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...decades they have been central to the Swiss view of themselves. But the past few months have not been good for the industry, and in particular UBS, which has been under a cloud since last summer. That was when news broke that U.S. authorities were investigating the world's largest manager of private wealth for its role in helping rich Americans hide $200 billion in undisclosed offshore accounts to avoid taxes. Last month UBS agreed to pay the U.S. a $780 million penalty to absolve itself of criminal fraud charges. It also agreed to release the names of 250 clients...
Credit Suisse, Switzerland's second largest bank, posted a $7 billion loss in 2008 and slashed thousands of jobs. But so far it has not suffered from the loss of client confidence that UBS faces. The biggest winners are small banks because "they keep their noses clean and stay out of the United States," Bretholz says. "The Swiss want their money to be safe, and they can no longer find security in big banks that operate internationally and are exposed to global risks...
...recently, many in the international community were downbeat about the prospects of effective legislation to come out of Copenhagen. Yet clean energy figured prominently in Obama’s stimulus package, renewing hope among many that American initiative on global warming might galvanize the world’s other largest polluters to act decisively to cut down on CO2 emissions. As the industrial power of the 21st century, China recognizes that segueing into more environmentally sustainable growth is not only crucial to its internal development but also has great potential of becoming a major export market...
...substantial tax breaks in return for providing educational services and stimulating local economies. Layoffs may allow Harvard to breathe easy, but in doing so they are simply shifting the burden of labor costs onto the cities of Boston and Cambridge and local taxpayers. Because Harvard is one of the largest employers in Massachusetts, any substantial layoffs at Harvard will dramatically affect neighboring communities—those that don’t have the most expensive money managers and billions of dollars in an endowment to jump-start their financial recovery. Harvard teaches its students to be responsible citizens, but there...
...home truths - scandals indicative of a boom-years culture of nepotism and scant regulation that some say is as much to blame for the nation's economic malaise as the global downturn. In December, it emerged that Sean FitzPatrick, the then chairman of Anglo Irish Bank, Ireland's third largest bank, had concealed from shareholders more than $100 million in personal loans by transferring them temporarily to a building society. After FitzPatrick quit, the Irish government stepped in to nationalize Anglo Irish, but the damage to public confidence had already been done...