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SNB's Hildebrand Defends Himself From Insider Trading Accusations, Says Will Remain Head Of SNB
The head of the SNB Philipp Hildebrand has released his first public remarks over the allegation that he, his wife, or his daughter (it is still not quite clear just who frontran the Swiss Bank) profited massively by trading the CHF ahead of the SNB currency floow announcement. Below is a summary of his statement via Reuters and Bloomberg.
NO BREACH OF THE LAW
"I have at all times time conducted myself not only as the regulations require but also correctly. I am not aware of any legal breaches. But I understand that the public also asks moral questions.
"The rules of the SNB on own trading is equal to the European standards."
SECRECY BREACHED FOR POLITICAL GOALS
"I'm sorry that circles, which for years have been vehement proponents of Swiss bank secrecy, are willing to accept gross breaches of banking secrecy in their pursuit of political goals."
And in summary:
- HILDEBRAND WON'T RESIGN OVER CURRENCY TRADES - as if anyone ever takes responsibility for their crimes, er, actions
- HILDEBRAND SAYS THERE WASN'T ANY ABUSE OF PRIVILEGE- just the law?
- HILDEBRAND SAYS REASON FOR LONG SILENCE WAS LACK OF INFORMATION - unable to plead da fif?
- HILDEBRAND SAYS HE SHOULDN'T HAVE LET HIS WIFE MAKE TRANSACTION - isn't that always the case?
- HILDEBRAND SAYS HE WAS UNAWARE OF WIFE'S TRANSACTION -it all Bush's fault... er, the wife, the wife.
- HILDEBRAND SAYS IT'S NOT HIS JOB TO DISCLOSE SOURCE OF LEAK - correct: the cops will do that
- HILDEBRAND SAYS EVENTS HAVE RAISED QUESTIONS DEMANDING ANSWERS - when in doubt - use cliches
- HILDEBRAND SAYS HE'LL COUNTER ATTACKS ON HIS PERSONALITY - he has a great personality
- HILDEBRAND SAYS SNB RULES MEETING EUROPEAN STANDARDS - in blowing up central banks surely
- HILDEBRAND SAYS TURBULENT TIMES DEMAND MORE TRANSPARENCY - no comment
- HILDEBRAND SAYS THERE WAS NO SHORT-TERM CURRENCY SPECULATION - for tax purposes?
- SNB HILDEBRAND SAYS FAMILIY PORTFOLIO FOR LONG-TERM PURPOSES - long-term legal bills and all
- SNB HILDEBRAND SAYS HE WOULDN'T REPEAT TRANSACTIONS TODAY - So no new currency floor coming in the next week?
- HILDEBRAND SAYS HE'LL DRAW PERSONAL CONCULSIONS AT END
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FIPS SAYS: DAMN THOSE DEJA-VUs!
On days like these we can feel truly proud of American congressional integrity. Corruption is rampant overseas and I'm glad to see that both Obama and Romney take a strong stance against corruption in the US. We MUST NOT allow this irresponsible behaviour to corrupt our congress or Federal Reserve, and it is up to all Americans to vote RESPONSIBLY int order to maintain this integrity.
So... you'll be voting Paul then?
When TSHTF, not only will Hildebrand be separated from his post as head of the SNB.
The mob will literally separate his head from his torso and everyone will watch on youtube Hildebrand's "headless chicken dance".
Seems like this whole affair might have been meant to prevent Kashya from taking profits on the next CHF quantum leap, which will be when the euro plunges below 1.20 and the "CHFEUR" peg is jettisoned. CHF will then truly soar like the foam in an improperly poured Guinness.
You're overreaching with the "congressional integrity" line. Not even the party faithful are that stupid.
Sorry, gonna have to dock you for that one.
Long live MillionDollarBonus_ and the party line he shares with us so poetically! You are truly gifted...
By the way, corruption, DSK, Berlusconi, Hildebrand - all brought down by women "issues" - perhaps we should have monks in positions of power?
Let's ask the Greek for some
Relax G,
Once the world is brought under sharia law as the powerelite have planned, women will be relegated to their place under a burkha and in a harem. When that happens, there's no way they'll be able to ruin otherwise uncorruptible men.
Bet the directions on the bottle of Defaulta said one caplet per month -- how many did you take?
Another weak effort by MDB. Where's HamyWanger?
MBD... YOU ARE A FUCKING MOULDY PIECE OF SHIT. FUCK OFF AND TAKE YOUR OTHER COMPANY TROLLS WITH YOU.
There is NO way that that many people would agree with your comment unless they were PAID SHILLS,like yourself.
You are a disgusting excuse for a human.
Fuck you and your so called tough on corruption President.
What a fucking joke.
If I were to ever meet you,I would slap you fucking silly...Fuck Head,
I love pillow talk!
She wore blue velvet
But in my heart, there'll always be
Printing up a storm - the SNB
Through the recession years
And I still can see blue velvet
Through my tears...
http://www.aargauerzeitung.ch/schweiz/kashya-hildebrand-ist-schockiert-u...
H-brand's Honest.
He didn't make the trade, his wifey did. Now how the hell's he supposed to know when somebody's listening in on the extension in the drawing room at the other end of the Castle?
Honey! I'm about to call the office!
Hildebrand:
http://www.flickr.com/photos/expd/6053285340/
Not! Short! Term! Insider trading!
I'm sure Hildenbrand had a scope on long USD/CHF for some time... /sarc.
A corrupt banker? Never! I don't believe you.
come on, the scandal came over end of the year, when the case was known to his political opponents since a long while.
That's just scandalistic journalism!
He sounds like Corzine. What a bitch.
Never believe something until its officially denied.
Here, lemme make that denial official....
And what about his off-shore activity?
Believe it or not, the lawyer's cannons of ethics require lawyers to avoid the "mere appearance of impropriety."
That is certainly not to say all lawyers adhere to the rule as many of them become politicians and ponzi artists.
But the world would be well served, if everyone, including the "big people" as the Germans say, would adhere to it.
Anyone who believes the academic community is addressing this problem adequately is on ludes.
AAh ludes....dating yourself there my friend.
Maintaining the appearance of ethics aside, WTF was netted from this 80K? meanwhile Rome, Brussles, Frankfurt all burn.
Bet the bitch will keep her mouth shut from now on.
Corzine netted that much an hr....
Crack is too cliche for me, acid can be productive under proper conditions and pot is harmless ;-)
Seriously, the whole I'll get mine mentality is embedded in the current world order. Perhaps that should be this year's Davos theme. Gimme Mine!
Dude......
Just say no............to the Ponzi and it's fiat. :)
(Silly rabbit. Don't you know pot is a gateway drug.:>))
She printed the trade at 714
A "gateway drug"...to the Truth that Authority lies (considerably!)
And the funny thing thing is this Cheese Baboon has no idea why he should resign as a result of this. He runs the institution charged with instilling confidence in the state currency and his family is playing Imelda marcos on side bets.
It's a fucking outrage. But so is everything else.
And media people wonder and keep asking what OWS is about? They are all on shitty acid.
Banzai, how do you say this in Swiss German?
"why steal less when you can steal more?"
Ich bin ein prozent.
Ich bin Blankfein.
Ich mag prozac und quaaludes
Copy & Paste is my friend this evening...
The job of SNB is more important to the Confederation than the career aspirations of Philipp Hildebrand. It is the job of the Board of Directors to protect the integrity of the institution. If the board keeps Hildebrand at the helm, then the board is stacked with his sycophants, and more power to anyone who wants to clean house, at least it will require a consensus of the major parties to approve their replacements.
They haven't even made ludes or qualudes in over a decade.
I was strictly organic in my day so I wouldn't know ;-)
You can get them at any convenience store in TJ.
A non denial denial. I love how they are worded.
"I did nothing wrong and I admit to nothing. Oh, and I am sorry you think I did something. You are wrong."
Ew.
I think you meant ewe.........
Damn you never see that in middle America. I'm living in the wrong place.
You just need to get out to Wal-Mart more often.
http://www.peopleofwalmart.com/49983
http://www.peopleofwalmart.com/15586
http://www.peopleofwalmart.com/48274
Man, how did I miss those?
http://www.peopleofwalmart.com/48274
= ROFLMAO!
Apparently, the Brazilian wax is a no-go in Pakistan.
Little child, “The queen has no clothes.” The father, “I know, please be quiet.”
That's nasty. -1 kajillion
Not bad, but you need to adjust the color tone and feather edges.
I didn't think anyone would look at her head.
Better that we KNOW it was a Photoshop™ hack and that women aren't really that ugly (if they can help it!) :>D
Id did nothing, besides its none of your business anyway, now back on those oars, peasants, and ROW HARDER dammit!
Laws are for little people. SEC regulations...pffft. Some PIIGS are MOAR equal.
What the hell is it going to take for people to wake up from their drug induced slumber? The criminals are just sticking it in our faces. I do not understand why people don't just pulled their money from the banks and give them the big fuck you.
The sheeple will cling to their cognitive dissonance and normalcy bias and fight to defend and deny right up until a boot is stomping their skull into mush.
I doubt that individuals have much money in the big banks anyway. More likely various institutions and larger businesses who meaningful alternatives. Like the U. of Texas, where they did the as "crazy" thing of purchasing bullion in an effort to avoid counter-party risk.
I thought insider trading in the currency market was legal. That's why it's considered the wild wild west of markets.
I'm not a currency expert but isn't this the case?
"In the stock market, the largest concern is insider trading. Insider trading is illegal in the stock market, because it is a specific unfair advantage that corporate officers have due to sensitive information they have. However, insider trading is not illegal in the currency market, because there are no "insiders", and also it is not unethical for a bank to sell currencybecause that is the business of the bank! Insider trading does not apply to the currency market; in fact it is the least regulated market in the world"
http://www.chartfilter.com/Forex/the-currency-market.html
If I'm playing the back 9 with Bernanke and he told me he's doing QE in a month can't you trade on that or should I not have done that?
"If I'm playing the back 9 with Bernanke and he told me he's doing QE in a month can't you trade on that or should I not have done that?"
No, you should not have played the back 9 with Bernanke. Have you no shame? :)
All depends on whether your press works.
"No Breach of the Law". Well no, in the letter of the law it isn't going to say your wife can't trade. This is a Clinton response meant to use weasel words and phrases. Get over it world, politico's and their elite brethren will do this kind of shit until the end of time.
http://vegasxau.blogspot.com
As a shareholder of the SNB, I`m deeply satisfied that my CEO defended himself from these silly attacks on the independence of the holy SNB.
now I would very much like an examination of the people behind this whole accusation.
Hildebrand: I am not a crook. Im a fucking idiot that cheats regularly within the "law" (HA!) and got caught.
Is ZH run by Goldman Sachs!? I'm starting to wonder who is rolling this place. It's starting to stink like pinstripes and unethical slut juice.
That A-hole. My CHF lost 10% in 14 seconds after the announcement. Wish he'd given ME a heads up.
EDIT
"But I understand that the public also asks moral questions."
I would like to do bad things to this guy.......
Ditto Fucking Ditto
My worst position/loss of the year, the cocksucker.
Very bad things.
Karma happens.
What makes me so angry is not Hildebrand getting some money. What makes me furious is he is impoverishing with his devaluation and money printing all Swiss except himself. And he knows that, otherwise he would not have done this transaction. Disgusting. And his political statments on the conference are a blatant lie ("I didn´t know all the facts of the puzzle, bla bla bla" what puzzle??) . Time to retire, no matter whether he followed the "rules" properly. Every 5 year old can see the the problem.
And, sorry I can´t stop here .... "PWC and the Finanzkommission" tried to protect him: "He did nothing wrong bla bla". What a corrupt System Switzerland has become!!!! Those guys should be fired as well.
God dammit can we hang these fuckers yet?!?!?!?!
Must have taken lessons from Hank "Screw the People" Paulson... I wonder if the new Consumer Protection Czar will hang that turd by his nuts... AG "Eunuch" Holder, of course, is doing nothing until Blankfein says he can... And timmy geithner is still locked into a stall at the local gay bar...
"I wonder if the new Consumer Protection Czar will hang that turd by his nuts..." Nah, he'll suck his nuts.
Apparently, some animals are more equal than others, with the ruling .001% profiting at the expense of the 99.999% with impunity, as usual.
Now, quick, shoot the messenger who revealed the truth!
We can all ask for some FX trading advice. Send an inquiry. kashya@kashyahildebrand.org
Herman Munster was played by this guy on Swiss TV version of the Munster Family I thought?! Low brows...high forehead....7 feet tall...
Yeah, that's him.
i don't remember who played the Bat Grandpa and Little Eddie.....mmmmmm.
Herman = Fred Gwynn
Grandpa = Al Lewis
Eddie = Butch Patrick
Lily = Yvonne DeCarlo
Fuck you Hilderbrand,you are just another lying piece of shit banker.
Nothing new there.
At least you are consistant.
MBD .
You make me fucking puke.
Fuck off and die.
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