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Old 09.01.2012, 14:58
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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, 15:01
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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, 15:03
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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, 15:03
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Re: SNB chief resigns...

Also here.

Tom
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Old 09.01.2012, 15:04
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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, 15:04
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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, 15:08
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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, 15:11
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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 10.01.2012, 00:00
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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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Old 10.01.2012, 01:23
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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 01:36.
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Old 09.01.2012, 15:12
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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, 15:14
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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, 15:14
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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, 15:16
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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, 15:19
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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, 15:35
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Re: SNB chief resigns...

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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.

About "having been in close contact with some of the wives of such "high flyers" How close

I used to have a friend in banking who delighted in driving his Porsche into his garage at high speed & braking heavily at the last minute; he used a tennis ball hanging from the ceiling on a string to time his braking.

He had a row with his wife & she moved the tennis ball nearer the end wall....
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Old 09.01.2012, 15:17
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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, 16:04
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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.
I'd be fine if only he also told me about the incoming peg-euros thing...
Not that I would have made much profit but maybe close to 1000chf
That would have been enough for closing the eyes on his wrong doings...

Yeah he's out- well deserved-
And the "charity thing" I'm quite laughing at the excuse...

If that cook who stole cheese and stuff from tesco is offering them to a charity, does that also clear him???



We should all try it: sneak the border with some undeclared goods, and, when caugh, propose to offer the profit made to a charity...


Ok good riddance, now it's the turn to firing many politicians...
Who^'s next?
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Old 09.01.2012, 18:05
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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.
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.

Mind you: I don't mind the resignation that much. I'm just pissedoff who profits from the manipulation.
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Old 09.01.2012, 18:12
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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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