Philipp Hildebrand
 Philipp Hildebrand    ( swimmer, central banker) | |||||||||||||||||||||||||
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| Born | Philipp Michael Hildebrand 1963-07-19 Bern, Switzerland | ||||||||||||||||||||||||
| Nationality | Swiss | ||||||||||||||||||||||||
| Partner | Margarita Louis-Dreyfus | ||||||||||||||||||||||||
| Children | 3 | ||||||||||||||||||||||||
| Spouse | • Kashya Mahmood • Kimberley Julius | ||||||||||||||||||||||||
| Member of | BlackRock, Blavatnik School of Government/Staff and Advisory Council, Group of Thirty, Rive-Reine-Conference | ||||||||||||||||||||||||
BIS, IMF, Quit as Swiss National Bank/Chair after details of his wife's currency trades emerged. Later vice chair of BlackRock.
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Philipp Hildebrand was Governor of the Swiss National Bank (SNB) from 2010 until he resigned on 9 January 2012 after controversy surrounding his wife's currency trading.[1][2] He then joined Blackrock as Vice President[3], where he attended the 2015 Bilderberg meeting.
Contents
Education
Hildebrand grew up bilingually in German and English in Horw in the canton of Lucerne. As a swimmer, Hildebrand was a member of the Swiss national swimming team in the 1980s and was a two-time Swiss champion in 1983/84.
Hildebrand attended the University of Toronto, Oxford University's Lincoln College,[4] and the Graduate Institute of International Studies in Geneva. He was part of a group of students that helped out during the Annual Meetings of the World Economic Forum in Davos, Switzerland. There, he met leading international government officials and bankers.[4]
Career
In 1994, Hildebrand began his professional career at the WEF. He subsequently worked at Moore Capital Management, a hedge fund in New York and London, where he met his first wife.[5] He then worked as head of hedge funds for Union Bancaire Privée in Geneva and Vontobel in Zurich.[4]
Hildebrand was said to be the "youngest ever policy maker" when he joined the Swiss National Bank (SNB) in 2003.[6]
Prior to his resignation from the SNB, Hildebrand was a member of the board of directors of the Bank for International Settlements in Basel, as well as vice-chairman of the Financial Stability Board. From 2008, he was a member of the Group of Thirty.
Exchange rate costly failure
Hildebrand was attacked after losses arising from SNB's exchange rate interventions between March 2009 and June 2010. In this period, the SNB accumulated foreign currency reserves worth over 200 billion Swiss francs. As the Swiss franc has appreciated, the interventions caused losses on SNB foreign currency positions equivalent to 26.5 billion Swiss francs in 2010 and 11.7 billion Swiss francs in the first six months of 2011.[7] The SNB has defended these interventions as they made "sense at the zero lower bound when the traditional monetary policy instrument is exhausted".[8] Some international press and financial market analysts considered the interventions a "costly failure".[9]
The Swiss People's Party and the magazine Die Weltwoche were critics of Hildebrand, demanding his resignation. Prominent figures of other parties supported Hildebrand and emphasized the "political independence" of the SNB. In an article titled “With Unsteady Hand”, Switzerland's major business magazine Bilanz criticized Mr. Hildebrand's leadership of SNB, citing his limited experience and saying that Mr. Hildebrand's actions in large parts seem to be the result of his eagerness to appeal to the public.[10]
Binding the Swiss Franc to the Euro
Hildebrand is considered a driving force behind the binding of the Swiss Franc to the Euro announced on 6 September 2011 The central bank commits to undertake transactions to cap the value of the franc against the euro at a maximum of 1.20.[11] [12]
2011 personal foreign exchange trading and resignation
In August 2011, Hildebrand's wife Kashya[13][14] made a CHF 60,000 ($64,400) profit on a currency transaction. At the time, Philipp Hildebrand reported the transaction to the SNB and moved to prevent future such trades with Bank Sarasin. His wife asserted her independent finance and banking experience as the basis for the "almost ridiculously cheap" trade.[1] In January 2012, Hildebrand denied accusations of insider trading in relation to the transaction, resisted calls for his resignation and called the coverage "a smear campaign".[15]
He said that his political foes endangered the secrecy laws and "the interests of Switzerland" with the accusations. "I made mistakes" in not canceling the trade, which profited from the SNB's decision to intervene in the currency markets two days later "but I always acted in line with the rules", he said.[16]
A whistleblower alleged to have released the information about the trade has been fired and faces criminal investigations under Swiss banking secrecy laws.[16] The whistleblower was reported to have given the trade information to Christoph Blocher, vice president of the SVP,[6] and Blocher was one of the lead voices calling for Hildebrand's resignation after the disclosure.[17] Die Zeit in a strongly worded commentary downplayed any wrongdoing on Hildebrand's part, stressing the evidence was "stolen" and the resignation came only "to maintain credibility" of SNB.[2]
Hildebrand announced his resignation on 9 January 2012 stating that "Credibility is a central banker's most valuable asset", and that the accusations came "during a time when total focus is needed on the duties." He also resigned his posts at the Bank for International Settlements and the International Monetary Fund.[5]
Blackrock
In 2012, Hildebrand was a senior visiting fellow at Oxford University’s Blavatnik School of Government.[18]
Mr. Hildebrand joined BlackRock in 2012 as Vice Chairman, member of the firm's Global Executive Committee and oversees the BlackRock Investment Institute (BII) .blackrock - leadership
In 2020, the Swiss government nominated Hildebrand as its candidate to succeed Angel Gurría in the position of Secretary-General of the Organisation for Economic Co-operation and Development (OECD) for a five-year term.[19][20][21] By February 2021, he withdrew his candidacy, citing insufficient levels of support among OECD member countries.[22]
On 30 May 30, 2022, he was elected as a President of the Zürcher Kunstgesellschaft[23] taking office from 1 July 2022.[24]
Events Participated in
| Event | Start | End | Location(s) | Description |
|---|---|---|---|---|
| Bilderberg/2015 | 11 June 2015 | 14 June 2015 | Austria Telfs-Buchen | The 63rd meeting, 128 Bilderbergers met in Austria |
| WEF/Annual Meeting/2011 | 26 January 2011 | 30 January 2011 | Switzerland WEF | 2229 guests in Davos, with the theme: "Shared Norms for the New Reality". |
| WEF/Annual Meeting/2014 | 22 January 2014 | 25 January 2014 | Switzerland WEF | 2603 guests in Davos considered "Reshaping The World" |
| WEF/Annual Meeting/2017 | 17 January 2017 | 20 January 2017 | Switzerland WEF | 2952 known participants, including prominently Bill Gates. "Offers a platform for the most effective and engaged leaders to achieve common goals for greater societal leadership." |
| WEF/Annual Meeting/2019 | 22 January 2019 | 25 January 2019 | Switzerland WEF | "The reality is that we are in a Cold War [against China] that threatens to turn into a hot one." |
| WEF/Annual Meeting/2020 | 21 January 2020 | 24 January 2020 | Switzerland WEF | This mega-summit of the world's ruling class and their political and media appendages happens every year, but 2020 was special, as the continuous corporate media coverage of COVID-19 started more or less from one day to the next on 20/21 January 2020, coinciding with the start of the meeting. |
| WEF/Annual Meeting/2022 | 22 May 2022 | 26 May 2022 | Switzerland WEF | 1911 guests in Davos |
| WEF/Annual Meeting/2023 | 16 January 2023 | 20 January 2023 | Switzerland WEF | The theme of the meeting was "Cooperation in a Fragmented World" |
References
- ↑ Jump up to: a b "Hildebrand Quits as Swiss National Bank Chief after Wife's Currency Trade", Bloomberg, January 9, 2012.
- ↑ Jump up to: a b "Ein Rücktritt sorgt für Glaubwürdigkeit: Kampagne gegen Hildebrand", Die Zeit, n.d. Headline translation (Google): "A withdrawal ensures credibility: Campaign against Hildebrand"; introduction (transl'n; page ("seite") 1): "The head of the Swiss National Bank withdraws. Not because he has violated laws, but to preserve its credibility. a comment". Per the (modestly competent machine) translation of the full page two, the word "smear" or apparent equivalent is not used.
- ↑ https://www.blackrock.com/institutions/en-au/insights/blackrock-investment-institute/coronavirus-policy-response
- ↑ Jump up to: a b c https://www.reuters.com/article/idUSBRE85C0DY20120613
- ↑ Jump up to: a b https://www.nytimes.com/2012/01/10/business/global/swiss-central-bank-chief-tenders-surprise-resignation.html?ref=global-home
- ↑ Jump up to: a b Goodman, David and Klaus Wille, "Swiss Franc Declines to Three-Week Low Versus Dollar; Hildebrand Will Stay", Bloomberg.com, January 5, 2012 11:15 am ET. Retrieved 2012-01-06.
- ↑ http://www.snb.ch/en/mmr/reference/annrep_2010_komplett/source
- ↑ http://www.snb.ch/en/mmr/speeches/id/ref_20110324_jpd/source/ref_20110324_jpd.en.pd
- ↑ http://www.ft.com/intl/cms/s/0/85d42594-baaf-11df-b73d-00144feab49a.html#axzz1WpVBmioY
- ↑ http://www.bilanz.ch/magazi
- ↑ https://www.nytimes.com/2011/09/07/business/global/swiss-franc.html?sq=Hildebrand,
- ↑ http://perspectives.pictet.com/2011/11/10/don%E2%80%99t-fight-the-swiss-national-bank/
- ↑ https://archive.today/20130208110816/http://www.lesquotidiennes.com/kashya-hildebrand
- ↑ Jordans, Frank, "Swiss central bank chief won’t resign over private dollar deals, regrets letting wife prevail", Associated Press via Global News, January 5, 2012. Retrieved 2017-01-15.
- ↑ Clark, Andrew, [http://www.thetimes.co.uk/tto/business/industries/banking/article3278094.ece "Swiss bank chief hits out at ‘smears’"
- ↑ Jump up to: a b Aldrick, Philip, 'Switzerland's central bank chairman denies accusations of insider trading', The Daily Telegraph, January 6, 2012, B1.
- ↑ https://archive.today/20120912040159/http://www.thelocal.ch/national/20120109_2234.html
- ↑ "Profile of Dr Philipp Hildebrand on the BSG website", Oxford web page, n.d.
- ↑ https://www.nzz.ch/wirtschaft/oecd-philip-hildebrand-hat-einen-marathon-vor-sich-ld.1584079
- ↑ John Miller and John Revill (October 28, 2020), Swiss nominate ex-SNB head Hildebrand for OECD leadership post Reuters.
- ↑ OECD announces candidates for next Secretary-General Organisation for Economic Co-operation and Development (OECD), press release of 2 November 2020.
- ↑ Peter A. Fischer (February 25, 2021), Philipp Hildebrand zieht seine Kandidatur für das Amt des OECD-Generalsekretärs zurück Neue Zürcher Zeitung.
- ↑ https://www.nzz.ch/feuilleton/kunsthaus-zuerich-ex-nationalbankpraesident-hildebrand-uebernimmt-ld.16865
- ↑ https://kunsthausrelaunch8251-live-a33132ecc05c-1c0f54b.divio-media.net/documents/MM2_GV_ZKG_2022_DE.pdf }
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