Swiss National Bank President Philipp Hildebrand has resigned effective immediately.
Kashya Hildebrand, his wife classically pictured above, transfered Sfr400,000 into US dollars three weeks prior to Mr.Hildebrand and the Swiss National Bank famously set a ceiling for the Swiss franc [aka "the EURCHF floor"] to help save and protect the plunging euro.
Front-running profits quickly came to Kashya's account [a Sfr75,000 profit in just two months – a 19 per cent return, well over 100% annualized]
Christoph Blocher, billionaire industrialist and ultra-nationalist politician, alerted Swiss President Micheline Calmy-Rey to the Kashya dollar trade in December 2011 to ignite the scandal.
"We all know that he is a man of total integrity, extraordinary ability and, most important of all, courage. Such people are rare. His country will miss him," Bank of England Governor Mervyn King said in a statement. Jolly good, Governor!
Billionaire 1, Unemployed Banker 0.
The euro is trading higher in FX trade today.
