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