Word: swiss
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Dates: during 1960-1969
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...prelate in the Vatican took charge of the institute's affairs. He is Paul Marcinkus, a 47-year-old native of Cicero, Ill., and former special assistant to Pope Paul. In a 2 ½-hour ceremony in St. Peter's basilica in Rome, a choir chanted and Swiss Papal Guards stood stiffly at attention while Marcinkus prostrated himself at the Pope's feet to be made a bishop. The next morning, the burly Marcinkus, who stands 6 ft. 3 in., star ed his new job as the institute's Secretary of the Administrative Office...
...Bishop as Banker. The Holy See, which is as secretive as a Swiss bank in money matters, has never revealed the extent of its temporal wealth. But according to the expert opinion of bankers, economists and others who closely study its affairs, the securities that it owns in many countries are worth more than $2 billion. By best estimates, the Vatican holds 2% of the shares quoted on Italian stock exchanges. It is a stock holder in several Italian banks, including one called the Bank of the Holy Spirit...
...importers minimize the taxes they pay on profits. Every time they buy foreign goods, they use special arrangements to pay excessively high prices. They thus deflate their recorded profits and tax obligations. Meanwhile, the foreign sellers kick back part of the bloated purchase price into the Americans' Swiss bank accounts...
...REAL ESTATE: To avoid paying income taxes, some American real estate owners hold large sums of cash in numbered Swiss accounts. How can they ever use the money? They have the Swiss bank arrange to "buy" some of their properties with money from their own anonymous accounts. In that way, the money is repatriated to the U.S. One real estate man, for example, "sold" a piece of property for nearly $1,000,000 but did not have to pay taxes on the deal since the property had cost no more than that when he purchased it. There was a further...
Measured in Gold. If and when an overall currency revision comes, the German mark, now the world's strongest currency, might well be raised in value by 5% or possibly 10%. Other strong currencies-the Italian lira, Dutch guilder and Swiss franc-could be raised somewhat less. The pound and the French franc might be devalued by 5% or so. Other currencies would move up or down, or hold their existing parity against the dollar, according to their relative strength...