that had nothing to do with 'insider trading.' His wife bought some 400,000 US dollars when they hit rock bottom and then, two month later, sold them with a profit of CHF 60,000.-- At least that's what I'm reading in newspapers I do trust. Quoting the 'Weltwoche' is like uhmm, taking Fox News for granted? Not that bad, but close.
The bank chairman also made several other dollar and euro transactions on the foreign exchange market between March and October last year, according to Die Weltwoche, which is close to the far-right Swiss People's Party (SVP).
Hildebrand has come under sustained attack from the SVP and its vice-president Christoph Blocher following the bank chief's efforts to bring down the value of the Swiss franc against the dollar and the euro.
Mr. Blocher knew about this deal for a few months and has come out about it just now. While the whole thing is in poor taste, it is far from inside trading. It has now gone political, which is a good thing. If he resigns over this, good. And then just another honcho takes the seat, with no differences made.
Mr. Blocher recently has lost every election he was running for, also did his party. He wanted to be in the government again, but he won't, so he's now really against the government.
In the end, this case may put the spotlight away from one of his party members who obviously got a few bucks for free, too. Funny enough, this was also reported by the 'Weltwoche.'
I love when they start to eat their own because they have nothing else to chew on anymore. Pathetic.
Edit to add: If it'll be proven that he/she made the transactions while knowing that the Swiss Federal Bank will stabilize the currency exchange rates, he has to go. Then it will be indeed, insider trading.
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