Word: switzerland
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...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...
...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...
Those included what was described as a confidential company report prepared by Barton outlining a system for making "special payments" out of Switzerland to British Leyland distributors and agents. Among the abuses mentioned was a practice of overbilling distributors so that they would appear to have little taxable profit; secret cash payments would then be "suitcased" to them-literally carried in satchels-or deposited in numbered bank accounts in Switzerland or Liechtenstein...
Died. Harry Gordon Johnson, 53, Keynesian economist and professor at the University of Chicago and the Graduate Institute of International Studies in Switzerland; after a long illness; in Geneva. An expert on international finance, Johnson frequently attacked the monetarist school of economists. He believed unemployment was a greater social problem than inflation and at times espoused both devaluation of the dollar and a guaranteed minimum income...
Died. Prince Xavier de Borbon y Parma, 87, patriarch of the Carlist family of pretenders to the Spanish throne; of a heart attack; in Chur, Switzerland. Distant cousins of King Juan Carlos, Xavier's family fought and lost two civil wars for the crown during the 19th century; the prince was heir to their romantic lost cause. Although the Roman Catholic Carlists supported Franco during the Spanish Civil War, the generalissimo refused to recognize their dynastic claims and subsequently expelled Prince Xavier from the country. In recent years, a family feud between Xavier's sons-Leftist Prince Hugo...