Word: accountability
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Dates: during 1960-1969
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...panegyric of Stalin and all his works. Hardy went back to the Soviet Union after the Czechoslovak crisis to report for the London Sunday Times on the country's postinvasion mood. This time, no longer an admirer of the late Soviet dictator, he returned with a chilling account of a resurgence of Stalinism. Wrote Hardy last week: "The old methods of administrative pressure, blanket censorship and even naked terror are on their way back...
...month decided to close ten offices and fire 200 of its 1,100 customers' men, has told survivors that they will not be paid for taking orders that earn less than $12 in commissions. Paine, Webber, Jackson & Curtis says no to anyone who wants to open a new account with an order of less than $1,000 for a listed stock, or $5,000 for an over-the-counter stock. E.F. Hutton & Co. turns down would-be clients with orders of less than $1,500 for listed stocks, $2,500 for over-the-counter shares...
Patman's probe focused on that mystique-shrouded feature of Swiss banking, the anonymous numbered account. Robert M. Morgenthau, U.S. attorney for the Southern District of New York, testified that such accounts have become increasingly popular with Americans. Some who use them are underworld hoodlums, but many more are otherwise ordinary businessmen who play the Swiss numbers game to cheat Washington out of "tax revenues in the many millions of dollars." The various ways in which such accounts are used to avoid income taxes, said Morgenthau, "are almost as numerous as the ways of earning money" (see box next...
...Responsibility. Numbered accounts are particularly handy for circumventing U.S. securities laws. To get around the restrictions on trading by "insiders," for example, corporate officers sometimes buy or sell stock in their own companies through Swiss banks. Other U.S. investors use the banks to sidestep margin requirements. The Government estimates that all foreign banks -in Panama, Nassau and West Germany as well as in Switzerland-account for at least 8% of the transactions on the New York Stock Exchange. In singling out Switzerland, U.S. officials seemed most disturbed about their lack of precise knowledge about all that may be going...
...STOCK TRADING: Many U.S. investors use secret accounts to play the stock market, cabling or mailing instructions to their Swiss banks to buy and sell securities through brokerage houses in New York. Another trick is to phone a New York broker designated by a Swiss bank and use a code name to place an order. The broker executes the order for the account of the Swiss bank and winds up with no record of the real buyer's identity. Since foreign banks are not taxed at all on trading profits-and at a maximum rate of only...