Word: protectant
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...years to come. On one side, the U.S. Department of Justice is accusing Swiss banking giant UBS of helping wealthy Americans hide billions of dollars from the tax man and insisting that the bank reveal their identities. On the other, the Swiss government is threatening to step in to protect the country's famous secrecy laws. The two have until Aug. 3 to come up with an agreement - or continue the fight in court...
...While the long-term damage to UBS may be difficult to gauge, experts say its reputation as a reliable institution has taken a beating. "Clients worldwide have lost trust in UBS's ability to protect their privacy," says Teodoro Cocca, former professor of asset and wealth management at the Swiss Banking Institute in Zurich. "This will affect UBS's attraction for wealthy clients - the main franchise of the bank...
...ranked and priorities set so that most of the available money is channeled toward countering the most likely threats. But so long as generals - backed by lawmakers - see it as their job to satisfy "all of the nation's needs," the taxpayers will continue buying unbelievably costly weapons to protect us from unbelievably minuscule threats...
...intelligence expert who has done contract work for the CIA says many in Langley feel Panetta, who had only weeks before testified that the agency did not lie to Congress, was acting "to protect his own skin," rather than in the agency's best interests. "He was looking to make sure nobody could accuse him of knowing about this program and being complicit in keeping it from Congress," says the official. (For his part, Panetta might well argue that it was the agency that misled and embarrassed him in the first place...
...extremist groups. After the U.S. occupied Iraq in 2003, the U.S. military ostensibly disarmed the Saddam-backed Iranian militant group the Mujahedin-e Khalq (MEK) - then, as now, on the State Department's terror list - allowing it to remain in its base in Iraq, but deployed American soldiers to protect the base. The group claimed that it helped the U.S. government gather intelligence from inside Iran. Washington hawks such as House Veterans Affairs Committee chairman Representative Bob Filner (D.-Calif.) continue to call for the U.S. to support the MEK and other "resistance" groups fighting the Tehran regime. And former...