Swiss Banker Expresses Regret over Dollar Trades ; but He Says He Violated No Laws or Rules and Does Not Intend to Resign

By Ewing, Jack | International Herald Tribune, January 6, 2012 | Go to article overview

Swiss Banker Expresses Regret over Dollar Trades ; but He Says He Violated No Laws or Rules and Does Not Intend to Resign


Ewing, Jack, International Herald Tribune


Philipp M. Hildebrand, head of the Swiss central bank, said he regretted the trades that have clouded his reputation but maintained he broke no laws or regulations.

Philipp M. Hildebrand, head of the Swiss central bank, said Thursday that he regretted currency trades that have threatened his international reputation as an advocate for tougher bank regulation, but he maintained that he had violated no laws or regulations and would not resign.

"I am not aware of any legal transgressions," Mr. Hildebrand said at a news conference in Zurich. "But I understand that the public also poses the moral question."

The 48-year-old head of the Swiss National Bank, who played a high-profile role in formulation of new global standards designed to limit risky behavior by bankers, was by turns contrite and angry during the one-hour appearance, which was broadcast on the Internet.

While expressing regrets, Mr. Hildebrand portrayed the accusation of insider trading as the work of his enemies on the Swiss political right, and said he was considering taking legal action against those who used information stolen from a personal account at Bank Sarasin, a Swiss private bank.

"The personal attacks against me have reached the point where I had to defend myself," Mr. Hildebrand said.

An information technology worker at Bank Sarasin faces a criminal investigation for allegedly giving the information to the Swiss People's Party, whose most visible leader, Christoph Blocher, has been a bitter critic of Mr. Hildebrand.

Appearing on a Swiss television program Thursday, Mr. Blocher confirmed that he had passed on information about the transactions and called Mr. Hildebrand "no longer tolerable."

But Mr. Hildebrand also faces a storm of criticism across the political spectrum, with members of Parliament and commentators questioning whether he has damaged the credibility of the Swiss National Bank and Switzerland's image abroad. Mr. Hildebrand is vice president of the Financial Stability Board, a group of central bankers and regulators that plays a leading role in recommending bank regulations to the leaders of the Group of 20 nations.

Mr. Hildebrand vowed to "continue to apply all of my energy to my job as president" of the Swiss central bank.

During the news conference, Mr. Hildebrand denied a key assertion by Weltwoche, a right-leaning Swiss magazine that first reported many details of the accusations. The publication said it had evidence that Mr. Hildebrand, and not his wife, had personally made a large investment in dollars just days before the Swiss National Bank stepped up its intervention in currency markets. The central bank was then engaged in an intense effort to stem the rise of the franc and protect Swiss exporters.

Mr. Hildebrand said that his wife, Kashya Hildebrand, had legal power to use the account and bought dollars because she considered them very cheap. He described her as an economist and "strong personality" who takes a keen interest in finance. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Swiss Banker Expresses Regret over Dollar Trades ; but He Says He Violated No Laws or Rules and Does Not Intend to Resign
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.