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

Part II: Roubini Talks Risk, Recovery And The Threat Of A Triple Dip Recession

Oct 21 2014 | 12:41pm ET

In the second half of our interview with Nouriel Roubini, FINalternatives editor...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

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.