Word: swiss
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Much of the testimony at the congressional hearings has revolved around the question of profiteering. Secord admitted that he and his business partner, Albert Hakim, hold in Swiss bank accounts some $8 million generated by the Iran-contra "enterprise." He said he had no interest in keeping this money and would gladly give it to the contras as a memorial to the late CIA director William Casey. But meanwhile he has taken court action to keep U.S. investigators from acquiring the bank records of these accounts...
...official: "It's the first sign that U.S. ^ banks are prepared to share the burden of the debt crisis." Other foreign moneymen welcomed Citicorp's action because it might mean that all U.S. banks will start treating Third World debt under the same terms as Japanese, West German and Swiss banks, which have already established substantial loss reserves. A "spectacular maneuver," said Michel Cahier, a commentator for La Tribune de l'Economie, a Paris financial daily. "American financial circles appear to be ready to stop fooling themselves and the rest of the world...
Citicorp needed to act boldly because the foreign-debt uncertainty was sapping its ability to compete with aggressive rivals, such as the Japanese, British and Swiss. Only three years ago, Citicorp ranked as the world's No. 1 banking company. Last year it slipped to No. 5 behind a group of Japanese banking companies that are "beating Citicorp's pants off in international lending," according to Joan Goodman, who follows the industry for the Pershing brokerage firm. Because most of Citicorp's foreign competitors have already set aside large reserves against potential Third World losses, those banks have enjoyed higher...
Jennifer M. Walser '90 found a space freshman year by sheer luck. She brought a car to Harvard during freshman week and left it at the Swiss Chalet Inn near the Alewife T stop for several days. When she returned to get it, she did not have a ticket and figured that the owners of the inn had not noticed it. Walser says that she ended up leaving the car at the inn for most of the year...
Another bone of contention was the $7.9 million paid by Iran for U.S. weapons and left in Swiss accounts. Legislators contended that it is Government property, since it derives from the sale of federal assets. Secord insisted that it properly belonged to the "enterprise," meaning essentially Hakim and him. Under that interpretation, observed House Counsel Nields, "you could have gone off and bought an island in the Mediterranean." Yes, said Secord, "but I did not go to Bimini." The allusion to Gary Hart's troubles set off a gale of laughter. Secord eventually asserted that he intended to donate...