SNB Chief steps down amid scandal

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ancona

Praying Mantis
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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.....
 
Just a few hours ago, it looked like he would survive this.
Then the parliament subpoenaed him to testify, suddenly he steps down :doodoo:
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.
 
Unfortunately, when you cut off a head of the hydra, it just grows another one.
 
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.
 
Says he coming directly from the Bank for International Settlements (BIS) in Basel.
Maybe they told him to step down.
 
Thanks for the live updates sa. Much appreciated.

I'm guessing he was given an offer he couldn't refuse Godfather style.
 
swissaustrian said:
Says he is going to testify before parliament anyway.
Click to expand...

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?
 
Mrs Hildebrand is an American citizen. Reporters says could have used her husbands account to avert US taxes.
 
Says very challenging times ahead, wants to maintain credibility of the SNB.
"Not sure we can continue to defend the Swiss economy" (paraphrasing)
 
Thanks journalists aka "presstitutes" for fantastic cooperation in the last 8 years.

OK I´m outta here gotta hit a plane.
See you later.
 
One last thing:
Hildebrand cited Woodrow Wilson, the US president who signed the FED act
 

http://www.zerohedge.com/news/socgen-hildebrand-departure-next-steps-will-snb-have-make-move
 
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?
 
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