Word: dits
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Dates: during 1970-1979
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...scandal that prompted these reforms bloomed at 121-year-old Crédit Suisse, whose assets of $18 billion make it one of the storied Big Three of Swiss banking (the other two: Swiss Bank Corp. and Union Bank of Switzerland). Together they account for nearly half of all the banking assets in the country. A Crédit Suisse branch manager. Ernst Kuhrmeier, 57, has been accused of "disloyal management"-the Swiss equivalent of business fraud. He allegedly manipulated more than $800 million in a series of questionable and outright illegal dealings (TIME, May 23). Kuhrmeier...
Huge Losses. Leclerc is the 28th Swiss bank to go broke since 1970. Yet its problems are relatively insignificant compared with the scandal that is still building around one of Switzerland's Big Three banks, the Crédit Suisse (assets: $17 billion). For the past month, the Swiss banking community has reeled from one disclosure after another implicating executives of Crédit Suisse's Chiasso branch in illegal manipulation that resulted in huge losses. Crédit Suisse concedes that the sum could reach $100 million. Some outside sources put the potential losses as high...
...affair in Chiasso, a Swiss town on the Italian border, is a result of Switzerland's historic role as a haven for foreign money. For years, wealthy Italians had been lugging suitcases crammed with lire for deposit in Swiss banks; Crédit Suisse in Chiasso was a prime recipient. In 1975 the Swiss government became alarmed by the foreign-currency inflows that were forcing up the Swiss franc to unrealistic levels, harming Swiss exports. To discourage foreign depositors, the government slapped a 10% "negative interest" charge on large accounts held by non-Swiss...
However, the investments did not flourish as the Chiasso bankers hoped they would. Then, in late 1976, the Italian government, which hoped to lure home lire, offered a blanket amnesty to all Italians who would bring back their money. Result: withdrawals were so large that Crédit Suisse's branch in Chiasso was forced to turn for help to the home office in Zurich. The head office's investigation led to police involvement. Three Chiasso bankers, including Branch Manager Ernst Kuhrmeier, have been arrested on charges of criminal mismanagement...
...gesture of solidarity, the other members of the Big Three, the Swiss Bank Corporation and Union Bank of Switzerland, offered Crédit Suisse a $ 1.2 billion line of Crédit. Crédit Suisse refused the offer, explaining that it could easily absorb the Chiasso loss, and indeed that seems true. But the Chiasso affair and the other failures are raising severe questions about the efficiency, as well as the ethics of Swiss banking. Even some Swiss financiers are charging that Swiss bankers are vastly overrated and that only the constantly climbing Swiss franc makes them appear proficient...