Word: bankes
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...Justice Department, frustrated for decades by Swiss efforts to foil any tampering with its bank secrecy traditions, was pressing its advantage: a giant tax evasion program run by Swiss bank behemoth UBS was exposed in great detail by a company whistleblower, and Uncle Sam was demanding to know the names of all 52,000 U.S. account holders involved...
...Justice Department subpoenaed bank documents, and could have threatened to have a U.S. court slap a contempt citation and a scorching daily fine on UBS until it turned the documents over. (See the worst business deals...
Although the pledge to help Greece was sincere, it was light on specifics. After the new E.U. president, Herman Van Rompuy, announced that the leaders of Germany, France and Greece - along with himself and Jean-Claude Trichet, head of the European Central Bank - had reached an agreement, the leaders then passed the issue over to their subordinates to hammer out the details. There was no call for an emergency bailout or help from the International Monetary Fund. Instead, the 27 E.U. members promised to underwrite the Greek economy through loans, guarantees and other measures, so long as Athens maintained...
...passage of the Lisbon Treaty last year, proved to be the linchpin of the deal. The former Belgian Prime Minister is uniquely equipped to understand the importance of projecting confidence to assure shaky markets - he has a master's degree in applied economics and worked for the Belgian Central Bank before going into politics. And as Belgium's Budget Minister in the 1990s, he was instrumental in helping to drive the country's public debt down from a peak of 135% of GDP in 1993 to about 90% today...
...currency. Frugal Germany, the E.U.'s traditional paymaster, was understandably reluctant to commit to underwrite any rescue pledge before securing a cast-iron commitment from Athens that it would put its finances in order. Earlier in the day, Otmar Issing, the German former chief economist of the European Central Bank, said the Greeks enjoyed "one of the most luxurious pensions systems in the world" and that it was unreasonable to expect German taxpayers to fund it. Merkel's message of support included a hint of steel. Greece "will not be left on its own, but there are rules, and these...