Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Like Tree6Likes

Reply
 
LinkBack Thread Tools
Old 01-09-2012, 08:58 AM   #1
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
SNB Chief steps down amid scandal

According to ZH, SNB Chief Hildebrand has resigned over the FX trading scandal that makes it look like he and his wife made some scratchola on inside information regarding the Swiss Franc. Although these pukes will never see the inside of a jail cell, nor will they be forced to disgorge those ill gotten profits, they have been successfully disgraced.

And, as my Stepmonster used to say, "And if you didn't do it this time, you probably got away with something else" right before beating my ass, so if they aren't guilty this time, I am certain they're guilty of something equally egregious.

I'm just saying.....
swissaustrian likes this.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 01-09-2012, 09:09 AM   #2
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Just a few hours ago, it looked like he would survive this.
Then the parliament subpoenaed him to testify, suddenly he steps down
He`s probably doing it to stop them from looking into the transactions of other SNB employees.

Press conference in 7 minutes, 9:15 am ET. Probably no English translation available.
I´m on my way to hit an airplane in Zürich, gonna update later from Paris.
ancona likes this.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:10 AM   #3
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times
Unfortunately, when you cut off a head of the hydra, it just grows another one.
swissaustrian likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 01-09-2012, 09:13 AM   #4
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Live stream, Swiss Public Television:
http://www.tagesschau.sf.tv/sfvideo/...6-12d7143012e8

Reporters say "total surprise"
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:17 AM   #5
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Reporter says he did it to avert a testimony before parliament.
PMBug likes this.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:27 AM   #6
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
If I was front running my own countrymen, I wouldn't want to testify either. What a bucket of puke. I have no feeling for these scumbags....none.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 01-09-2012, 09:29 AM   #7
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
He is speaking English now
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:36 AM   #8
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Says he is going to testify before parliament anyway.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:37 AM   #9
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Says he coming directly from the Bank for International Settlements (BIS) in Basel.
Maybe they told him to step down.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:38 AM   #10
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
This seems to be totally improvised. He doesn´t even have a pen to take notes.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:40 AM   #11
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times
Thanks for the live updates sa. Much appreciated.

I'm guessing he was given an offer he couldn't refuse Godfather style.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 01-09-2012, 09:40 AM   #12
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
Originally Posted by swissaustrian View Post:
Says he is going to testify before parliament anyway.
Ah well then, He is going to testify before Parliament, who will follow up by doing nothing more than condemning the action and waggling a finger at him, just like our venerable congress did to Jon Corzine, who by the way, is still a free man and not even under indictment.

I guess the axiom 'he who has the gold, makes the rules' rings sort of true here.

It sucks knowing that if I go ten over in a construction zone I get three points on my license and a six hundred dollar fine, yet these fuckers steal millions and even billions and get nothing. Just how fucked up is that?
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 01-09-2012, 09:48 AM   #13
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Mrs Hildebrand is an American citizen. Reporters says could have used her husbands account to avert US taxes.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:53 AM   #14
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Says very challenging times ahead, wants to maintain credibility of the SNB.
"Not sure we can continue to defend the Swiss economy" (paraphrasing)
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:54 AM   #15
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Reporters kissing his a..
Mainly softball questions.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:56 AM   #16
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Accuses "others" of lying.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 09:59 AM   #17
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Thanks journalists aka "presstitutes" for fantastic cooperation in the last 8 years.

OK I´m outta here gotta hit a plane.
See you later.
PMBug and ancona like this.
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 10:09 AM   #18
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
One last thing:
Hildebrand cited Woodrow Wilson, the US president who signed the FED act
swissaustrian is offline   Reply With Quote
Old 01-09-2012, 10:29 AM   #19
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times
Quote :
...
The initial reaction following Hildebrand resignation today was almost limited above 1.2125 even if the global tone for the CHF remains solid. A drop through the 1.2125 zone would open the door to the 1.2000 level. This threat would then force the SNB to react via market intervention. The Central Bank said today it will defend the 1.20 level with “utmost determination”.
...
http://www.zerohedge.com/news/socgen...have-make-move
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 01-09-2012, 12:29 PM   #20
Yellow Jacket
 
DCFusor's Avatar
 
Join Date: Nov 2011
Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times
Yeah, I subscribe to the cockroach theory - you might only see one, but....

What shocks me is how *little* they made off this (at least, revealed profits), not how much. It's a drop in the bucket compared to the normal compensation, why even bother?

I suspect the rest and the resignation is those other cockroaches, not the event we've had reported. And it's probably not just them - other people in high enough places got involved and don't want that to come out, so he gets off. Why should it be any different there than any other country?
DCFusor is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Wife of Swiss National Bank chief suspected of insider trading swissaustrian Fiat Ponzi 11 01-04-2012 06:47 PM


All times are GMT -5. The time now is 07:44 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.