Word: kuhrmeier
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Dates: during 1970-1979
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...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 is now in jail awaiting trial on charges that could put him behind bars...
...Tempting. The traffic in "hot" Italian funds was all too tempting to Crédit Suisse's Kuhrmeier, manager of the bank's Chiasso branch. He brought huge volumes of business to his bank. Swiss investigators eventually discovered, Kuhrmeier did this by offering depositors 1) interest rates higher than those paid for Eurodollar accounts and 2) written assurances that Crédit Suisse guaranteed depositors' funds. In short, he exploited the advantages of the fiduciary account ploy without obeying its restrictions...
...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...