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Old 09.01.2012, 15:58
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SNB chief resigns...

http://www.bbc.co.uk/news/business-16472416

Had to happen I guess...
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Old 09.01.2012, 16:01
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Re: SNB chief resigns...

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.
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Old 09.01.2012, 16:03
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Re: SNB chief resigns...

And on Swissinfo EN

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The rightwing Swiss People’s Party had demanded Hildebrand’s resignation, as well as a wide-ranging parliamentary inquiry and a special session of parliament.
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Old 09.01.2012, 16:03
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Re: SNB chief resigns...

Also here.

Tom
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Old 09.01.2012, 16:04
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Re: SNB chief resigns...

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risk everything he has for such a small amount.
He thought he could get away w/it
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Old 09.01.2012, 16:04
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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 a media mud fight that I'm only used to seeing in the US.
..I think the keyword is integrity. Whether he was competent or not is a whole different matter and thankfully for the media, we know that some wrongdoings were commited.
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Old 09.01.2012, 16:06
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Re: SNB chief resigns...

I believe there is some discussion over who placed the order, the man or the wife. I think there must be more than meets the eye.
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Old 09.01.2012, 16:08
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Re: SNB chief resigns...

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..I think the keyword is integrity.
Exactly right.
When you take a job like that you have to be cleaner than clean.
The guy was a dork for either doing it or letting his family do it.
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Old 09.01.2012, 16:11
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Re: SNB chief resigns...

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 ....
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Old 09.01.2012, 16:12
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Re: SNB chief resigns...

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Exactly right.
When you take a job like that you have to be cleaner than clean.
The guy was a dork for either doing it or letting his family do it.
But you know what, I think he's was either too dim or too over confident, that he would get away with it. Either way, I feel that people holding such positions enjoy certain privileges and therefore, ought to be monitored more tightly. It is unfathomable for any regular Joe to even consider pulling off some bogus stunt like this...but he possibly could have gotten away with it for years and only now we're finding out about it.
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Old 09.01.2012, 16:14
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Re: SNB chief resigns...

Ok, different question - who is there who is better to replace him?

Regarding the allegations - having been in close contact with some of the wives of such "high flyers", I for one can totally believe his story about the wife having made the decision and understand that he did not reverse the transaction. He didn't want to have a a fight at home. For a Swiss guy to describe his wife as having a "strong personality" in public is pretty unusual and "Swiss privacy speak" for "if she doesn't get her own way, there is hell to pay". He also immediately forbade her from making any further transactions like that.

This whole thing was about Mr. Blocher wanting to have another stint in the limelight and make it seem like they have the people's interests at heart. That is utter BS, if anyone was to look at the personal finances of those guys, all hell would break loose. But we don't get to see those things because, oh, yes, there is such a thing as bank secrecy, something that Mr. Blocher preaches about ALL THE TIME.
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Old 09.01.2012, 16:14
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Re: SNB chief resigns...

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But you know what, I think he's was either too dim or too over confident, that he would get away with it. Either way, I feel that people holding such positions enjoy certain privileges and therefore, ought to be monitored more tightly. It is unfathomable for any regular Joe to even consider pulling off some bogus stunt like this...but he possibly could have gotten away with it for years and only now we're finding out about it.
They live in Ivory Towers and scream blue murder when they get caught out.

Not too confident, but too arrogant.
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Old 09.01.2012, 16:16
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Re: SNB chief resigns...

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Ok, different question - who is there who is better to replace him?
S*it, I'll do it. Ever since I can remember I've been dodging train fares and never got caught as yet....plus as you can tell, I'm a people's person.
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Old 09.01.2012, 16:17
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Re: SNB chief resigns...

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The guy was a dork for either doing it or letting his family do it.
Normally I'd agree 100%, but it seems his wife used to be a currency trader... I'd love to have been in the room for the 'don't buy dollars' conversation.
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Old 09.01.2012, 16:19
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Re: SNB chief resigns...

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Ok, different question - who is there who is better to replace him?
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.
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Old 09.01.2012, 16:21
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Re: SNB chief resigns...

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S*it, I'll do it. Ever since I can remember I've been dodging train fares and never got caught as yet....plus as you can tell, I'm a people's person.
You're definately NOT the man for the job as you have admitted to wrong doing, and thus lacking the vital skills required.
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Old 09.01.2012, 16:21
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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.
He already did that last year...
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Old 09.01.2012, 16:25
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Re: SNB chief resigns...

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You're definately NOT the man for the job as you have admitted to wrong doing, and thus lacking the vital skills required.
Hey, at least I'm honest about it.
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Old 09.01.2012, 16:26
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Re: SNB chief resigns...

I remember swiss government telling german authorities that's illegal to sue companies based on stolen bank documents.
Didn't in this case Blocher use stolen bank documents..violating bank secrecy?
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Old 09.01.2012, 16:29
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Re: SNB chief resigns...

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The guy was competent and no way did he risk everything he has for such a small amount.
Of course he would have risked it. He thought 'banking secrecy' would help him hide it.

I have nothing against banking secrecy (It stops governments going on fishing expeditions through someones files without evidence) but I do have something against someone using inside info to place trades - and the public has every right to know when the head of the central bank (or family) engages in such trades. It doesnt matter how much money he (or wife) made or lost, the issue is he was looking to benefit financially on information that he knew of before the event. In most countries in the private sector that actually means jail time.

Last edited by Lex; 09.01.2012 at 16:39.
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