Go Back   English Forum Switzerland > Living in Switzerland > Swiss politics/news
Reply
 
Thread Tools Display Modes
  #121  
Old 11.01.2012, 19:49
mike_n's Avatar
Member
 
Join Date: May 2008
Location: Bern
Posts: 131
Groaned at 10 Times in 8 Posts
Thanked 51 Times in 28 Posts
mike_n has annoyed a few people around heremike_n has annoyed a few people around here
Re: SNB chief resigns...

Quote:
View Post
Are you one of the people that bought into the SVPs misleading campaign where the SNBs money is the "fortune" of the Swiss?
I don't get your point. SVP is a tool. They act opportunistic. As Hildebrand act too.

The facts are: he lost many billions in 2010 trying to manipulate the swiss currency. In 2011 he spent billions to peg CHF to EUR. What would have happened if euro disappeared? He would have lost other many billions. I think he got away too easy.
Reply With Quote
This user would like to thank mike_n for this useful post:
  #122  
Old 12.01.2012, 03:33
Treverus's Avatar
Forum Legend
 
Join Date: Dec 2007
Location: SZ
Posts: 9,271
Groaned at 215 Times in 178 Posts
Thanked 16,476 Times in 6,018 Posts
Treverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
I don't get your point. SVP is a tool. They act opportunistic. As Hildebrand act too.

The facts are: he lost many billions in 2010 trying to manipulate the swiss currency. In 2011 he spent billions to peg CHF to EUR. What would have happened if euro disappeared? He would have lost other many billions. I think he got away too easy.
I like your assesment. It reminds me how Germany turns into 80 Million football coaches who all know better than the one we have during world cups... I left Switzerland last year because I could foresee how bad my employer was doing - an export oriented software producer. Since 2008 did our prices go up compared to our EU competitors when billing in EUR or USD by what? 40-50%. We were simply not able to win any profitable business abroad anymore and it was entirely a currency problem. If it was not for the SNBs policy, I bet the company would have gone down completely by now costing some hundred Swiss their jobs. I know for a fact that we were not that special and that Switzerland has actually more than banks (they just make 5% of the jobs!). Export oriented niche producers are quite common in Switzerland and always had to justify the Swiss prices. going from 1.55 CHF per EUR to 1 is simply impossible for them and we would be talking mass firing and a steep incline of unemployment if the SNB had not reacted.
They for sure made some estimations what is worse for Switzerland: Lose some cash or lose the jobs...
But we of course all know better than them.
Reply With Quote
The following 5 users would like to thank Treverus for this useful post:
  #123  
Old 12.01.2012, 13:19
Forum Veteran
 
Join Date: Aug 2011
Location: Baselland
Posts: 581
Groaned at 9 Times in 7 Posts
Thanked 390 Times in 244 Posts
spalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
I think "resigns with immediate effect" is a polite way of saying he got his marching orders.
Another 'elite' misusing his position of power to enrich himself. Most probably just the tip of the iceberg.
Reply With Quote
The following 2 users would like to thank spalebärg for this useful post:
  #124  
Old 12.01.2012, 13:36
Member
 
Join Date: Mar 2007
Location: SZ
Posts: 117
Groaned at 12 Times in 7 Posts
Thanked 41 Times in 28 Posts
princeali has made some interesting contributions
Re: SNB chief resigns...

Quote:
View Post
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?
I guess the new gossip to look closer into would be which of the major banks are stroking his ego to entice him to set up shop as one of their pricey Executives.

Now that would be fun to watch if only Pay-Per-View services are of any use
Reply With Quote
  #125  
Old 12.01.2012, 13:50
SamWeiseVielleicht's Avatar
Forum Veteran
 
Join Date: Nov 2009
Location: Bern
Posts: 726
Groaned at 11 Times in 10 Posts
Thanked 893 Times in 397 Posts
SamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
I think "resigns with immediate effect" is a polite way of saying he got his marching orders.
Another 'elite' misusing his position of power to enrich himself. Most probably just the tip of the iceberg.
Well, if all of them make net losses (as the Hildebrands did) this misusing does not seem to bad...


Quote:
View Post
I guess the new gossip to look closer into would be which of the major banks are stroking his ego to entice him to set up shop as one of their pricey Executives.

Now that would be fun to watch if only Pay-Per-View services are of any use
He is not allowed to work for a financial institution until next year.
Reply With Quote
  #126  
Old 12.01.2012, 13:56
Forum Veteran
 
Join Date: Aug 2011
Location: Baselland
Posts: 581
Groaned at 9 Times in 7 Posts
Thanked 390 Times in 244 Posts
spalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
Well, if all of them make net losses (as the Hildebrands did) this misusing does not seem to bad...
The dollar rose - as was reported in most newspapers - and when they sold them they made a profit of some CHF 70,000.00
Reply With Quote
  #127  
Old 12.01.2012, 13:59
Member
 
Join Date: Mar 2007
Location: SZ
Posts: 117
Groaned at 12 Times in 7 Posts
Thanked 41 Times in 28 Posts
princeali has made some interesting contributions
Re: SNB chief resigns...

Quote:
View Post
Well, if all of them make net losses (as the Hildebrands did) this misusing does not seem to bad...




He is not allowed to work for a financial institution until next year.
Must have left with a nest egg? Regardless, the wooing season has already begun, trust me If UBS or CS aren't appropriating lobbying funds in his direction, then they ain't stacking the odds to their favor.
Reply With Quote
This user would like to thank princeali for this useful post:
  #128  
Old 12.01.2012, 14:03
Treverus's Avatar
Forum Legend
 
Join Date: Dec 2007
Location: SZ
Posts: 9,271
Groaned at 215 Times in 178 Posts
Thanked 16,476 Times in 6,018 Posts
Treverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
Must have left with a nest egg? Regardless, the wooing season has already begun, trust me If UBS or CS aren't appropriating lobbying funds in his direction, then they ain't stacking the odds to their favor.
Honestly: If I was a CEO of a major bank - anyone, not just Swiss ones - I'd have my headhunter set up some discrete meeting with him. He has an unique network in Switzerland which is alone worth millions. That isn't some ego trip, but pretty basic business.
Reply With Quote
This user would like to thank Treverus for this useful post:
  #129  
Old 12.01.2012, 14:03
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Zürich
Posts: 7,520
Groaned at 164 Times in 139 Posts
Thanked 8,544 Times in 4,681 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
The dollar rose - as was reported in most newspapers - and when they sold them they made a profit of some CHF 70,000.00
As I remember the dates they bought $0.5M in March & $0.5M in August; a total of $1M. They later sold $0.5M but still have $0.5m; overall they are showing a loss on the $1M.
Reply With Quote
The following 2 users would like to thank marton for this useful post:
  #130  
Old 12.01.2012, 14:40
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Zürich
Posts: 7,520
Groaned at 164 Times in 139 Posts
Thanked 8,544 Times in 4,681 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
Honestly: If I was a CEO of a major bank - anyone, not just Swiss ones - I'd have my headhunter set up some discrete meeting with him. He has an unique network in Switzerland which is alone worth millions. That isn't some ego trip, but pretty basic business.

Agree - he also has a unique view of how the SNB plan to react to changes in the economy, euro, etc.
Reply With Quote
  #131  
Old 12.01.2012, 15:26
dino's Avatar
Forum Veteran
 
Join Date: Feb 2006
Location: Zurich
Posts: 1,663
Groaned at 35 Times in 28 Posts
Thanked 1,279 Times in 628 Posts
dino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
As I remember the dates they bought $0.5M in March & $0.5M in August; a total of $1M. They later sold $0.5M but still have $0.5m; overall they are showing a loss on the $1M.

and how would anyone know if he has not traded billions at other accounts / institutions. it doesn't take rocket science to get an accomplice to trade on your information either.
Reply With Quote
This user would like to thank dino for this useful post:
  #132  
Old 12.01.2012, 15:33
SamWeiseVielleicht's Avatar
Forum Veteran
 
Join Date: Nov 2009
Location: Bern
Posts: 726
Groaned at 11 Times in 10 Posts
Thanked 893 Times in 397 Posts
SamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
and how would anyone know if he has not traded billions at other accounts / institutions. it doesn't take rocket science to get an accomplice to trade on your information either.

Well, the burden of proof has to be carried by the accuser...
Reply With Quote
  #133  
Old 12.01.2012, 15:49
Lex's Avatar
Lex Lex is offline
Senior Member
 
Join Date: Feb 2007
Location: Zug
Posts: 314
Groaned at 8 Times in 7 Posts
Thanked 233 Times in 127 Posts
Lex has an excellent reputationLex has an excellent reputationLex has an excellent reputationLex has an excellent reputation
Re: SNB chief resigns...

Quote:
View Post
Well, the burden of proof has to be carried by the accuser...
Inside information is very very hard to actually prove (which is fantastic stuff for people that actually engage in it) - but it happens every day of every hour. Hence why in this case Hildebrands integrity was toast instantly - it wasnt an issue of ONLY proving it, but the POSSIBILITY.

The most common way people get caught is through taping of actual phone conversations or trading extremes that are way out of character (buying way out of the money options and putting your net wealth on it) - anyone with more than 2 brain cells would avoid the above two at least.
Reply With Quote
  #134  
Old 12.01.2012, 17:10
SamWeiseVielleicht's Avatar
Forum Veteran
 
Join Date: Nov 2009
Location: Bern
Posts: 726
Groaned at 11 Times in 10 Posts
Thanked 893 Times in 397 Posts
SamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
Inside information is very very hard to actually prove (which is fantastic stuff for people that actually engage in it) - but it happens every day of every hour. Hence why in this case Hildebrands integrity was toast instantly - it wasnt an issue of ONLY proving it, but the POSSIBILITY.

The most common way people get caught is through taping of actual phone conversations or trading extremes that are way out of character (buying way out of the money options and putting your net wealth on it) - anyone with more than 2 brain cells would avoid the above two at least.

While I agree with your assessment of what happened here, this is also extremely problematic. Our whole legal system is based on the burden of proof/assumption of innocence-thingy.
Reply With Quote
  #135  
Old 12.01.2012, 17:26
Treverus's Avatar
Forum Legend
 
Join Date: Dec 2007
Location: SZ
Posts: 9,271
Groaned at 215 Times in 178 Posts
Thanked 16,476 Times in 6,018 Posts
Treverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond reputeTreverus has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
Hence why in this case Hildebrands integrity was toast instantly - it wasnt an issue of ONLY proving it, but the POSSIBILITY.
I don't agree. SVP and Weltwoche have been chasing Hildebrandt for years. The Weltwoche had before an editorial "why Hildebrandt should resign". Any claim from that side against him does not instantly damage his reputation - every Swiss I ever met takes claims by Blocher or the Weltwoche with more than just one pinch of salt.
That every national banker of this world and millions of people working in M&A as well as countless of other financial jobs have the opportunity to do inside trades is not exactly a secret.
We all have the possibility to say shoplift every day, but you still need to proof it and not just claim it to damage ones reputation. Especially if you happen to have a certain reputation of your own.
Reply With Quote
This user would like to thank Treverus for this useful post:
  #136  
Old 12.01.2012, 17:47
Tilia's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: ZH
Posts: 2,539
Groaned at 71 Times in 37 Posts
Thanked 2,215 Times in 1,020 Posts
Tilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond repute
Re: SNB chief resigns...

Apparently though there are some rather compromising email conversations between Hildebrand and his financial advisor. I am guessing that these are the reason he resigned.

I haven't followed all the details in the Hilderbrand story but just reading these emails, for me the issue is cristal clear; he was in the wrong and should resign. Blocher, Weltwoche, they all may have used it to their advantage but Hildebrand has only himself to blame as he exposed himself to it though his ignorance or his malice (doesn't really matter which).

Quote:
View Post
Well, the burden of proof has to be carried by the accuser...
Reply With Quote
  #137  
Old 12.01.2012, 20:24
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Zürich
Posts: 7,520
Groaned at 164 Times in 139 Posts
Thanked 8,544 Times in 4,681 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: SNB chief resigns...

gets interesting!
"Bank Sarasin has launched legal action against the employee and unnamed others for breaching bank secrecy. The case is being pursued by Zurich prosecutors, who are now gathering evidence and interviewing people."
Reply With Quote
  #138  
Old 12.01.2012, 21:13
Forum Veteran
 
Join Date: Aug 2011
Location: Baselland
Posts: 581
Groaned at 9 Times in 7 Posts
Thanked 390 Times in 244 Posts
spalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond repute
Quote:
View Post
I think "resigns with immediate effect" is a polite way of saying he got his marching orders.
Another 'elite' misusing his position of power to enrich himself. Most probably just the tip of the iceberg.
Ha ha, just heard Tagesschau. As I thought „Er isch gange worde" (He got the boot)

Quote:
View Post
gets interesting!
"Bank Sarasin has launched legal action against the employee and unnamed others for breaching bank secrecy. The case is being pursued by Zurich prosecutors, who are now gathering evidence and interviewing people."
Yes, and the big fish, the insider traders go Scott free.

Last edited by jrspet; 12.01.2012 at 21:19. Reason: Merging of successive posts
Reply With Quote
  #139  
Old 12.01.2012, 22:46
Newbie 1st class
 
Join Date: Nov 2008
Location: Rolle
Posts: 22
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 4 Posts
hgrand has made some interesting contributions
Re: SNB chief resigns...

my take on that Hildebrand story is Blocher & the Weltwoche magazine just got crazy looking at the star-like press coverage he enjoyed - not just making a couple times 'Bilanz' cover, but also with magna cum laude-like appreciation.


Looking at pictures of the Weltwoche's editor - called Roger Koeppel - over the Internet might help understand that point.


That said, Hildebrand's monetary policy was catastrophic, and I'm frankly scratching my head reading the countless eulogies well-educated people have been posting in the press lately.


Regards


G.
Reply With Quote
  #140  
Old 13.01.2012, 02:51
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 19,028
Groaned at 333 Times in 258 Posts
Thanked 11,712 Times in 6,857 Posts
Wollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond repute
Re: SNB chief resigns...

Quote:
View Post
I think "resigns with immediate effect" is a polite way of saying he got his marching orders.
Another 'elite' misusing his position of power to enrich himself. Most probably just the tip of the iceberg.

50-50, which means that the Finance Minister wanted him to persevere, while he correctly realised that it was time to give up
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
SNB Pegs CHF to the EUR!!! [and the aftermath of the removal of the cap] Zuger Swiss politics/news 1357 05.12.2016 23:43
Karl-Theodor zu Googleberg resigns... weejeem International affairs/politics 43 07.03.2012 03:10
Swiss media call for SNB chief's resignation The Local Swiss news via The Local 0 05.01.2012 14:04
Where is the SNB's gold? magic_castle32 Swiss politics/news 20 22.09.2011 10:05
SNB lets go - euroswissie tanks 100pts Uncle GroOve Finance/banking/taxation 82 31.05.2010 17:36


All times are GMT +2. The time now is 20:17.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0