Word: switzerland
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Dates: during 1970-1979
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...after all, created Switzerland for one purpose-to be the clearinghouse of the world...
...first step in Switzerland's bank reform program took effect this month: a new code of conduct, drawn up by the Swiss National Bank, the country's central financial institution, and the Swiss Bankers' Association. No longer are clients allowed to open a Swiss account without revealing their true identity. Anonymous banking, when it was allowed, was a powerful attraction for corrupt dictators and Mafiosi, among others, seeking to hide their funds. Under the new rules, Swiss bankers are barred from providing active assistance to customers who evade taxes or export capital illegally from foreign countries...
...hallmark of Saudi royalty until frugal Faisal put an end to such waste, has been resumed with a vengeance by the newly rich private Saudis. For a Saudi millionaire, a Learjet is a must-even if he does not need it. He must own houses abroad, in London, Paris, Switzerland and the U.S. Rich Saudis also have a weakness for stretched-out Mercedes cars with built-in bars at $75,000 each...
Stormy clouds lowered over the hamlet of Ecône in French Switzerland last week as Archbishop Marcel Lefebvre reached the point of no return in his "traditionalist" insurrection against the Pope of Rome. Some 4,000 Western European followers had flocked in by bus and train, along with 80 priests from round the world. As they sat on wooden benches and freshly mowed grass, the white-haired archbishop delivered a defiant, Luther-like sermon...
...used $40 million of depositors' funds to speculate in commodities futures. Though no depositors lost money on the deals, Erdman, as the bank's president, was clapped in a Basel jail along with six other officers. Ten months later he was permitted to post bail, and left Switzerland-presumably forever. He was later tried in absentia and given an eight-year prison sentence that he faces if he ever returns...