Excerpt:
9 January 2012 Last updated at 12:23 ET
It follows revelations his wife Kashya bought $504,000 (£323,024) in August, three weeks before the central bank intervened to cap the Swiss franc.
He told a news conference he had "no knowledge" of his wife's transaction, which she later made a profit on.
The SNB said last week that Mr Hildebrand's wife had broken no rules by making the currency trades.
According to an investigation carried out by accountants PricewaterhouseCoopers (PwC) on the bank's orders, Mrs Hildebrand bought $504,000 on 15 August because she wanted to have half of the family's assets in US dollars.
In early September, the central bank intervened to try to weaken the strong franc.
Central bank governors are the world's great unelected economic powers - setting interest rates, bossing banks, trying to curb inflation and maintain economic stability.
So they are supposed to be beyond reproach, never once thinking of their own wealth, only that of their respective nations.
That's is why it was so embarrassing for the Swiss central bank governor, Philipp Hildebrand, that his wife made a SFR 75,000 profit from buying dollars ahead of a decision by her husband to stem a rise in the Swiss currency.
He has quit - not because this former hedge fund manager was involved in the transaction, but because (he says) he can't prove beyond a shadow of doubt that he wasn't.
"The moment a governor gets the impression that he doesn't have full credibility anymore, he needs to resign," said Mr Hildebrand.
His departure will be seen as unfortunate by his British counterparts, because he was seen as one of their rare and important allies in international negotiations to strengthen banks.
So they are supposed to be beyond reproach, never once thinking of their own wealth, only that of their respective nations.
That's is why it was so embarrassing for the Swiss central bank governor, Philipp Hildebrand, that his wife made a SFR 75,000 profit from buying dollars ahead of a decision by her husband to stem a rise in the Swiss currency.
He has quit - not because this former hedge fund manager was involved in the transaction, but because (he says) he can't prove beyond a shadow of doubt that he wasn't.
"The moment a governor gets the impression that he doesn't have full credibility anymore, he needs to resign," said Mr Hildebrand.
His departure will be seen as unfortunate by his British counterparts, because he was seen as one of their rare and important allies in international negotiations to strengthen banks.
That meant that four weeks later, when the family sold $516,000, converting it back into Swiss francs in order to buy a new property in Switzerland, they made a profit on the transaction. That was because the franc had fallen against the dollar in that time.
http://www.chicagotribune.com/business/sns-rt-us-swiss-hildebrandtre8081e5-20120109,0,3228492.story
Excerpt:
Though he was no economist, Hildebrand knew the territory. His first real job had been with the World Economic Forum in Geneva, organizing speakers from the financial services industry for its annual talkfest at Davos. They included George Soros, who had made his fortune betting against the Bank of England, and who helped him get a position at New York-based hedge fund Moore Capital Management, which specialized in speculating on interest rate futures and monetary policy.
As a young hedge fund manager, Hildebrand had in 1996 written a letter to influential Swiss newspaper Finanz und Wirtschaft, demanding that the SNB intervene to weaken an overvalued franc. "The markets are powerful but they often also allow themselves to be led," he asserted at the time.
http://thezog.wordpress.com/who-controls-the-group-of-thirty/
Excerpt:
Philipp Hildebrand(White European) – Chairman of the Governing Board, Swiss National Bank; Former Partner, Moore Capital Management
http://www.group30.org/bio_hildebrand.shtml
http://www.chicagotribune.com/business/sns-rt-us-swiss-hildebrandtre8081e5-20120109,0,3228492.story
Excerpt:
Though he was no economist, Hildebrand knew the territory. His first real job had been with the World Economic Forum in Geneva, organizing speakers from the financial services industry for its annual talkfest at Davos. They included George Soros, who had made his fortune betting against the Bank of England, and who helped him get a position at New York-based hedge fund Moore Capital Management, which specialized in speculating on interest rate futures and monetary policy.
As a young hedge fund manager, Hildebrand had in 1996 written a letter to influential Swiss newspaper Finanz und Wirtschaft, demanding that the SNB intervene to weaken an overvalued franc. "The markets are powerful but they often also allow themselves to be led," he asserted at the time.
http://thezog.wordpress.com/who-controls-the-group-of-thirty/
Excerpt:
Philipp Hildebrand(White European) – Chairman of the Governing Board, Swiss National Bank; Former Partner, Moore Capital Management
http://www.group30.org/bio_hildebrand.shtml
http://chaukeedaar.wordpress.com/2011/08/04/the-45-billion-swiss-francs-present-to-the-nwo-by-philipp-hildebrand-head-of-the-swiss-national-bank/
Excerpt:
The 45 Billion Swiss Francs Present to the NWO by Philipp Hildebrand, Head of the Swiss National Bank
04/08/2011 by chaukeedaar
Philipp Hildebrand, Chairman of the Governing Board of the Swiss National Bank
Well, the Euro nevertheless dived along with the U.S. Dollar, and meanwhile, Philipp Hildebrand is responsible for a loss of 45 billion by this unsuccessful - and – unscientific attempt. Even as a non-economist (he is a political scientist), in his position he has many well decorated economists around him who should and probably have told him that such currency manipulations rarely work from the historical and scientific point of view. Why did he sell out so many Swiss Francs to the world anyway? Remember: Switzerland is very small, 45 billion Francs correspond to around 6500 Francs or 8400 dollar per inhabitant of this central european “island”… To understand his REAL motivation, we must know his background and his connection to the top New World Order leaders.
http://www.hedgetracker.com/fund/Moore-Capital-Management
Excerpt:
Moore Capital Management - Investor Profile
Primary Address: | Investor Information: | |
| 1251 Ave. of the Americas | Total AUM ($MM): | NA |
| New York, NY 10020 | Equity AUM ($MM): | 4,118 |
| United States | Investment Style: | GARP |
| Phone: 212-782-7325 | Orientation: | Active |
| Investor Type: | Hedge Fund Manager | |
Institutional Investor Background
Moore Capital Management was founded in 1989 by Louis Bacon. The firm manages a number of hedge funds including the Remington Investment Strategies, Moore Emerging Markets, Japan Restructuring and Moore Global Fixed Income Funds. Valence Capital Management serves as Moore Capital's private equity arm. The firm has offices in New York, Washington DC and London
Excerpt:
[09:26] <whale> Louis Bacon
[09:26] <whale> Louis Bacon
[09:26] <whale> Moore Capital
[09:26] <whale> TT comment: Why post this article? Read comments about Bacon and price action along with differences between him and Robertson.
[09:26] <whale> Institutional Investor Magazine Excerpts
[09:26] <whale> Macro, Macro man
[09:26] <whale> By Riva Atlas
[09:26] <whale> No. 1 Source for Trend Following Worldwide
[09:26] <whale> Est. 1996 | Clients in 70 Countries
[09:27] <whale> Today [Louis] Bacon reigns over not only Moore Capital but over the most visible, most high-octane area of money management - macro investing. He gained the throne by default, and at a time when the future of the realm is increasingly in doubt. After sharp reversals, Julian Robertson in March shut down Tiger Management; in April it was George Soros' turn to slash the size and scope of his funds. With $9.4 billion under management - $7.
[09:27] <whale> Like his bigger, better-known rivals, Bacon has racked up a stunning long-term record. His flagship fund, Moore Global Investments - at $6 billion by far his largest - has returned 31 percent annually after fees since its inception in 1990. Last year the fund was up 26 percent.
[09:27] <whale> But Bacon's hallmark has been consistency: He delivered these returns with low volatility and relatively little correlation to the stock market. From 1995 through 1999, his annual returns ranged from 23 percent to 32 percent (see graph). By contrast, Soros' flagship Quantum Fund zigzagged between 39 percent and -1.5 percent, while Robertson's Jaguar Fund whipsawed from 57.2 percent to -18.1 percent. Moore's funds recorded a Sharpe rati
[09:27] <whale> If you look at Louis's long-term track record, there is probably no trader alive who has better risk control on an asset base his size, says Paul Tudor Jones, a close friend of Bacon's who runs Tudor Investment Corp. He wrote the book on capital preservation.
[09:27] <whale> Leveraging up and chasing any investment opportunity anywhere in the world - for a macro trader to be guilty of style drift, he would have to leave the planet - these swashbuckling bettors captured headlines and investors' imaginations and their funds. The most notorious exploit was Soros' $10 billion bet against the British pound, which earned him the sobriquet of the Man Who Broke the Bank of England. Always volatile, macro trading b
[09:27] <whale> Indeed, even before this year's woes, many famous players - Michael Steinhardt of Steinhardt Partners and Leon Levy and Jack Nash of Odyssey Partners among them - quit the business. A handful of practitioners remain. Besides Bacon the most prominent include Jones, Bruce Kovner of Caxton Associates and Monroe Trout of Trout Trading. And sources in the hedge fund community say that Druckenmiller will be coming off the sidelines in Septem>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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http://dealbook.nytimes.com/2011/09/13/bruce-kovner-founder-of-caxton-to-step-down/
Excerpt:
Bruce Kovner, Founder of Caxton, to Step Down
By AZAM AHMED
Nicole Bengiveno/The New York TimesBruce Kovner is retiring after leading Caxton Associates for 28 years.Bruce Kovner, a founder of the $10 billion hedge fund Caxton Associates, told investors on Tuesday that he would retire as the company’s chairman at the end of the year and hand off the reins to his chief investment officer.
http://en.wikipedia.org/wiki/Charles_Bronfman
Excerpt:
Philanthropy
He and Michael Steinhardt co-founded the Zionist charity Taglit Birthright, a program which provides a free, educational travel experience to Israel for young Jewish adults. Bronfman is one of its principal donors.
http://en.wikipedia.org/wiki/Michael_Steinhardt
Excerpt:
No Bull
In 2001, Steinhardt published an autobiography: "No Bull: My Life in and out of Markets". In this book, he addressed for the first time the question of his father, Sol Frank Steinhardt, who also went by the moniker "Red McGee." "Red" Steinhardt was convicted in 1958 on two counts of buying and selling stolen jewelry, and was sentenced to serve two 5-to-10 year terms, to run consecutively, in the New York State prison system. (He did most of his time at Dannemora, a prison in upstate NY near the Canadian border, but had his sentence reduced to time served after two years due to allegations of prosecutorial misconduct.) Regarded by D.A. Frank Hogan as the number one jewelry fence in New York, "Red," according to No Bull, was an associate of noted underworld figures such as Meyer Lansky, Vincent "Jimmy Blue Eyes" Alo (incorrectly named "Aiello" in No Bull), and Albert Anastasia (No Bull wrongly refers to him as "Joey".) In No Bull, Steinhardt describes how his father bankrolled his early forays into the stock market by giving him envelopes stuffed with $10,000 in cash and sometimes much more than that. The book also suggests that Steinhardt's education at the Wharton School may have been paid for with illicit funds.[8]
[edit] Political activism
Steinhardt is active in political circles ranging from centrist Democratic to neo-conservative, having been a past chairman of the Democratic Leadership Council and a board member of the Foundation for the Defense of Democracies, to which he donated $250,000 in 2002.[9] According to Newsmeat.com, a tracker of publicly-available campaign contributions, in the 2000 New York senatorial primary, he donated $1,000 (then the maximum allowable under law) to Republican Rudy Giuliani. When Mayor Giuliani dropped out of the race, Steinhardt contributed an equal amount to Giuliani's successor, Rick Lazio. Steinhardt also gave $1,000 to Lazio in the general election.
http://www.larouchepub.com/other/2001/2844mega_bios.html
Excerpt:
Michael Steinhardt: Steinhardt made his fortune running a series of hedge funds. Steinhardt has been apparently dubbed the "public relations" man for Mega, as all other published interviews have been with him, although he did not return EIR's calls.
Steinhardt was chairman, for a decade, of the Democratic Leadership Council. He resigned from the organization in protest over President Bill Clinton's appointment of Lani Guinier to a top Justice Department post, and refused to support Clinton's reelection in 1996, even though Clinton had succeeded him as DLC chairman.
The hedge fund Steinhardt Partners was formed by Michael Steinhardt in 1967. He boasts that one dollar invested in his firm then would be worth $462 today. Like George Soros, Steinhardt's fund suddenly lost 29% of its value in 1996, during the onset of the global financial crisis. After recouping in part with a 20% return in 1997, he closed the firm, took the money, and ran.
Steinhardt is another offspring of the Prohibition-era "Jewish Syndicate" of National Crime Boss Meyer Lansky. His father, Sol Frank "Red" Steinhardt, was a bigtime gambler and convicted jewel fence, who worked with Meyer Lansky. "Red" Steinhardt was sent to Sing Sing on a five- to ten-year sentence, a fact that Michael kept off of his resume, in order to get his start on Wall Street with the "Our Crowd" firm, Loeb Rhodes. Like father, like son—Steinhardt Partners came under SEC and Justice Department scrutiny in the early 1990s, along with Salomon Brothers, for cornering the market in short-term U.S. Treasury bond sales. To avoid jail, Steinhardt settled the case with a $50 million fine.
Excerpt:
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward Shearson[1][2] and the firm he founded, Shearson Hammill & Co. Among Shearson's most notable incarnations were Shearson / American Express, Shearson Lehman / American Express, Shearson Lehman Brothers, Shearson Lehman Hutton and finally Smith Barney Shearson.
For its first eight decades, the firm operated independently and merged with a number of Wall Street's most venerable securities firms including Hayden Stone & Co. and Loeb Rhoades & Co.. In 1981, Shearson was acquired by American Express and operated as a subsidiary of the financial services company before being merged with Lehman Brothers Kuhn Loeb in 1984 and E.F. Hutton & Co. in 1988.
http://www.imdb.com/name/nm0005161/bio
Excerpt:
Nicholas is originally from Purchase, New York. His father is Ambassador John Loeb Jr. of Loeb Rhoades and cousin is Edgar Bronfman Jr. of Seagrams Universal. He attended prep school for eight years at The Cardigan Mountain School and The Loomis Chaffee School, until going to Tulane University, in New Orleans.
Nicholas worked at Universal Studios and learned about mergers and acquisitions in corporate development and had the opportunity to work for Brian Mulligan, former COO of Seagrams and in motion picture finance with Chirs McGurk, now president of MGM.
In 1998 Mr. Loeb graduated as a finance major with a Bachelor of Science in Management from the A.B. Freeman School of Business at Tulane University.
Upon graduating Mr. Loeb began the International Production Company (IPC) with friend and partner Michael Niemtzow.
In the summer of 1999, IPC produced its first film while picking up another partner Alex Hernandez. The film entitled The Smokers (2000), starred Dominique Swain and Thora Birch, and executive produced by legendary Quincy Jones. The Smokers won the Audience Award at The New York Independent Film Festival, was nominated for three awards at the Santa Barbara International Film Festival and then finally sold to MGM.
IPC has also produced three episodes of the award-winning documentary, which has aired on PBS called "The Living Century" (2001) with Executive Producer Barbra Streisand in conjunction with the Independent Documentary Association (IDA).
Nicholas worked at Universal Studios and learned about mergers and acquisitions in corporate development and had the opportunity to work for Brian Mulligan, former COO of Seagrams and in motion picture finance with Chirs McGurk, now president of MGM.
In 1998 Mr. Loeb graduated as a finance major with a Bachelor of Science in Management from the A.B. Freeman School of Business at Tulane University.
Upon graduating Mr. Loeb began the International Production Company (IPC) with friend and partner Michael Niemtzow.
In the summer of 1999, IPC produced its first film while picking up another partner Alex Hernandez. The film entitled The Smokers (2000), starred Dominique Swain and Thora Birch, and executive produced by legendary Quincy Jones. The Smokers won the Audience Award at The New York Independent Film Festival, was nominated for three awards at the Santa Barbara International Film Festival and then finally sold to MGM.
IPC has also produced three episodes of the award-winning documentary, which has aired on PBS called "The Living Century" (2001) with Executive Producer Barbra Streisand in conjunction with the Independent Documentary Association (IDA).
http://uk.finance.yahoo.com/news/swiss-bank-chief-resigns-amid-141711404.html
Excerpt:
Swiss Bank Chief Resigns Amid Trading Scandal
By (c) Sky News 2012 | Sky News – 2 hours 43 minutes ago
http://www.dailypress.com/entertainment/sns-zap-ent-rob-lowe-on-live,0,3211729.story
Excerpt:
Swiss Bank Chief Resigns Amid Trading Scandal
By (c) Sky News 2012 | Sky News – 2 hours 43 minutes agohttp://www.dailypress.com/entertainment/sns-zap-ent-rob-lowe-on-live,0,3211729.story
Excerpt:
Could Rob Lowe be joining Kelly Ripa full time on 'Live!'?
The ongoing search to replace Regis Philbin as Kelly Ripa's co-host on "Live!" may be coming close to an end. And the possible replacement is...Rob Lowe.
Lowe, who just completed a two-day gig on the morning show, drew favorable reviews from ABC execs, according TMZ. A source tells the site that producers "loved the chemistry between them." Lowe, 47, currently plays the role of Chris Traeger on the NBC series "Parks and Recreation."
Lowe, who just completed a two-day gig on the morning show, drew favorable reviews from ABC execs, according TMZ. A source tells the site that producers "loved the chemistry between them." Lowe, 47, currently plays the role of Chris Traeger on the NBC series "Parks and Recreation."
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