Ex-Hedge Funder Apologizes For Husband's Downfall

Jan 13 2012 | 1:07am ET

Former Moore Capital Management trader Kashya Hildebrand has apologized for the currency trades that led to her husband's downfall as head of Switzerland's central bank.

Philipp Hildebrand resigned on Monday amidst an uproar over his wife's purchase of dollars just weeks before Hildebrand's Swiss National Bank took decisive action to weaken the Swiss franc. Word of Kashya Hildebrand's trade was leaked by a now-former Bank Sarasin employee to her husband's political enemies.

"This was obviously a mistake," Kashya Hildebrand said during a televised interview of her August currency trade. "The far-right was making headlines, there was pressure on my husband to lose his job, the last thing that man was thinking about was his private portfolio."

"What breaks my heart is that his credibility is now being stained," Hildebrand said of her husband. "There was an error of judgment. He should have never let me do that transaction, and upon reflection that transaction should have been reversed."

"Had I known what maelstrom I caused for this country, I really—from the bottom of my heart—I apologize to the Swiss people, to the politicians who have been distracted from what's important and more importantly to my husband, because he's a great man, he's done a great job," she continued.

Hildebrand now runs an art gallery in Zürich, and denied that she would have bought dollars if she knew the SNB's plan to cap the franc's value against the euro.

"Why not trade the targeted currency?" she asked. "It's euro-Swiss."


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.