SNB's Hildebrand wants global bankruptcy code

Philipp Hildebrand, a member of the Swiss National Bank's governing board who will take the helm next year, has called for global insolvency standards as a means to handle the too-big-to-fail and too-big-to-save problems.

"It cannot be that a government has to step in automatically if a bank gets itself into trouble," Hildebrand said in an interview with Handelsblatt, a German daily. "We need an international procedure to liquidate banks or parts of them...The crisis has shown that we could n