  
Old 10.01.2012, 00:41
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Re: SNB chief resigns...

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Speculator / insider / counterfeiter, etc.
Well he is definitely the third - a counterfeiter - the SNB has been expanding its balance sheet buying up euros and selling 'fresh' francs. The wife has been proven to be the first, and very likely the second also.

I wonder if any investigation continues on any other trades with SNB knowledge
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  #66  
Old 10.01.2012, 00:45
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Re: SNB chief resigns...

well at a minimum, the SNB should take written confirmation from each member to confirm that no trades were made by them or related persons and with authorisation for their banks to confirm that this was the case.
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  #67  
Old 10.01.2012, 00:51
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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.
Regrettable, sure. But Mr Hiltebrand did the right thing under the circumstances. The Weltwoche until Mr Köppel was an extremely respectable newspaper but now has become a scandalmonger of the worst sort. Comparable to "News of the World" !

It was NOT "media mud slinging" in general as the media, for example TagesAnzeiger and NZZ, was not against him
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  #68  
Old 10.01.2012, 01:00
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Re: SNB chief resigns...

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I'm personally glad he's gone. The SNB under Hildebrand made a bunch of howling mistakes. Time for new faces and some decent politics to match a country with Switzerland's prosperity.

Wonder if he's going to sue the Weltwoche as their claims seem to have been at the very best exaggerated if not defamatory? Another interesting read due this Thursday then.

Any bets on when "The Local" plan to cover this event? Just before Christmas 2012 ....
Hardly, as the Weltwoche was at the end of the line. He CAN sue either the thief or that SVP-TG politician who took over the stolen things and handed them onward. Mr Blocher however, in the clear knowledge that nothing criminal under existing laws was committed was completely free to hand on the material to whomever. Except that he lied when saying he never had had anything to do with the matter. But just as in case of the Basler Zeitung, Mr Blocher is not to be in trouble. The ones who will pay the bill are that thieve and that TG-SVP politician.

To be clear, Mr Hildebrand is a young and rich and experienced man who will find top jobs all along.
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  #69  
Old 10.01.2012, 01:04
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Re: SNB chief resigns...

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One who doesn't do insider trading?

I wonder if he will now donate the profits to some charity. That will be the decent thing to do.
As the Zurich Supreme Court stated, it was NOT insider trading according to the existing laws. As those laws only cover insider-trading in regard to stock-exchange-deals but do not cover things in regard to currency-deals. You now can tell me that this is all different in the USA and Romania and Nepal, but here in Switzerland, no criminal thing has been committed, only transactions which put Mr Hildebrand's integrity into doubt.
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Old 10.01.2012, 01:06
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Re: SNB chief resigns...


Impressive gent really
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  #71  
Old 10.01.2012, 01:07
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Re: SNB chief resigns...

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A criticiser of the WeltWoche article states,

Speculator / insider / counterfeiter, etc. all this slander against the president of the SNB's Hildebrand from the WeltWoche! This has absolutely nothing to do with press freedom! If one can harness the WeltWoche & Blocher for revenge and lust for omnipotence, and thinks by any means is right, then it must finally be held accountable. A million law suit for defamation is still possible due to handling stolen data goods and conspiracy to breach bank-client confidentiality! WeltWoche has done it to themselves!
Well, Mr Blocher and Mr Köppel most likely did not violate laws, but are, what Köppel said about Hildebrand, "legal crooks"
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  #72  
Old 10.01.2012, 01:13
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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.
BS, she was in the kitchen , baking a cake If she is really a swiss miss
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  #73  
Old 10.01.2012, 01:15
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Re: SNB chief resigns...

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As the Zurich Supreme Court stated, it was NOT insider trading according to the existing laws. As those laws only cover insider-trading in regard to stock-exchange-deals but do not cover things in regard to currency-deals.
Its still unethical though. Both the wife and he knew that very well. She is a former hedge fund trader - if she had done this on a SMI listed company that could have been jail.

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You now can tell me that this is all different in the USA and Romania and Nepal, but here in Switzerland, no criminal thing has been committed, only transactions which put Mr Hildebrand's integrity into doubt.
But if the integrity of this person is in question, does the public not have a right to know? He is not some cornerstore baker, but clearly in the public/financial eye. Whether this was legal or not is one matter. The other is transparency - the public who have placed a trust in this person to devalue their wealth - has every right to know about trades he makes on information that HE controls.

Recently, trading sandals involving insider info with representatives of the US congress also came to light. It was determined that when politicians are involved in such things, it is not criminal. But that hardly makes it right.
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  #74  
Old 10.01.2012, 01:25
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Re: SNB chief resigns...

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As the Zurich Supreme Court stated, it was NOT insider trading according to the existing laws. As those laws only cover insider-trading in regard to stock-exchange-deals but do not cover things in regard to currency-deals. You now can tell me that this is all different in the USA and Romania and Nepal, but here in Switzerland, no criminal thing has been committed, only transactions which put Mr Hildebrand's integrity into doubt.
Until recently there was no written rules because it was common sense for a president of the SNB not to speculate on currencies during his free time.

This is called ethics and was the basis for Switzerland's success for decades.

Sadly it looks like this time is over.
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  #75  
Old 10.01.2012, 01:29
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Re: SNB chief resigns...

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Until recently there was no written rules because it was common sense for a president of the SNB not to speculate on currencies during his free time.

This is called ethics and was the basis for Switzerland's success for decades.

Sadly it looks like this time is over.
Or Hans Ueli never heard about it
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  #76  
Old 10.01.2012, 01:36
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Re: SNB chief resigns...

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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.
many people work with these restrictions. i was not allowed to trade certain things and even relatives such as parents were also not allowed (how do you control that one!).
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  #77  
Old 10.01.2012, 02:23
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Re: SNB chief resigns...

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As the Zurich Supreme Court stated, it was NOT insider trading according to the existing laws.
Well, even if it was legal, it's still insider trading.

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I'm personally glad he's gone. The SNB under Hildebrand made a bunch of howling mistakes.
I'm somewhat split over this. On one hand I welcomed his efforts to regulate TBTF banks, but on the other hand I think that it was a huge mistake to give in to the requests of politicians and trade unionists and thereby expanding the SNB's balance sheet beyond any reasonable size, especially given the uncertain future of the Euro.

Last edited by Mark75; 10.01.2012 at 02:36.
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Old 10.01.2012, 07:18
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Re: SNB chief resigns...

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Its still unethical though. Both the wife and he knew that very well. She is a former hedge fund trader.
1. I think this is the key point most people like to oversee - and the average Blick reader is too stupid to get. I am not in finance and don't have the money to make risky bets. But if I was a trader and I really used the insider know how of the SNB... I would not simply buy a stash of dollars. There are WAY more risky/profitable products out there. If they really wanted to make some insder trades did they have the info, the opportunity and the skills to make millions. They didn't. To me it looks like the play money of an ex-trader-turned-housewive.

2. There is a banking secret in Switzerland. One party in particular defends it vigorously. This party was against the data exchange with the US and wants to make sure that any one involved in those bank data CD sales goes behind bars... and then they suddenly smuggle private data out of a bank and publish it in a newspaper? Everyone talks about those few thousands Hildebrandt made. The breach of the bank secrect for political reasons is in my eyes far worse. What's next? Does every Swiss politician need to get his money to Luxembourg to make sure that Blocher does not double check his expense sheets?
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  #79  
Old 10.01.2012, 07:23
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Re: SNB chief resigns...

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This is called ethics and was the basis for Switzerland's success for decades.
...and here I was thinking it was banking secrecy and those delicious "schoggi broetli".
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Old 10.01.2012, 07:38
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Re: SNB chief resigns...

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This is called ethics and was the basis for Switzerland's success for decades.
This is the funniest thing I read on this forum in a long time.
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