Word: bankes
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Dates: during 2000-2009
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...others are confident that the damage will be limited to UBS. "We don't foresee any negative impact on the Swiss banking industry as a whole," says Martin Naville, CEO of the Zurich-based Swiss-American Chamber of Commerce, an organization that helps Swiss companies in the U.S. and U.S. companies in Switzerland expand their businesses. "It's the cleanest system in the world, with strict laws on money laundering, terrorist finances, corruption and other illicit activities." (Read "The Scandal of Secret Swiss Bank Accounts...
...future of Swiss banking secrecy, long a bone of contention among Switzerland, the U.S. and the European Union, also looks to come through this scandal unscathed. In a recent SBA poll, 91% of respondents favored the protection of their privacy in financial matters. "It's an expression of mutual trust between the Swiss state and its citizens," SBA's Nason says. "The government is able to secure its tax revenues without having to trample on privacy by demanding an automatic right of forced entry into bank accounts. The Swiss take great pride in this arrangement and reward it with...
...however, has warned Switzerland that if a deal is not reached in the UBS case, it will "vigorously pursue" the matter and may even seize the bank's American assets. But such an aggressive response "might destabilize UBS and have a major impact on the American economy, so the U.S. government should proceed at its own risk and peril," says the Swiss-American Chamber of Commerce's Naville, who points out that both countries have "a lot at stake" in each other's economies. Switzerland is the U.S.'s 15th largest export market and, with almost $149 billion spent...
...clock ticks toward the Aug. 3 deadline, the Swiss are hoping that the future of their secrecy laws is something they can still bank...
...someone offering few substantive changes, the finance minister seemed awfully proud in his speech, congratulating his party on avoiding the worst of the financial crisis. Yet, smug as he might have been, the reality is grim: According to the World Bank, in 2005 456 million Indians still lived in poverty. Mukherjee’s plans to combat this are well intentioned, but will only temporarily help to alleviate the plight of the poor. It will take the spread of private industry and finance to permanently raise their standard of living...