swissaustrian
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Just to show you guys that Switzerland is corrupt aswell:
This news only emerged in Swiss newspapers so far, so I translated a German article for you by using microsofttranslator. I´ve put some additional information in [brackets]. The newspaper NZZ (Neue Zürcher Zeitung) is basicly defending Mr Hildebrand (SNB chief). This doesn´t come as a surprise, because they´ve been a mouthpiece for the SNB ever since the foreign exchange interventions started in late 2009:
The last sentence is the icing on the cake :doodoo:
This news only emerged in Swiss newspapers so far, so I translated a German article for you by using microsofttranslator. I´ve put some additional information in [brackets]. The newspaper NZZ (Neue Zürcher Zeitung) is basicly defending Mr Hildebrand (SNB chief). This doesn´t come as a surprise, because they´ve been a mouthpiece for the SNB ever since the foreign exchange interventions started in late 2009:
http://www.microsofttranslator.com/...l/blochers_fragwuerdige_rolle_1.14015441.htmlOne day before Christmas Eve the Bank Council of the Swiss National Bank (SNB) surprised the public with a cryptic message: rumors were investigated, according to which Philip Hildebrands wife Kashya commited insider trading in the foreign exchange. Specifically she had done two transactions, the three weeks before the pegging of the Swiss franc to the euro on September 6. The Board - the Board of supervisors of the SNB - have these transactions at the request of the SNB President as well as all movements of the Hildebrand family retrospectively examine can be. The findings: Hildebrand did not do anything wrong.
At this press release, a lot was puzzling. In particular, it remained unclear why the Bank Council denied a rumor, which actually nobody had heard of something. At the time of the publication of Communiques, not a single journalist at least had knowledge of allegedly problematic foreign exchange transactions in the House of the SNB President. On what rumors referring the Bank Council specifically? And where they circulated?
New edition of the campaign
Now, the fog will scan: evidently Christoph Blocher [necon-type billionaire politician] plays a central role in this affair, as is to learn from the environment of the Bank Council. He has played to namely woman the confidential information on the transactions of Hildebrand get. Blocher contacted President Micheline Calmy-Rey to the December 15 and based on these suspicions. In a further meeting, he presented her the documents. The President consulted on Finance Minister Eveline Widmer-Schlumpf. André Simonazzi, Federal Council spokesperson, confirmed that the President had received information in December. It is not at the waist, to name a few involved persons.
Then, the two Bundesrätinnen [members of the executive government] confronted Hildebrand with the Insider charges. This responded immediately: He gave the power of Attorney of all its finances, a neutral person. They then allowed a double review of all accounts of the family: by the head of the Federal financial control and the book screen experts at PricewaterhouseCoopers (PwC). Within a week, these investigations had been completed and submitted to the Governing Council. It discussed the results within the framework of a special meeting on Thursday, 22 December, and was then unanimously confidence Hildebrand. The public took place only after the Federal Council in the context of its meeting had taken note and approved the media release on 23 December by the decision of the Bank Council. Previously, the Federal Council Hildebrand and Hansueli Raggenbass, President of the Bank Council, had personally listened to.
Information needs of the Federal Government explains
The decision to inform the public about not in fact known rumors, becomes plausible in this context: with Christoph Blocher as interface receives the whole insiders campaign against Hildebrand a political touch. As you know, Blocher via «World week» [big newspaper] had tried for months to lift the SNB head from the saddle. First, the rapid rise of the Swiss franc forced the SVP [Blocher´s political party, neocons] strategists to a spectacular zig zag. Obviously, the Federal Council [executive branch of the federal government] last week decided to go into the offensive with its information policy by considering that a new edition of a campaign against Hildebrand was on the horizon. They were aware that continued attacks on Hildebrand could have disastrous consequences for the Swiss franc exchange rate.
The fear of a new edition of this campaign is not from nowhere. Than hours two before (!) was released on Friday the communiqué of the Bank Council, enough SVP National Councillor Hans Kaufmann an interpellation a titled «SNB and Swiss Stock Exchange Act». He founded the "NZZ am Sonntag» his motion that he had heard earlier rumours according to which national bank employees have information about upcoming market intervention and foreign exchange transactions to be made. These rumours seem to circulate in SVP-related circles. Last Saturday the «Aargauer Zeitung» [newspaper] cited a a Zurich banker: «the rate fluctuations just before the intervention stink to heaven.» Various SMEs were also selectively supplied with informations in advance.
Account at Sarasin [Swiss private bank]
How the documents of the private accounts of Kashya Hildebrand came into possession of Blocher, is unclear. However, it is clear that the information be of a such level of detail, that they only illegally can be been procured. Who gave this information, has guilty likely violation of banking secrecy.
The account in question was located at Bank Sarasin. It was sold recently to the Safra group. In advance, the buyers were given the opportunity of an in-depth examination of the Sarasin books. It is conceivable that the confidential information in this regard in the hands came third. It is clear that none of the big banks are involved. These had been fighting with Mr Hildebrand over the "Too big to fail" laws [new banking regulations] in the past. Therefore it has been speculated temporarily the action was an act of revenge of the Bahnhofstrasse [two big banks: UBS and Credit Suisse].
As a whole, the story raises the presumption, it was with the affair to a politically motivated exercise to the destabilize the SNB President. The fact the suspicions are as little sound, the following fact: the profit potential that beckons Hildebrand from the two transactions, shall be according to the "NZZ on Sunday» to a medium-sized five-digit amount. For this, no central banker in the world risks his job.
The last sentence is the icing on the cake :doodoo: