From financialaddict:
In 2003 Philipp Hildebrand was the youngest person ever to join the governing board of the central bank of Switzerland, the SNB. Since 2010 he’s been the chairman of the governing board and the SNB’s public face to the world. Now he’s a heap of trouble and he’s blaming it on his wife.
Hildebrand met his Pakistani-American wife, Kashya, when the two worked at Moore Capital, a New York hedge fund. While Kashya has opened a few art galleries since moving to Switzerland last decade, she apparently still misses the financial world. Last August 15th she supposedly used their private bank account to sell the Swiss franc and buy about $500,000 in USD. This was during a period in which the SNB was making increasingly vocal noises about its willingness to enter the “currency wars” in order to keep the safe haven from becoming too strong. In fact, just two days after Kashya’s trade, the SNB issued the followingstatement:
“The measures taken thus far by the Swiss National Bank (SNB) against the strength of the Swiss franc are having an impact. Nevertheless, the Swiss franc remains massively overvalued. The SNB has therefore decided to expand again significantly the supply of liquidity to the Swiss franc money market. In so doing, it is increasing the downward pressure on money market interest rates with a view to further weakening the Swiss franc exchange rate.”
Less than a month later, on September 6th the SNB announced that it would peg the swissie to a minimum rate of 1.20 to the euro. Which also caused it to fall against the dollar. Which resulted in a profit of SFr50-60,000 once Mrs. Hildebrand sold the dollars and bought back into the swissie on October 4th.
