Swiss National Bank Chief Resigns Amid Trade Scandal

Posted January 9th, 2012 at 11:00 am (UTC-5)
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The head of the Swiss National Bank has stepped down after a scandal involving a controversial currency trade made by his wife. In a statement, the bank said Philipp Hildebrand's resignation takes effect immediately.

Hildebrand on Thursday denied any wrongdoing, following media reports about alleged insider trading on a dollar trade his wife made in August. She made the trade three weeks before her husband directed the bank to put a cap on the rising Swiss franc.

The currency deal netted a huge profit.