Word: banke
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Dates: during 1960-1969
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...York City detectives, under the auspices of the First National City Bank, conducted a fraud clinic to acquaint merchants with ways of cutting their losses. Similar campaigns have been launched by retail associations from Georgia to Texas. Chicago retailers have urged the courts to take a tougher stand against shoplifters, asking for higher bond, fewer continuances and stiffer fines and sentences. Penalties already run as high as $10,000 and ten years in jail, but teen-age first offenders often get off with merely a reprimand...
...chairman of the House Banking and Currency Committee, Texas Democrat Wright Patman has made a career of jousting with U.S. bankers. Last week he thrust at their Swiss counterparts, whose secret subterranean vaults have long been the world's principal haven for nervous money-accounts whose owners are not anxious to admit ownership. After two days of public hearings, Patman called for legislation making it illegal for Americans to deal with any foreign bank that does not allow inspection of its records by U.S. regulatory agencies...
That difficulty is understandable. Switzerland owes its famous banking prowess to the soundness of its currency, the secrecy of its financial men and the neutrality of its politicians. Numbered accounts were introduced in the 1930s to thwart Nazi Germany from hunting down assets hidden abroad by its citizens, mostly German Jews. As a rule, only one or two top bank officers know the identity of holders of such accounts. Under Swiss law, those who do know have a "duty to observe silence of professional secrecy." Otherwise they face a fine of up to $5,000 and six months in jail...
...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...
...importers minimize the taxes they pay on profits. Every time they buy foreign goods, they use special arrangements to pay excessively high prices. They thus deflate their recorded profits and tax obligations. Meanwhile, the foreign sellers kick back part of the bloated purchase price into the Americans' Swiss bank accounts...