Go Back   English Forum Switzerland > Living in Switzerland > Swiss politics/news  
Reply
 
Thread Tools Display Modes
  #21  
Old 05.01.2012, 18:17
Guest
 
Posts: n/a
Re: Swiss franc gains against euro

What I dont understand is this. How can a European get away with it?

What if George Bushs wife was caught buying barrels of oil before the war was announced?

The media would have been all over that shit!

What if Alan Greenspans wife was caught loading up on Eurodollar Futures back in late 2000?????

Isnt it s bit of a sham that this guy wasnt forced out already?



Quote:
View Post
Hildebrand'$ press conference wa$ a bit of a laugh. "I wa$ only following order$, (hi$ wife'$ order$ that i$)."

Cop out B$ of the highest order.

If it has a tail, brown fur, whisker$ and $curries around changing currencie$ just before the $NB announce$ a major devaluation of the $wiss Franc, than I would call it by name, a rat.
Reply With Quote
The following 5 users would like to thank for this useful post:
  #22  
Old 05.01.2012, 18:20
herc82's Avatar
Forum Veteran
 
Join Date: Mar 2007
Location: Zurich
Posts: 1,624
Groaned at 10 Times in 9 Posts
Thanked 975 Times in 605 Posts
herc82 has a reputation beyond reputeherc82 has a reputation beyond reputeherc82 has a reputation beyond reputeherc82 has a reputation beyond repute
Re: Swiss franc gains against euro

Quote:
View Post
Hildebrand'$ press conference wa$ a bit of a laugh. "I wa$ only following order$, (hi$ wife'$ order$ that i$)."

Cop out B$ of the highest order.

If it has a tail, brown fur, whisker$ and $curries around changing currencie$ just before the $NB announce$ a major devaluation of the $wiss Franc, than I would call it by name, a rat.
So do you have any single fact on your hand or just delivering the same BS as everybody else?
Reply With Quote
  #23  
Old 05.01.2012, 18:24
Newbie
 
Join Date: Jun 2007
Location: Basel
Posts: 8
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
mmd585 has become a little unpopularmmd585 has become a little unpopular
Re: Swiss franc gains against euro

an editorial in the Financial times covers it nicely. entitled
A bad Swiss finish


http://www.ft.com/intl/cms/s/0/95113...#axzz1ibbY6Xgi
Reply With Quote
  #24  
Old 05.01.2012, 18:27
Assassin's Avatar
Forum Legend
 
Join Date: Mar 2010
Location: Chasing clouds
Posts: 4,023
Groaned at 180 Times in 123 Posts
Thanked 11,558 Times in 3,148 Posts
Assassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond repute
Re: Swiss franc gains against euro

Quote:
View Post
So do you have any single fact on your hand or just delivering the same BS as everybody else?
I missed some "ss" for $. I'll read my Weltwoche and get back to you tomorrow ....
Reply With Quote
This user would like to thank Assassin for this useful post:
  #25  
Old 05.01.2012, 18:27
Lex's Avatar
Lex Lex is offline
Senior Member
 
Join Date: Feb 2007
Location: Zug
Posts: 312
Groaned at 8 Times in 7 Posts
Thanked 257 Times in 138 Posts
Lex has a reputation beyond reputeLex has a reputation beyond reputeLex has a reputation beyond reputeLex has a reputation beyond repute
Re: Swiss franc gains against euro

Quote:
View Post
What I dont understand is this. How can a European get away with it?

What if George Bushs wife was caught buying barrels of oil before the war was announced?

The media would have been all over that shit!

What if Alan Greenspans wife was caught loading up on Eurodollar Futures back in late 2000?????

Isnt it s bit of a sham that this guy wasnt forced out already?
I agree with you, I dont get the saga either and the media arnt even focusing on the issues here - insider trading etc. If Vassela's (Novartis) wife etc had tried this there would be a sh^ storm. This is one of the reasons I have stopped following the story.
Reply With Quote
This user would like to thank Lex for this useful post:
  #26  
Old 05.01.2012, 20:06
Assassin's Avatar
Forum Legend
 
Join Date: Mar 2010
Location: Chasing clouds
Posts: 4,023
Groaned at 180 Times in 123 Posts
Thanked 11,558 Times in 3,148 Posts
Assassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond reputeAssassin has a reputation beyond repute
Re: Swiss franc gains against euro

OK, I've read my Weltwoche now. It's pretty hard to discern any facts here because neither side is telling the whole truth. The Weltwoche claim that it was Hildebrand's personal financial advisor who spilled the beans, whereas the Sarasin Bank claim that the whistleblower was only an IT dude.

The Weltwoche published what they say is Hildebrand's bank account extracts detailing four transactions, three currency and one share purchase.

Casual onlookers will not be surprised to learn that the pro and anti Hildebrand factions are very much split along political lines, but the socialists seem to be united with the SVP on this one, Calmy-Rey getting a surprisingly good write up by the Weltwoche journalist Urs Paul Engeler.

I have no insight into this whatsoever. Only Hildebrand knows the truth. He earns close to CHF 1M per annum, so shifting a few hundred thousand around is well within his own budget. The question is how would you feel if the top man at your National Bank was using his knowledge to make a few extra bucks on the side and why does he find this absolutely neccesary with the trust placed in him?

It's times like these in politics when you get to find out who your true friends are and how far they'd stick their necks out for you to cover your butt.

If there's a positive to this affair, at least Swiss charity "Schweizer Berghilfe" were given Hildebrand's currency exchange profit of CHF 75'000.
__________________
Crash your karma into little bits of happiness
Reply With Quote
The following 3 users would like to thank Assassin for this useful post:
  #27  
Old 05.01.2012, 20:39
zymogen's Avatar
Forum Veteran
 
Join Date: Jan 2010
Location: ...
Posts: 948
Groaned at 9 Times in 6 Posts
Thanked 1,082 Times in 454 Posts
zymogen has a reputation beyond reputezymogen has a reputation beyond reputezymogen has a reputation beyond reputezymogen has a reputation beyond reputezymogen has a reputation beyond reputezymogen has a reputation beyond repute
Re: Swiss franc gains against euro

Quote:
View Post
If it ha$ a tail, brown fur, whisker$ and $currie$ around changing currencie$ ju$t before the $NB announce$ a major devaluation of the $wiss Franc, then I would call it by name, a rat.

Don't insult us please.




Last edited by zymogen; 05.01.2012 at 20:56.
Reply With Quote
This user would like to thank zymogen for this useful post:
  #28  
Old 05.01.2012, 21:12
flavio's Avatar
Forum Veteran
 
Join Date: Jun 2009
Location: Winterthur
Posts: 770
Groaned at 69 Times in 40 Posts
Thanked 624 Times in 347 Posts
flavio has an excellent reputationflavio has an excellent reputationflavio has an excellent reputationflavio has an excellent reputation
Re: Swiss franc gains against euro

The problem with the guy quitting is that he will do so with a golden parachute. Probably a few millions in compensation for truncating his years of glory at the SNB.

Bastards win and there is no point trying to fight it.
Reply With Quote
  #29  
Old 05.01.2012, 21:52
Guest
 
Posts: n/a
Re: Swiss franc gains against euro

No, the bigger problem is we dont know how big his Euro long is. If he were to admit the true size no one would want that job. He has created a monster ponzi scheme.

Quote:
View Post
The problem with the guy quitting is that he will do so with a golden parachute. Probably a few millions in compensation for truncating his years of glory at the SNB.

Bastards win and there is no point trying to fight it.
Reply With Quote
The following 2 users would like to thank for this useful post:
  #30  
Old 05.01.2012, 23:31
flavio's Avatar
Forum Veteran
 
Join Date: Jun 2009
Location: Winterthur
Posts: 770
Groaned at 69 Times in 40 Posts
Thanked 624 Times in 347 Posts
flavio has an excellent reputationflavio has an excellent reputationflavio has an excellent reputationflavio has an excellent reputation
Re: Swiss franc gains against euro

Quote:
View Post
No, the bigger problem is we dont know how big his Euro long is. If he were to admit the true size no one would want that job. He has created a monster ponzi scheme.
Yes we know, with some delay though:

http://www.snb.ch/ext/stats/balsnb/p...r_SNB.book.pdf

look in :
Foreign currency investments

in page #13 you have the split by currency. Unfortunately they do it only per quarter... you know, transparency is not a Swiss forte.

They have been buying EUR like crazy but converting a big chunk of them to USD. They are not so stupid... their wives neither.
Reply With Quote
This user would like to thank flavio for this useful post:
  #31  
Old 05.01.2012, 23:42
Guest
 
Posts: n/a
Re: Swiss franc gains against euro

Will be curious if they are buying HUF. Currency 6 is "other".....

Much of these CHF have to be finding their way to Hungary via the ECB. CHF's going to Hungary will be the only thing to delay a major inflation in CH.

But Eur still has to be the biggest chunk. Dont think they want to fight a two currency front. They have to stick with Eur and let the eurusd take care of its self.



Quote:
View Post
Yes we know, with some delay though:

http://www.snb.ch/ext/stats/balsnb/p...r_SNB.book.pdf

look in :
Foreign currency investments

in page #13 you have the split by currency. Unfortunately they do it only per quarter... you know, transparency is not a Swiss forte.

They have been buying EUR like crazy but converting a big chunk of them to USD. They are not so stupid... their wives neither.
Reply With Quote
  #32  
Old 05.01.2012, 23:47
Member
 
Join Date: Aug 2009
Location: Bern
Posts: 247
Groaned at 6 Times in 1 Post
Thanked 31 Times in 22 Posts
dustyfrog has no particular reputation at present
Re: Swiss franc gains against euro

The 'fixed' EUR-CHF rate is bloody annoying when you need to pay off study loans in EUR I didn't mind it to be 1EUR=1CHF last year!!!
Reply With Quote
  #33  
Old 05.01.2012, 23:51
Guest
 
Posts: n/a
Re: Swiss franc gains against euro

Food shopping in Germany was funner too!

Quote:
View Post
The 'fixed' EUR-CHF rate is bloody annoying when you need to pay off study loans in EUR I didn't mind it to be 1EUR=1CHF last year!!!
Reply With Quote
This user would like to thank for this useful post:
  #34  
Old 06.01.2012, 00:03
amogles's Avatar
Forum Legend
 
Join Date: Mar 2008
Location: Zurich
Posts: 12,361
Groaned at 338 Times in 274 Posts
Thanked 26,263 Times in 11,000 Posts
amogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond repute
Re: Swiss franc gains against euro

Quote:
View Post
Don't insult us please.



and so we are talking about SVP campaigns and Godwin again. Surely we all know what the rat represents
Reply With Quote
  #35  
Old 06.01.2012, 07:33
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 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: Swiss franc gains against euro

Quote:
View Post
What I dont understand is this. How can a European get away with it?

What if George Bushs wife was caught buying barrels of oil before the war was announced?

The media would have been all over that shit!

What if Alan Greenspans wife was caught loading up on Eurodollar Futures back in late 2000?????

Isnt it s bit of a sham that this guy wasnt forced out already?
First of all, in Switzerland, "insider" laws only apply to deals in regard to the stock exchange but not to deals in regard with currency deals, so that the man here, at least legally, is out of trouble. The political nature of his job however means that he depends on the trust of people (actual, people, the media, politicians) in him, and this is clearly shaken. His position is more critical than the one of German Federal President Wulff as HIS job is the one of a decision-maker.

Second, what are the federal laws in the USA in this regard ? You above mention stock-exchange things, which here would be a difference. But what if those persons in the USA had, at a good time, bought Yen, €, CHF or UKŁ ?
Reply With Quote
This user would like to thank Wollishofener for this useful post:
  #36  
Old 06.01.2012, 10:14
Guest
 
Posts: n/a
Re: Swiss franc gains against euro

So youre justifying this guy using his powers to make money in a fashion that is unethical?

Also, US laws dont matter. Im talking about the fact that this guy yields more power than anyone else in the country. Let me put it to you this way. Two months ago I wrote a 50 page template about central banking in African nations. I focused on the central banks where I had met with the President of the Banque Central. My ending thesis is that they would never be as advanced as the West until they got rid of the corruption. Whether its borrowing $20mn and then devaluing the currency 2 days later, or priniting money without any rhyme or reason, without sterilization.

This is the SNB not the BC du Congo.

Also, to answer your question. Eurodollars arent traded on the stock exchange. They are a future. Oil can be traded physically or on a commodities exchange.

In both cases you can circumvent any and all insider regulations simply by trading physicals (Oil or Zero Coupon GOVT's). The laws wouldnt matter. The ethics would.



Quote:
View Post
First of all, in Switzerland, "insider" laws only apply to deals in regard to the stock exchange but not to deals in regard with currency deals, so that the man here, at least legally, is out of trouble. The political nature of his job however means that he depends on the trust of people (actual, people, the media, politicians) in him, and this is clearly shaken. His position is more critical than the one of German Federal President Wulff as HIS job is the one of a decision-maker.

Second, what are the federal laws in the USA in this regard ? You above mention stock-exchange things, which here would be a difference. But what if those persons in the USA had, at a good time, bought Yen, €, CHF or UKŁ ?
Reply With Quote
  #37  
Old 06.01.2012, 10:18
amogles's Avatar
Forum Legend
 
Join Date: Mar 2008
Location: Zurich
Posts: 12,361
Groaned at 338 Times in 274 Posts
Thanked 26,263 Times in 11,000 Posts
amogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond reputeamogles has a reputation beyond repute
Re: Swiss franc gains against euro

Quote:
View Post
What I dont understand is this. How can a European get away with it?

What if George Bushs wife was caught buying barrels of oil before the war was announced?

The media would have been all over that shit!

What if Alan Greenspans wife was caught loading up on Eurodollar Futures back in late 2000?????

Isnt it s bit of a sham that this guy wasnt forced out already?
What makes you think he's going to get away with it? This guy has got so much sh*t coming his way that even if survives the first lot he'll be a lame duck in whatever job his buddies decide to place him. And maybe all the people on this forum who always moan and groan at the SVP should consider that without them, this guy would probably be getting away with it.
Reply With Quote
The following 2 users would like to thank amogles for this useful post:
  #38  
Old 06.01.2012, 12:03
quark's Avatar
Forum Veteran
 
Join Date: Sep 2010
Location: Aargh-Ow!
Posts: 1,321
Groaned at 12 Times in 11 Posts
Thanked 1,838 Times in 756 Posts
quark has a reputation beyond reputequark has a reputation beyond reputequark has a reputation beyond reputequark has a reputation beyond reputequark has a reputation beyond repute
Re: Swiss franc gains against euro

Quote:
View Post
And maybe all the people on this forum who always moan and groan at the SVP should consider that without them, this guy would probably be getting away with it.
It's a shame that this sort of thing is currently only monitored by political parties for political reasons using rather questionable methods. The ends may or may not justify the means in this case, but it certainly highlights a massive hole in the regulatory system that needs repairing in the future.
Reply With Quote
  #39  
Old 07.01.2012, 02:23
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 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: Swiss franc gains against euro

Quote:
View Post
OK, I've read my Weltwoche now. It's pretty hard to discern any facts here because neither side is telling the whole truth. The Weltwoche claim that it was Hildebrand's personal financial advisor who spilled the beans, whereas the Sarasin Bank claim that the whistleblower was only an IT dude.

The Weltwoche published what they say is Hildebrand's bank account extracts detailing four transactions, three currency and one share purchase.

Casual onlookers will not be surprised to learn that the pro and anti Hildebrand factions are very much split along political lines, but the socialists seem to be united with the SVP on this one, Calmy-Rey getting a surprisingly good write up by the Weltwoche journalist Urs Paul Engeler.

I have no insight into this whatsoever. Only Hildebrand knows the truth. He earns close to CHF 1M per annum, so shifting a few hundred thousand around is well within his own budget. The question is how would you feel if the top man at your National Bank was using his knowledge to make a few extra bucks on the side and why does he find this absolutely neccesary with the trust placed in him?

It's times like these in politics when you get to find out who your true friends are and how far they'd stick their necks out for you to cover your butt.

If there's a positive to this affair, at least Swiss charity "Schweizer Berghilfe" were given Hildebrand's currency exchange profit of CHF 75'000.
The court has decided that what the Hildebrand family did is not punishable by law. BUT, would you buy a second-hand car from this chap ?
Reply With Quote
  #40  
Old 07.01.2012, 02:35
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 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: Swiss franc gains against euro

Quote:
View Post
So youre justifying this guy using his powers to make money in a fashion that is unethical?

Also, US laws dont matter. Im talking about the fact that this guy yields more power than anyone else in the country. Let me put it to you this way. Two months ago I wrote a 50 page template about central banking in African nations. I focused on the central banks where I had met with the President of the Banque Central. My ending thesis is that they would never be as advanced as the West until they got rid of the corruption. Whether its borrowing $20mn and then devaluing the currency 2 days later, or priniting money without any rhyme or reason, without sterilization.

This is the SNB not the BC du Congo.

Also, to answer your question. Eurodollars arent traded on the stock exchange. They are a future. Oil can be traded physically or on a commodities exchange.

In both cases you can circumvent any and all insider regulations simply by trading physicals (Oil or Zero Coupon GOVT's). The laws wouldnt matter. The ethics would.
It is not about what I may find justifiable. It is, as the court in Zurich has stated, that Swiss laws includes laws against insider-deals in regard to the stock exchange but no laws against insider-deals in regard to currencies. This is the legal situation in Switzerland. The court made it clear that his is the law, and that this does not mean that the deals in question were ethical.

Legally, he CAN stay in office. From an ethical point of view, he should resign. As I am not a lawyer I cannot tell you who could order him to resign.

Back again. Mr H. did NOT violate any Swiss laws.
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



All times are GMT +2. The time now is 00:28.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0