Meanwhile, the franc shock has apparently claimed his biggest victim: The US hedge fund Everest Capital Global with $830 million in assets went bankrupt after the Swiss National Bank scrapped its three-year-old cap on the franc against the euro. According to the "Wall Street Journal" the speculative fund had laid large-scale bets on a devaluation of the franc - exactly the opposite happened.
I can understand why some would think the cap would be maintained, but that anyone would think it would be lowered?
