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I love a stink
My kind of story in the Swiss papers today. I love it when big shot central bankers get their dirty laundry made public.
Kashya, the wife of Phillip Hilldebrand (head of the Swiss National Bank) sold Swiss Francs just a few days before the Swiss National Bank initiated exchange controls and devalued the Franc. The timing of the transactions was nearly perfect. The suggestion is that “pillow talk” between husband and wife lead to the trades.
Don’t expect heads to roll over this transgression. There has been a complete review by Swiss authorities and the conclusion is that there were no insider trading violations by the wife.
That’s not to say that trades did not happen.
Apparently, Kashya Hildebrand bought ~$500,000 when she shorted the CHF. This relatively small transaction netted the Hildebrand family only ~$50,000 in less than one month. Being that the amount is so small, the conclusion is that nothing nefarious has taken place. From NZZ.
Therefore no central banker in the world would risk his job.
Really? Only $50k extra for the wife’s account? That’s not enough incentive? I guess so. Hubby earns CHF 862,000 ($950,00) at the SNB. (A sweet deal, Ben Bernanke takes in less than $200k)
What's fascinating about this story is how it came about. Who blew the whistle on wifey?The answer is that Kashya Hildebrand maintained an account with a (very) private bank called Sarasin. When she did the trades back in August someone at the bank alerted an opposition politician, Christoph Blocher. Blocher brought the evidence to the Swiss President, Micheline Calymy-Rey and insisted on an investigation.
The information was leaked by a bank employee? To a politician? Folks, this stuff is not supposed to happen in Switzerland. This is the land of banking secrecy. This leak is highly illegal. This affair proves one point. There is no secrecy left in Swiss banking (for residents and non-residents alike). Anyone who thinks there is, is just wrong.
It’s not possible to know the facts in this story. It’s been whitewashed. There are a number of possible scenarios. I wish I knew which one was right:
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-Philipp Hildebrand never told his wife about the pending exchange controls and devaluation of the CHF.
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-Kashya Hildebrand acted independently; she never informed her husband of the transactions she made with the family’s money (she also bought dollars and sold CHF for her daughter).
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-Kashya Hildebrand routinely bought and sold dollars. The timing of the transactions (August 15th) was pure coincidence.
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-No other employees of the SNB (or their family members) sold Swiss Francs in advance of the devaluation.
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-ALL OTHERS.....
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This story stinks. It’s about political intrigue, stolen information from secret banks, leaked information from Central Banks and possible insider currency trading. A nice way to kick off the New Year!
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It's a bit curious, Bruce, on which parts of the information you lay the emphasis and on which not.
Swiss banking secrecy? Everyone with eyes to see should have determined about 10 years ago that banking secrecy only remained on paper in Switzerland, and that was way before the US openly started squeezing Swiss bank cleint information. Now illegal selling of data CDs with customer data has already become well established practice in CH and LI, and you find the illegality of the whistle-blower remarkable?
It would have been helpful to put Blocher into context, however. Many groups would rush to call him right-wing populist or worse, but why do you think he was chosen. Hint: the term "opposition" is also a bit off, as there are no typical government vs. opposition parties in Switzerland.
I find making such information public of the highest merit!
Follow-up:
Read http://www.businessweek.com/news/2012-01-04/hildebrand-to-break-silence-...
and then ask yourself:
Doesn't that all sound so wonderful innocent, Kashya on her own just has a good feel for currency valuations?
She seems to be a very intelligent person, that Kashya, you know. And then she has no fucking clue her husband is influencing said exchange rates himself, so even if she really got no insider information from him, it would look really bad to trade in CHF related rates?? At the least she is clearly lacking any moral bearings.
Maybe this guy can help us Americans with the skunk problem in the White House. Live action!
http://animal.discovery.com/tv/call-of-the-wildman/
Ha ha ha. Funny story. If you took away the power, to print money, governments and bankers would scream bloody murder "PRECIOUSSSS!!!!" out loud.
Matter of fact, I have a picture of one of them below!!!
http://en.wikipedia.org/wiki/Gollum
(Insert blankfein, obama, geithner or bernanke's name here)
tell them what you need to know they can fix that too
nice pic of the subway sign.
http://covert.mypressonline.com
Hey Bruce, as a Swissie, who lives closer to home, all I can say is that I am surprised that the head of SNB is not in Blocher's ultra right party. Despite all the fantasies about Swiss banking and Swiss bankers, they are as craven as all the rest.
Pray that this whole MF just comes crashing down. Sooner than later. Does anyone really want this to drag on for the next 30 years? I mean I realize that's the most likely scenario but I sure wouldn't mind a complete washout. Let's just get it over with. Unfort bombing Iran and $10gallon gas would be the response im sure, or some other stupid bullshit. Millions with no jobs and homeless and starving people and we have overlords spending $3million on their daughters fucking wedding? It's gone too far.
Can't wait to see Max K. go ballistic over this on his next show...
all in a days work for the little swiss mink.
is this the biggest stink you can come up with? when a congress has granted the president unquestioned fiat to declare any usa citizen an enemy of the state and may proceed to murder him, i think that there are weightier matters to ponder
www.obamacrimes.com
That news is a week old. LOL. They're reasons for these new laws, they know where things are heading and it's preparation. Of couse all the dumbfucks like my neighbors are still in ice cream social mode.
what do you expect from a international relations major serving as chief of the SNB. PWC has not found any irregularities, hahaha, i guess she is trading 500K on a regular basis, as well as their brilliant 11year old daughter. Was für ein Luder mit einem kleinen Arschstinker als Mann.
Come one, Bruce; I sold the CHF at $141.5 over the dollar and told you I did right here; it was obviously a bullshit price caused by retail trading; you didn't have to be particularly clever to know it was going down. I didn't need anybody to tell me anything; why should she?
You must be a great trader. Not only did you hit the high for the year you actually sold CHF 5% higher than it ever got.
The CHF reached 1.3680 on 8/9. What date and on what exhange did it trade at 1.4150??
....
<blockquote>all the cri-mi-nals
in their suits and their ties
are free to drink mar-ti-nis
and watch the sun rise
</blockquote>like Tuco would say, "if you're going to have sex in bed, have sex, don't talk!."
Switzerland sold its special status to the bankers and politicians and in the next conflagration it will just be another chunk of scorched earth.
No one has any stake in keeping it privileged or neutral anymore.
Was he German Swiss or French Swiss? If he was French Swiss, the pillow talk makes no sense. German, maybe. Mistress, sure.
The beat goes on. Paper money is comparatively easy money. All of the cheating tricks that kids learn, playing board games, work in the real world. These days, they still work, after people get caught.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
I'll say this for Switzerland, it has a well-policed border. At least the last time I was there.
Yet, two oriental guys were able to cross into Italy with a large amount of U.S. bonds -- go figure.
...well I guess Kashya and Phillip are drinking Caipirinha in Sao Paulo right now.
"Brazilian bid beats domestic rival: Grupo Safra-Sarasin deal"
http://vimeo.com/32793175
Safra Group: http://en.wikipedia.org/wiki/Safra_Group"America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
That's a quote from 101 Things to Do 'Til the Revolution - Claire Wolfe (1996)
Insightful. Apt description. Jr. High, adolescent, chrysalis, I'm sure there are others. But "awkward" does hit it pretty well.
By "America" I assume US is meant, as many / most of our southern neighbors don't have too many qualms about shooting. (Within their own borders anyway)
bruce leave canal street alone!.
This is a distraction from the really big money getting pushed around at the expense of EVERYONE ELSE WHO IS NOT A CARD CARRYING MEMBER OF THE WORLD DOMINATION FUCK YOU CLUB. Big fucking deal. Let's see a story about someone getting shot for HFT manipulation of markets with shorts. Or something else real involving billions, not some chicken shit petty cash nobody hand in the cookie jar. Get me some real news. Go big, or stay home.
The "amount" isn't the issue. Remember Hilary and her $100,000 "commodity trade"? It's the stench of death and corruption reeking out of every orifice, large and small, of the Eurosphere/Anglosphere Ponzi.
scoundrels will be scoundrels, happy 2012
Most "private" or "secret" schemes in finance or anywhere else are tolerated because they disinhibit people so that they may be taken advantage of politically, or they are just sting operations.
What's this? People in positions of power, close to the source of paper, behaving unethically? Same as it ever was. Come on Bruce, give us some information we can trade on.
Pure coincidence..ask Martha Stewart about those things.
IF there were any Justice, the broker that passed the inside info to Martha would STILL be in a cell.
Maybe he didn't overtly say anything, but she made a shrewd trade based on the state of his pecker.
Information symmetry, bitchez!
This smells of set up..
A Swiss Banker..
Openly and Freely provided information to the Government?
Against a Political Figure?
The Head Swiss Banker / Economist??
I am guessing that "Phillip Hilldebrand" was considering to go public or maybe even planning to go Public with the Fact that the Swiss People are being screwed over by the Swiss Government and Banking System?
I would venture a Guess! that Phillip is really the good guy and this is a smear campaign.
It will be interesting to see what Phillip has to share going forward? I would Guess! Nothing!! after this.
That's possible, JW. But what I think is more likely is that some people in Switzerland wanted to get the bumbling fool Hildebrand out of that job. The clown wasted tens if not hundreds of billions of dollars with foolish currency interventions in the past couple years. Then, by the insane pegging of the swiss franc to the dying euro he's shackled them to a railing in steerage on the Titanic. Is it any surprise that some bankers and politicians would want the guy out?
Common sense would drive me in that Direction to Fred..
but!
I just dont think anyone (including the Swiss) want Honesty or common sense.
The Banking World is not slowing down.. with the cliff that is coming up.. the World Banking Crew is speeding up?
do they think they can jump the Grand Canyon in a midget filled with Central Banker Clowns?
the Peg was a 7% 9% drop in one day.. A World Record! worse than Brown selling off Englands Gold! LULZ!!
I dont know.. I agree with you.. common sense would be screaming get rid of this Fool before he does any mroe damage.. But! once again! I dont see any common sense coming out of any of those Central Banker Clowns!
Maybe if I could get you in there. I would feel better about Logic of Common Sense eing part of the plan!
God Love and Bless You and Yours Fred!
Happy New Year!!
Can you imagine the financial carnage if Eric the Bagholder got up tomorrow and perp walked the Bernank before the opening bell? Beautiful, but Bloody.
I'd tune into CNBS just to watch the reactions...
Dow up 1,000 points.
Poor Hildie getting crucified on the Franc for the sins of the ECB.
It's not so much that the Franc has appreciated 15% over the Euro in 2011, if you get my drift.
If you want truly private banking, become your own central bank. Own PMs and get rid of the silly fiat that you used to have. You'll need some arms, a vault, and you can't tell others (or else there goes the secrecy). But you have a much better chance of secrecy when you're the one who knows...and nobody else. Of course, you have to acquire in smallish transactions with many different trading partners.
+1 - is this just too obvious for others to to vote up?
could it be another case of "you prosecute me I start telling secrets..."?
To a swiss banker, there is no difference between a dollar gotten from productive means and a dollar gained through the most horrid methods...
http://www.bloomberg.com/news/2010-07-07/wachovia-s-drug-habit.html
The bank, now a unit of Wells Fargo, leads a list of firms that have moved dirty money for Mexico’s narcotics cartels--helping a $39 billion trade that has killed more than 22,000 people since 2006.
Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.
The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.:Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.
Bank of America, off-balance sheet.
Military planes don't have this problem.
Must have been a competitor transporting in that purchased DC-9.
And....laundering money is what the big banks do best, at 20% fees.
lol, the smuggling drug routes and the whole black bag "sneaky" hollywood image is illusion. Drugs flow freely into every country via pipelines licensed by the State.
You bet. This is highly detailed in "The Cutolo Affidavit," a sworn statement from Col. Edward Cutolo, a Special Forces officer who was murdered when he realized the extent of narcotics corruption at the highest levels.
Details Iran-Contra, nothing has changed since then, they are bad as ever and getting worse.
Read the intro and go to article 70 and look at all the familiar names that follow. Online under same title.