Word: zuricher
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...recovery. Housing never cracked; now it won't boom. Consumers never stopped spending; now they're in debt and can't pick up the pace. President Bush's tax rebate, paid out during the worst of the recession, was "insanely well timed," says Maureen Allyn, chief economist at Zurich Scudder. Any comparable success with whatever stimulus package Congress might pass is unlikely. On the factory front, new inventory controls have given managers earlier warning of waning demand than they had in previous slumps, and led them to cut orders before goods piled up to the ceiling. The same controls will...
...loans. Incredibly, a third of all outstanding mortgages were originated last year--testament to the tidal wave of home refinancings that, on average, lowered homeowners' monthly payments by $100. Those who refinanced cashed out $100 billion of equity, says Frank Nothaft, chief economist at Freddie Mac. But, says Zurich Scudder's Allyn, the cash outs "are a little like eating your seed corn. It's not a long-term solution." Moreover, the refi boom is over, and many homeowners have larger mortgages and can no longer count on rapid appreciation to build equity. "I'm scratching my head over...
...prosecuting team also has the Swiss-born Del Ponte, who is one tough lawyer. The Cosa Nostra mobsters whom Del Ponte, as Switzerland's attorney general, pursued on money-laundering charges tried to blow her up; the banker gnomes in Zurich whose secrecy she penetrated trembled before her. No matter what stunts Milosevic pulls, says Richard Dicker, director of the International Justice Program at Human Rights Watch, "she is not going to be sidetracked or tripped...
...prosecuting team also has Del Ponte, who is one tough lawyer. The Cosa Nostra mobsters that Del Ponte, as Switzerland's attorney general, pursued on money-laundering charges tried to blow her up; the banker gnomes in Zurich whose secrecy she penetrated trembled before her. No matter what stunts Milosevic pulls, says Richard Dicker, director of the International Justice Program at Human Rights Watch, "she is not going to be sidetracked or tripped...
...wisecracking, Cuban-cigar-smoking, martini-drinking former Marine Corps fighter pilot, Lutz is passionate about beauty and speed. He not only loves sports cars but also flies his own Czech L39C jet fighter and sometimes commutes to work in his own helicopter. Born to Swiss parents in Zurich, Lutz has always moved back and forth between Europe and the U.S. He smashed his uncle's Ford coupe into a wall at age eight and walked away from a helicopter accident in 1991. He started at GM in 1960, cruised through BMW, lodged at Ford and then landed at Lee Iacocca...