Wife’s Forex Trading Causes Husband to Lose Almost $1 Million in Income!
The headline above shows how just ONE bad judgment call can kill everything.
What happened? The wife of Swiss central banker Hildebrand made a trade on her own without her husband’s knowledge.
By his own admission, his wife is very head-strong and pretty much does what she wants anyway. Well, I’m sure she pretty much knew that “very soon” her husband was going to put a cap on the appreciation of the Swiss franc.
So she decided (conveniently days before he put the cap on the franc) to buy dollars and sell francs. How convenient!
She made about $50,000 in profits in about 3 weeks’ time. However, when the word got out about what she’d done, it put pressure upon the credibility of her husband and it put his job in jeopardy.
Well he literally made the equivalent in francs of almost $1 million a year. Meanwhile our central banker here in the U.S. makes about 3-4 times less than Hildebrand does running the much smaller Swiss economy.
So her hard-headedness cost her husband his pristine job because he decided to resign today since there had been such a stir over the matter.
It’s great that someone isn’t allowed to profit off of insider information like that. Our Congress does it, sadly…but most others aren’t allowed to do it. Mr. Hildebrand paid the ultimate price for the lack of judgment of his strong-willed wife.
EUR/CHF and USD/CHF moved down and back up quite quickly within a 40 pip range upon the announcement. Now it begs the question….Was Hildebrand’s wife in on that action too since he’s resigned now? ha-ha! After all, they can’t get get in trouble for that right?
Now if we could just get Congress to quit insider trading…