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Swiss Franc Hurts Homeowners but Could Be a Boon for Investors
When the Swiss National Bank de-pegged from the euro last month, the fallout was massive.
One dramatic example of its impact was that felt by Miami-based hedge fund manager Everest Capital. The firm's largest single fund lost nearly all its capital, $830 million in assets, thanks to heavy bets that the Swiss franc would decline.
Alpari U.K., a foreign exchange broker, became insolvent. New York's FXCM, an online foreign exchange trading firm, got a $300 million lifeline from Leucadia.
But just like the subprime mortgage debacle in the United States, small retail investors are caught in the crosshairs too.
When the Swiss National Bank de-pegged from the euro last month, the fallout was massive.
One dramatic example of its impact was that felt by Miami-based hedge fund manager Everest Capital. The firm's largest single fund lost nearly all its capital, $830 million in assets, thanks to heavy bets that the Swiss franc would decline.
Alpari U.K., a foreign exchange broker, became insolvent. New York's FXCM, an online foreign exchange trading firm, got a $300 million lifeline from Leucadia.
But just like the subprime mortgage debacle in the United States, small retail investors are caught in the crosshairs too.