Word: swiss
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Dates: during 1960-1969
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While battling each other, U.S. brokers also have to tangle with a few foreign legal problems. France and Italy have exchange controls that force buyers to place security orders through a bank instead of a brokerage house. Swiss investors are bound by similar customs. Result: the European customer often pays two commissions instead of one. In Germany, where banks handle securities by tradition rather than by law, Merrill Lynch is risking the banks' wrath by urging customers to deal directly with its offices. It may take a while, but U.S. companies are betting on a steady surge in European...
...failed to return next morning, frantic Soviet officials ordered all the remaining Russians at the hotel into a delegation compound and stripped Nosenko's room of all his personal effects. They seemed particularly agitated when they could not find his valise. At last, the Russians called in the Swiss police. In vain, the cops checked Switzerland's hospitals, morgues, hotels, railroad stations, airports and border outposts. Nosenko had totally vanished...
Last week the U.S. State Department tersely reported that Nosenko had defected to the West and was "somewhere in the U.S." In fact, he was in Washington, where officials permitted Soviet and Swiss diplomats to interview him. Refuting Moscow's allegations of "improper" U.S. behavior, Nosenko declared that he had voluntarily decided not to return to Russia...
Though a few families claim conquistadors as forebears, others rose up from the land only two generations ago. To their credit, most wealthy Panamanians normally reinvest their profit at home, instead of socking it away in U.S and Swiss banks...
...troubles of Europe's capital markets are many-government meddling, restrictive taxes on new securities, overcharges for handling stock issues, heavy interest rates on bonds, a clubby atmosphere among bankers, and an extreme financial secrecy among corporations that keeps the wary public from investing. Only the British, Swiss and Dutch financial centers operate with any degree of freedom. France permitted no foreign security issues until late last year. A German tax on foreign bond sales makes costs almost prohibitive, even though Germany attracts so much foreign investment capital that last week it moved to curb the inflow...