Swiss president backs tainted central bank chief

Swiss President Eveline Widmer-Schlumpf has defended the head of the central bank, Philipp Hildebrand, accused of insider trading, and said he should not resign. "We would lose a [central bank] president who has undisputedly done excellent work, has a good network, and could be very useful to Switzerland," said Widmer-Schlumpf, who is also finance minister, on Swiss television late on Friday. What the Swiss National Bank chief had done was "excusable if you realise that you shouldn't do that and that the rules should be changed as a result", she said. Hildebrand spoke publicly for the first time on Thursday to address revelations that began appearing late last month in the Swiss media about his personal fortune and currency transactions carried out by himself and his wife. Article continues below He said he would not quit as long as the federal government and the Bank Council, which oversees the central bank, retained confidence in him.