Word: bankes
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...more examples of the haves: 16 Oscar nominations (but no win since 1983) for Streep, and radiant Clooneyness for George. What do you give the man who has everything? Nothing. Same with Cameron, whose $2.5 billion worldwide take for Avatar will let him cry all the way to the bank, which he could now buy. (See the top 10 movie performances...
...biodiversity loss, then, be seen as a failure of the market? "Biodiversity is the living capital of the planet," says Pavan Sukhdev, a senior banker with Deutsche Bank and Special Adviser to the United Nations Environment Programme's (UNEP) Green Economy Initiative. Like any capital, he says, it has to be measured to be managed. "If you don't count half of your balance sheet, you're going to get your profit and loss ratio incorrect - and we have...
Over the years, the Swiss government has also skillfully doled out intelligence dollops to its American counterparts to keep the U.S. government from pressing too much. That may have been one reason recently retired Manhattan district attorney Robert Morgenthau, who had butted against Swiss bank secrecy repeatedly since the 1960s, was not able to make many cases. The federal government is more earnest than ever, he says, but the resolve comes when the locus of tax evasion has already shifted to other havens. "Switzerland is not the No. 1 problem any more. The Caymans is the biggest problem," he says...
Still, recent reports demonstrate that bank secrecy is still very important for Switzerland and suggest how Swiss banks intend to maintain that secrecy for years to come. Credit Suisse, which took a net capital outflow hit of $5.5 billion in the fourth quarter of 2009, reported it had about $100 billion of private, cross-border assets from politically sensitive or tax-sensitive countries. But when stress tested in simulations of widespread tax amnesties, it showed that $25 billion to $35 billion might flee. That sounds huge, but with some $800 billion under management, it's just a couple of quarters...
Nevertheless, says Clark, if you are planning to stash your millions in the Alps, don't assume you can hide it from the tax man: "There is no doubt that the ability to arbitrage the bank-secrecy laws in Switzerland to avoid paying taxes in your home country is eroding and has been eroding for a long time, and it will continue to erode...