Summary Box: Swiss National Bank chief resigns

AP News
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Posted: Jan 09, 2012 12:08 PM
Summary Box: Swiss National Bank chief resigns

THE NEWS: Swiss National Bank Chairman Philipp Hildebrand resigned Monday, bowing to a public uproar over private currency deals just as a Swiss parliamentary committee was preparing to grill him.

THE BACKGROUND: Reports say Hildebrand and his wife, a former currency trader, netted tens of thousands of dollars in profits last year from dollar swaps while the banker was working to lower the value of the soaring Swiss franc.

THE EXPLANATION: Hildebrand says he broke no rules but added that a central bank chairman must be viewed as beyond reproach and that he could not prove his wife made the transactions without his consent.