Word: swiss
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...Swiss banking giant UBS takes its name from the first initials of the company's original moniker Union Bank of Switzerland. But over the past few months the Swiss have begun to joke that the acronym should stand for United Bandits of Switzerland. Fury over a tax scandal and massive losses thanks to UBS's exposure to the toxic subprime market in the U.S. is growing fast. "Those arrogant and greedy bankers are tarnishing our image," says Marie-Claire Favre between sips of her cappuccino in a Lausanne cafe. Standing in front of UBS's Lausanne office, Bernard Thevenoz...
Banks are the backbone of Switzerland's economy, accounting for 12% of national GDP, and for 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...
...probably a better investment than stocks, and at least it looks good on your wall.) Armory Show is the main event, featuring 243 galleries at Piers 92 and 94. If that seems too overwhelming, there are smaller venues, like Volta, an invitation-only showcase for galleries like Swiss dealer Haas & Fischer, with sculpture including Joshua Callaghan's "The 100 Year Anniversary Commemorative Model-T Ford," and London's Rokeby Gallery, with video artist Erica Eyres' short film about a female-only future. If you want to see actual Picassos, the city's museums are offering discounted admission. Armory Show: Piers...
Switzerland's tradition of financial discretion goes back at least to the 17th century. In the wake of World War I, as many European currencies became unstable, the consistent (not to mention neutral) Swiss franc attracted depositors. After France, incensed by the loss of revenue, raided a Swiss bank's office in Paris and revealed the names on its accounts, the Swiss passed a law in 1934 making such disclosures criminal. Years later, Swiss banks both sheltered the assets of German Jews and accepted looted Nazi gold (and later set up a $1.25 billion compensation fund for Holocaust victims). Corrupt...
...that doesn't mean the banks open their vaults for just anyone. When the U.S., which loses an estimated $100 billion in tax revenues every year on assets stashed overseas, demanded that UBS release information on an additional 52,000 accounts, the bank refused, saying the move would violate Swiss law. Of course, with some 27,000 UBS employees working in U.S. offices, Switzerland might not be the jurisdiction it should worry about...