Epstein Secrets

Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin

aging Director Institute for Leadership and Switzerland Human Resource Management (IFPM) Philipp M. Hildebrand Chairman of the Goveming Board, Swiss National Bank, Switzerland World Economic Forum Annual Meeting 2011 EFTA_R1_02011063 EFTA02686188 Jon Hilsenrath Chief Economic Correspondent The Wall Stree

Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin

aging Director Institute for Leadership and Switzerland Human Resource Management (IFPM) Philipp M. Hildebrand Chairman of the Goveming Board, Swiss National Bank, Switzerland World Economic Forum Annual Meeting 2011 EFTA_R1_02011182 EFTA02686265 Jon Hilsenrath Chief Economic Correspondent The Wall Stree

razy risks. A $150 million loss translates into a position equivalent to something like 700 million euros against the franc, not that huge against Deutsche Bank's 1.7 trillion euro balance sheet. The historical daily standard deviation of such a position would be about $8 to $18 million, for a "value-at-risk"

that volatility is super high! But perhaps a more useful takeaway is: Whoa, it was super low for a really long time! This is of course because the Swiss National Bank capped the franc's value against the euro: The SNB wanted a price of no less than CHF 1.20 per euro, and the euro itself wanted a price of no highe