Word: switzerland
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Dates: during 1970-1979
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...placid blue waters of Lake Geneva, which are normally graced by white sailboats and sleek cruisers, last week floated an ugly sight: the body of an apparent suicide. The corpse was a shocking reminder that Switzerland's banking industry, long famed as a citadel of honesty and stability, is being shaken by scandals...
Huge Losses. Leclerc is the 28th Swiss bank to go broke since 1970. Yet its problems are relatively insignificant compared with the scandal that is still building around one of Switzerland's Big Three banks, the Crédit Suisse (assets: $17 billion). For the past month, the Swiss banking community has reeled from one disclosure after another implicating executives of Crédit Suisse's Chiasso branch in illegal manipulation that resulted in huge losses. Crédit Suisse concedes that the sum could reach $100 million. Some outside sources put the potential losses as high...
...affair in Chiasso, a Swiss town on the Italian border, is a result of Switzerland's historic role as a haven for foreign money. For years, wealthy Italians had been lugging suitcases crammed with lire for deposit in Swiss banks; Crédit Suisse in Chiasso was a prime recipient. In 1975 the Swiss government became alarmed by the foreign-currency inflows that were forcing up the Swiss franc to unrealistic levels, harming Swiss exports. To discourage foreign depositors, the government slapped a 10% "negative interest" charge on large accounts held by non-Swiss...
...wealthy mobsters live like millionaires, Internal Revenue Service agents can ask discomfiting questions. Some Mafiosi have large sums in secret bank accounts overseas, most notably in Switzerland and Liechtenstein, as nest eggs in case they ever have to flee abroad. Other mobsters keep their escape money in bank safe-deposit boxes or hiding places called "traps." Anthony ("Fat Tony") Salerno, a gambler and loan shark who was indicted last week on charges of running a $10 million-a-year numbers operation in Manhattan, used to keep more than $1 million in small bills packed in shoe boxes stacked from floor...
Police found pistols, revolvers and a stiletto in the captured couple's rucksacks, as well as train tickets to Zurich and several forged identity documents. Authorities suspect that Sonnenberg and Becker had been bringing the arms and documents to a secret meeting of terrorists in Switzerland when they were recognized from newspaper photos by the sharp-eyed old lady in Singen. German and Swiss police were on high-priority alert last week as they searched for two other suspects in the Buback assassination conspiracy...