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Kashya Hildebrand Speaks – Sinks Hubby?

Bruce Krasting's picture




 

I wrote about Kashya Hildebrand’s inappropriate FX trades the other day. The story has some new legs today (Bloomberg). The wife of the president of the Swiss National Bank (SNB) has done the one thing she never should have. She talked. Any chance this affair had of falling off the radar screen was lost when she went on Swiss TV.

A recap:

-8/15/11 Kashya sells CHF 400,000 short against the dollar at USDCHF .7936.

-9/9/11 the SNB devalues the CHF.

-10/4/11 Kashya covers the short and earns an FX profit of CHF 75,000 ($83,000). The return is 16.5% of the amount traded. She did this in just 50 days (120% annualized).

-November 2011 an employee of Sarasin Bank, Basel steals the information about Kashya’s trades and leaks it to a Swiss politician, Christoph Blocher.

-There is a formal investigation. On Friday night, 12/23/11, the SNB makes a public announcement that the FX transactions have been reviewed and there is nothing improper about them. The timing of the release of information was clearly an effort to bury the story.

-1/3/2012 Kashya goes on TV in what appears to me like a snotty and inappropriate defense of her actions.

Kashya’s words:

 

“My interest in the dollar purchase was motivated by the fact that it was at a record low and almost ridiculously cheap.”

I think this is bullshit. Yes the dollar was cheap at the time. There was a global panic occurring. To counter-trade the market at precisely the time the CHF was hitting all-time highs takes balls and an extraordinary sense of timing.

Kashya may have committed a fatal error with those words. She teed this up. Now there has to be a follow up. I’ve been trading FX for years. There is no way in hell that Kashya just happened to luck out. There is only one possible exception. If she was a regular trader of the USDCHF, she might be able to justify the impeccable results of the 8/15 trades. But if she can’t demonstrate that she was a repeat "banger" in the FX markets, then the idea that she just happened to think the CHF was “cheap” and was worthy of a spec, falls very, very flat.

 

It is a fact that 70 to 80 percent of the financial transactions of the Gallery are in dollars. The reason is that the artists come from many different ethnic groups, and that we participate in many art fairs around the world.

Kashya is attempting to argue that her FX trading is directly related to her art gallery business. Oh really? If that were the case, this story would never have made the headlines. If she had purchased a specific painting that was priced in dollars it could be argued that the transaction was in the normal course of her business. Importers hedge their FX exposures all the time. That’s not what happened here.

There was no painting that was being hedged. If there were, Kashya would have shown an invoice long ago. This was an outright speculation on her part. The proof is that she never took delivery of the dollars she bought. When she had a big unrealized gain, she did what any smart spec would do, take the profit.

Some personal color on this. Kashya worked for Moore Capital fifteen years ago. Guess what? During that same period, I was playing hard in the FX markets. Check my Bio. I knew Moore from back then. Louis Bacon was running the show. Moore was then (and still is) on the very top of the list of big hitters in the FX markets. They had deep pockets, great traders and they were wired.

There are no laws on the books (that I know of) regarding insider information and FX trading. Information is the key to success. Information comes in the form of expensive data systems. It also comes the old-fashioned way, word of mouth. That was true in 1995. It’s no different today. Kashya worked in a shop that understood how money was made in FX. You don't forget these lessons. FX has always been about the money, and how to get more of it.

Here's my suggestion to Kashya and Philipp Hildebrand, the Swiss media (who are reading this, thanks!) and Christoph Blocher:

Publish the FX trading activity for Kashya Hildebrand for the past 12 months. There are only two possible outcomes:

 

A) Kashya was a regular FX trader. She bought and sold CHF against other currencies on more than one occasion over the course of a year.

B) The 8/15 speculative transaction was a one-of-a-kind event.

Which one is it? If it is A, then Kashya repeatedly abused her position. She put her husband at risk for conflict of interest considerations. Philipp would have been an ass to let her do any regular trading. If scenario A is proven, then Philipp looks very bad indeed. It would have been extraordinary poor judgment on his part if this were the case.

If it is B, then Kashya is damned. She had to have a very specific reason to do an FX spec. If it’s shown that this was a unique event, then it’s compelling evidence that she acted with specific foreknowledge. She was wired, just like the firm she used to work at was famous for being.

A or B, I think that Kashya’s attempt to defuse this issue has backfired. She has put herself (and her husband) in a difficult corner. She has offered up an excuse for her actions.  Now it’s time to reveal some facts. Either way, it will look bad.

The outcome of this is far from certain. If Kashya is either caught in a lie, or shown to be a regular FX trader, it could easily mean the end for Mr. Hildebrand. This affair just makes the SNB look silly. That won’t be tolerated for long.

I do wonder if there are any FX implications attached to all of this. My guess is that if we were to get a surprise new head of the SNB there would be no change to the 1.20 EURCHF peg. At least not right away. But if there is a change at the top at the SNB, I suspect the life span of the peg will be shortened.

We may well have a situation where the market is forced to ask the question:


“Now that the brainchild of the peg is gone, how much is the

SNB willing to intervene at 1.20?”


If the market forces this issue, it will have broad consequences. A speculative attack on the CHF would upset all markets. Thanks in advance Kashya!

.

 

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Wed, 01/04/2012 - 17:47 | 2033772 JLee2027
JLee2027's picture

Having your wife as a currency trader while you are the head of the Central Bank should be an instant no-no with anyone with half a shred of integrity. Obviously, the crooks are so bold now they think "we can get away with anything".

Thu, 01/05/2012 - 03:02 | 2034722 Non Passaran
Non Passaran's picture

Maybe he hedged her with a few international hookers.
I hear that's a best practice.

Thu, 01/05/2012 - 12:21 | 2035668 AldousHuxley
AldousHuxley's picture

You will see whom Mr. Hildebrand really sleeps with in Davos which nowadays has more golddiggers than the playboy mansion.

 

Kashya is just a business partner execute insider trades under a different name.

 

 

 

 

Wed, 01/04/2012 - 19:49 | 2034030 disabledvet
disabledvet's picture

it should be. Good copy for Zero Hedge sleuths though! And don't we all hear the usual "zero hedge refrain" as a consequence? what?!!! you all don't know it yet????!! wellll, back by popular demand: http://www.youtube.com/watch?v=xPDwQwM1cLU&feature=player_detailpage

Wed, 01/04/2012 - 18:05 | 2033814 lotsoffun
lotsoffun's picture

anybody seen jon 'i can't recall' corzine and the 1.2 billion lately?  they all know there are no repercussions

 

Wed, 01/04/2012 - 23:45 | 2034514 Boxed Merlot
Boxed Merlot's picture

He's hangin with the spouse of FBI file misplacement "I don't recall" US secretary of state, the honorable Rodham.  Kinda funny that on the timeline, the reallocation of the MFG depositors frn1.2B happened after this event.

Thu, 01/05/2012 - 12:28 | 2035705 AldousHuxley
AldousHuxley's picture

The Clintons pulled this off long time ago...

 

When Bill became governor of Arkansas, cattle future experts from Tyson Foods, Arkansas' largest employer, "advised" Bill's wife to profit $100,000+ back in 1978 dollars ($350,000 in 2011 dollars) while Hiillary only had $1000 in her bank account.

http://www.washingtonpost.com/wp-srv/politics/special/whitewater/stories...

 

You gotta ask why would lawyers dabble in cattle business? quid pro quo.

 

That's how the game works folks. Elites don't do capitalism free market competition bullshit. They live the insider trading, tax free profit, government subsidized special retirement, above the law status lives.

 

 

Wed, 01/04/2012 - 17:57 | 2033798 Freddie
Freddie's picture

Democrat Warren Buffet allows all of his assistants to engage in insider trading and he let's Berkshire dodge taxes.  Democrat Jon Corzine loots companies and bankrupts states with no consequences.

This Swiss insider trading looks pretty minor by comparison.

 

Wed, 01/04/2012 - 19:55 | 2034047 disabledvet
disabledvet's picture

which state did he bankrupt? (hint: you cannot say New Jersey because "it's what they wanted.") Also...just a point of order here..."looting" and "stealing" are two different things. "Looting" assumes "that's all there is and there ain't no more." The term "stealing" however means "there's a lot more where that came from...if only the authorites would let us take it!" That's why i call the MF Global thing "stealing." In other words "the serial numbered gold is only being partially taken"...unless of course "the Judge discovers that the serial number thing is an issue" and "therefore we're gonna take the whole bar as if it never existed in the first place." Of course this could be construed as "just a point of view". In that case what say you, Freddie?

Wed, 01/04/2012 - 17:42 | 2033757 Quintus
Quintus's picture

I'm certain this fucker was wholly or partly behind the massive raid on Gold seconds before the Euro peg was announced.  I hope he rots in jail for this and his undoubtedly many other crimes against the investing community.

Wed, 01/04/2012 - 17:37 | 2033747 Clowns on Acid
Clowns on Acid's picture

Oh yeh...lets check little Timmy's US T bond (ETFs) trading history.

When one is going to buy back a Trillion mortgage backs, wouldn't be prudent to buy the long bond a few days before?

Pity that Bill Gross didin't get the memo.

Thu, 01/05/2012 - 12:30 | 2035717 AldousHuxley
AldousHuxley's picture

Bill Gross bought Greenspan and the other "kashy" Neel  Kashkari of TARP fame. You can't do better than that legally.

Wed, 01/04/2012 - 17:34 | 2033739 Clowns on Acid
Clowns on Acid's picture

Geez, Kashya shoud have spoken with Hillary Clinton.

Hilary gets credited for a Cattle futures trade netting a $100k profit (that was real money back in the 80s), even though this trade was the first and only futures trade she has ever "taken" in her life !!

Hillary just kept quiet, as did all her corrupt to the bone Arkansas kleptocrats, and let the Lame stream media bury the story for her.

No CFTC investigation, no SEC, just the LameStream media commenting on how smart Hillary is (therefore ...of course she picked the bottom and top of a 1 month cattle futures trade.)

The only thing Hillary has in common with cattle futures is her bovine appearance.

 

Wed, 01/04/2012 - 22:32 | 2034382 BidnessMan
BidnessMan's picture

There is still time for Kaysha to learn from Hillary.  If the trade paperwork goes missing, it can reappear on a coffee table at SNB in a couple of years, just like the missing Rose law firm files remarkably showed up on a coffee table at the White House after a couple of years.  Hillary was the original "I can't recall" girl.  I bet Kaysha will be shocked -- shocked! -- that the trades paperwork somehow goes missing....  

Can imagine the SNB PR Damage Control team was busy misplacing all the trading records right after the TV interview was broadcast. 

Thu, 01/05/2012 - 12:54 | 2035844 AldousHuxley
AldousHuxley's picture

if kashya follows hillary, then you will have kashya running for her husband's central bankster position in a few years!

Wed, 01/04/2012 - 17:35 | 2033738 847328_3527
847328_3527's picture

How vulgar to apply The Law to the Liesure Class---the Nobility, the Upper Crust---to apply the same vile laws that Hoi Poloi Rable are subject to.......how can you?!

It's Unthinkable!

Wed, 01/04/2012 - 17:32 | 2033730 non_anon
non_anon's picture

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Wed, 01/04/2012 - 17:04 | 2033669 vegas
vegas's picture

The only surprise here is that anybody would find it surprising. Wives, girlfriends, and mistresses have been trading FX on sugar-daddy info since the inception of trading. The only rule in FX is that there are no rules. A few months ago when Greece started to implode I wrote that somebody should go and check the Mercedes Dealerships in Athens to get a good idea who was really profiting from that mess. Seems I should have suggested Zurich.

 

http://vegasxau.blogspot.com

Wed, 01/04/2012 - 17:02 | 2033662 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Martha Stewart!

Phillip H. gets a new girlfriend while K. goes to the pokey.

The guy at Sarasin who leaked gets the gallows.

Let the punishment fit the crime.

 

Thu, 01/05/2012 - 12:58 | 2035862 AldousHuxley
AldousHuxley's picture

Philiip already has girlfriends from Davos.

 

He will just demote Kashya and use her as the scapegoat, while promote one of the girlfriends to new wife status just in time for the next FX intervention.

 

 

Wed, 01/04/2012 - 17:02 | 2033661 snowlywhite
snowlywhite's picture

it was an excellent moment to short chf. I've shorted and I was happy. Both technically and fundie(no econ can cope with 40% currency appreciation in 1 year - it was obvious they'll move, and technically the exhaustion was there)

 

that being said... as obvious as it might be, you shouldn't do that when you're in bed with snb. And anyway, not for such a paltry sum... it's just dumb.

Wed, 01/04/2012 - 19:59 | 2034055 disabledvet
disabledvet's picture

let us not confuse "dumb" with "obvious." God help us if someone uses the term "lawless" of course!

Wed, 01/04/2012 - 19:44 | 2034012 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

Yes, she's jeopardized a lot more value in freedom (if she goes to the slammer), social status, etc for 83K (pre-tax). Not to mention having her husband lose his job as well. Doesn't sound like a good deal.

Thu, 01/05/2012 - 03:07 | 2034724 Non Passaran
Non Passaran's picture

Wouldn't make sense unless she was one of those psychopaths described in yesterday's article.

Wed, 01/04/2012 - 17:02 | 2033660 DeadFred
DeadFred's picture

Jeesh! Bank heads getting in trouble because some rule was violated, don't they have TBTF rules in the Alps? How primative.

Wed, 01/04/2012 - 22:42 | 2034403 SillySalesmanQu...
SillySalesmanQuestion's picture

+1  LMAO

Wed, 01/04/2012 - 17:00 | 2033655 etresoi
etresoi's picture

C'mon Bruce, a $500,000 forex trade is rather smalll almost insignificant.

If Kashya had any real inside info, she could have traded it to Moore for a big payout.  As you said, she was familiar with the way Moore operates.

Wed, 01/04/2012 - 17:03 | 2033668 DeadFred
DeadFred's picture

Any way to see what Moore's trades were in that time period? Just curious.

Wed, 01/04/2012 - 16:58 | 2033649 Widowmaker
Widowmaker's picture

Bruce, I keep getting the feeling that you are trying to play coy.

The fact everyone in finance knows is that this edge (insider profiteering) happens literally everywhere, all the time -- ALL THE TIME. 

I've been exposed to inappropriate material information many, many times over the years. 

Don't kid yourself, it isn't about bad judgement, it's about money.  Sadly, there is no conflict of interest at the top.

 

 

Wed, 01/04/2012 - 18:46 | 2033827 Irelevant
Irelevant's picture

The question is who wanted to fuck mr. president of the SNB? He has strong enemies if they got this info out. This is actually war between the elites. This is will get interesting.

P.S.

Or who wanted to fuck the person/grup who is behind mr. president.

CH is a interesting country. I don`t think the swiss are happy with the federal government at the present time. We should ask a person from Uri how does he feel about the franc being devalued into oblivion so the eurocrats can still pretend the euro fiasco is working.

It must be noted that as more and more europeans will understand how short the life expentancy of the euro is they will flock to buy swiss francs. People in europe have no idea who Hildebrand is, they have no idea he is printing. They will just buy francs because, in their minds, they perceive it as safe, as a store of value. When simple folk start buying up swiss paper SHTF.  

Wed, 01/04/2012 - 20:03 | 2034063 disabledvet
disabledvet's picture

you misspelled "irelevant."

Thu, 01/05/2012 - 04:49 | 2034766 Irelevant
Irelevant's picture

In english yes, in my native language no :)

Wed, 01/04/2012 - 16:57 | 2033646 Big Ben
Big Ben's picture

Hey! She was just generating a little "Kashya" for Christmas. What are you Bruce? Some kind of Scrooge?

Seriously, I agree that those trades stink to high heaven and there is no way that the wife of the SNB president should be engaging in any sort of FX trading at all.

But I suspect that nothing at all will be done about it. Just as in the US, insider trading by government elites and their hangers-on is expected behavior by people who regard the government as their own private ATM machine.

Thu, 01/05/2012 - 05:31 | 2034790 margaris
margaris's picture

what I dont get is, why didnt she go for broke? Why only 5 figure profit.... she thought that would keep her under the radar?

Why not some 50:1 leverage with those 400k. Make a profit of 2 Million maybe? (say buy below 1.1 , sell at 1.2 EUR/CHF)

Maybe she is innocent, I am just saying...

Or whats the point?

If you have insider tips in FX you go for broke: full fledged high leverage ALL IN style,

especially if you are married with SNB.

 

Wed, 01/04/2012 - 16:54 | 2033641 Joe Davola
Joe Davola's picture

I'd hate to be the leaker in all this mess, best case he ends up starring as the Swiss Miss in the prison showers.

Wed, 01/04/2012 - 18:21 | 2033842 Bruce Krasting
Bruce Krasting's picture

He was arrested.

Wed, 01/04/2012 - 20:05 | 2034068 disabledvet
disabledvet's picture

and then what happened? the "Young Whistleblower's Association" wants to know!

Wed, 01/04/2012 - 18:59 | 2033897 Irelevant
Irelevant's picture

Per BW:

Jan. 4 (Bloomberg) -- Swiss central bank President Philipp Hildebrand will tomorrow break his silence on currency trading by his wife after a U-turn by officials led to the release of an internal report on the transactions and rules governing them.

Hildebrand, 48, will “comment on the last days’ events and respond to questions,” the Swiss National Bank said in an e- mailed statement from Zurich today, calling some media reports “partly incorrect.” It also released a report by PricewaterhouseCoopers LLP conducted last year, saying the transactions by the president and his spouse were in line with central bank rules that were also disclosed today.

With its move, the Swiss National Bank yielded to growing pressure by local media alleging that the central banker may have used insider knowledge to his advantage. Two out of three currency transactions that were investigated more closely and conducted last year were cleared, while one dollar purchase carried out by Kashya Hildebrand without her husband’s knowledge was seen as “delicate” by investigators.

The affair cuts to the core of Swiss politics and finance. Kashya Hildebrand’s currency purchase came about three weeks before the Swiss National Bank rattled investors by imposing a ceiling on the franc for the first time in three decades. In addition, Bank Sarasin, a Basel-based private bank, said it fired an employee who passed data on the trades to Christoph Blocher, vice president of the Swiss People’s Party, who last year called on Philipp Hildebrand to resign after the SNB’s currency transactions led to a record loss.

Dollar Transactions

On Aug. 15, Kashya Hildebrand spent 400,000 francs to buy $504,000 without informing her husband first. He was only told of the transaction on the following day and instructed Bank Sarasin only to act on his orders in future, according to the report. In March, he had carried out a currency transaction worth 1.1 million francs, following a Swiss property sale.

The Bank Sarasin employee, who wasn’t named, worked in information technology and passed the data to a lawyer, who then arranged a meeting with Blocher on Nov. 11, the bank said.

The employee went to Zurich’s police on Jan. 1 and admitted criminal misconduct, according to the statement.

Criminal Complaint

Weltwoche magazine said that the Bank Sarasin employee has filed a criminal complaint against Hildebrand for alleged insider trading. An official for the state prosecutor in the Swiss canton of Zurich declined to comment on whether the prosecutor received a complaint.

Philipp Hildebrand was first informed about the allegations on Dec. 15, the day the central bank left the benchmark interest rate at zero and maintained its franc cap of 1.20 versus the euro. He then fully disclosed details about his own and his family’s bank accounts.

The PricewaterhouseCoopers probe was commissioned by the SNB Bank Council, the central bank’s supervisory body, who made a statement on Dec. 23, exonerating Hildebrand and his family.

Kashya Hildebrand, a former hedge fund employee, said in a statement published on Swiss Television’s 10 vor 10 program late yesterday that she purchased dollars because “it was at a record low and almost ridiculously cheap” at the time.

‘Very Surprised’

“The day after the dollar purchase, the SNB’s general counsel was informed for the sake of transparency, and there were no objections to the transaction,” she said. “That’s why I am very surprised about the current interest in the matter.”

Kashya Hildebrand was born in Rawalpindi, Pakistan, to a Pakistani father and an American mother. At the age of four, she moved to the U.S. and later worked for hedge fund Moore Capital Management in New York, where she met her future husband, according to Tages-Anzeiger. After moving to Switzerland, Kashya Hildebrand focused on the art business, opening galleries in Zurich, New York and Geneva. The couple has one daughter and live in Zurich.

Philipp Hildebrand joined the SNB’s governing board in 2003 after being chief investment officer at Zurich-based Vontobel Group and Union Bancaire Privee in Geneva. He became SNB president in January 2010.

Billionaire entrepreneur Blocher, 71, helped to transform the Swiss People’s Party from an agrarian group to a populist anti-immigrant party. He was ousted from the Cabinet in 2007.

After the central bank amassed a record loss of $21 billion in 2010 through foreign-currency actions aimed to fight deflation and help exporters, Blocher said Hildebrand should resign, calling the moves “senseless speculation.”

--Editors: Simone Meier, Jeffrey Donovan

This is very very interesting. This is will become much more interesting and Kashya is dumb as a road sign, husband is not far behind:

While at university, he was regularly part of a group of students that helped out during the Annual Meetings of the World Economic Forum in Davos, Switzerland. There, he first met many leading international government officials and bankers. He attended the University of Toronto, Oxford University, and the Graduate Institute of International Studies in Geneva. Hildebrand was a member of the Swiss national swimming team and reportedly almost qualified for the 1984 Olympic Games. According to bloomberg.com, Hildebrand was the "youngest ever governing board member when he joined the SNB in 2003.

Wed, 01/04/2012 - 16:44 | 2033624 Jackfish
Jackfish's picture

Meanwhile, what about the bank employee who broke Swiss law to report the trade?  Bloomberg reports that the employee has been fired.  Does Blocher owe him/her a sinecure?

Wed, 01/04/2012 - 17:42 | 2033754 the tower
the tower's picture

1. Blocher used illegally obtained information, information that violated the Swiss bank secrecy law.

2. Blocher has been laundering money using the same Swiss laws to funnel Jewish Defence League funds to Denmark, Holland, and France (yup, Le Pen and Wilders).

Kashya made some pocket money, Blocher tried to set the continent on fire.

Let's be honest, they are all criminal psychopaths...

Wed, 01/04/2012 - 16:39 | 2033604 Voodoo-economist
Voodoo-economist's picture

interesting bit, we will see how it turns out. They will probably give Hildi absolution and try to burry everything due to the fact that they cant have a weak CB right now.

Wed, 01/04/2012 - 17:26 | 2033717 Urban Redneck
Urban Redneck's picture

It's kind of hard to bury the thing when the whore won't keep her mouth shut, and now hubby is going to throw fuel on the fire tomorrow- he needs to announce his resignation- or the board needs to FIRE him, otherwise the SNB will appear weak and unstable, politically- which would not be a good thing in the current market environment.

They managed to very quietly dig a very nice little hole, that should have worked just fine if everyone had remembered the first rule of the Insider Graft/Political Club...  

Wed, 01/04/2012 - 16:37 | 2033593 blu
blu's picture

She would have perhaps been better off to have simply replied "Let them eat cake." At least that would have been keeping to character.

Wed, 01/04/2012 - 20:08 | 2034071 disabledvet
disabledvet's picture

"let them eat trade" ain't good enuf for ya, eh?

Wed, 01/04/2012 - 16:41 | 2033614 NotApplicable
NotApplicable's picture

As evidenced by Jon Corzine, blank stares and drooling seems to be an effective strategy.

Wed, 01/04/2012 - 22:12 | 2034342 Freddie
Freddie's picture

As evidenced by Jon Corzine, blank stares and drooling seems to be an effective strategy.

Corzine's a Democrat, friend of the islamic and ex-Goldman - he gets a free pass to steal.

Thu, 01/05/2012 - 01:57 | 2034668 forexskin
forexskin's picture

once again freddie, you have been divided and conquered.

learn: they all work for the same paymaster, and it ain't you

Wed, 01/04/2012 - 23:55 | 2034532 FeralSerf
FeralSerf's picture

How's that different from the Republicans, the ex-pres and his ex-pres' dad that's pals with the (Islamic) bin Ladens and his treasury sec'y that was the Goldman CEO?  Didn't they get free passes too?   I don't see any different between any of them -- they're all criminals.

Thu, 01/05/2012 - 08:46 | 2034994 Chuck Walla
Chuck Walla's picture

But we are told to expect such behavior from Republicans. What party holds itself out as the Champion of the Little Guy?  While it stuffs its pockets at the same trough.  I prefer my thieves more on the up and up.

Thu, 01/05/2012 - 06:36 | 2034854 Sunshine n Lollipops
Sunshine n Lollipops's picture

Freddie will stay on-message come hell or high water. You forgot to remind us to stop watching TV, Fred.

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