Word: lugano
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...move that came as little surprise to his coaches and teammates, Lane MacDonald '89, the 1989 Hobey Baker winner, announced last week that he would pass up an offer from the Hartford Whalers to sign with a team in Lugano, Switzerland...
...Metropolitan Opera from 1954 to 1978, specializing in such roles as Falstaff and Dr. Bartolo in The Barber of Seville and winning the delighted chuckles of audiences and critics, one of whom dubbed him "the greatest scene stealer in the history of opera"; of a heart attack; in Lugano, Switzerland...
Largely because of the kidnaping threat, more and more wealthy Italians have decided to leave altogether or at least set up a residence somewhere outside the country. They choose places as far away as Caracas or as close as Lugano, just across the border in Switzerland. For many, the question is not so much the destination as it is how to get out of Italy with the means of supporting themselves in the manner to which they would like to become reaccustomed. Most succeed in spite of the law forbidding Italian residents to take more than $580 in lire...
Nowhere has the boom been more thoroughly exploited than in Ticino (pop.: 265,000), which lies along the country's border with Italy. The banking industry there, centered largely in the towns of Lugano and Chiasso, is built on Italian flight capital. Billions of lire are smuggled out of Italy each year by depositors worried variously about high taxes, inflation (current annual rate: 21%), and the political gains of the Communist Party. As many as 254 Swiss banks or branches located in Ticino compete fiercely for these loose lire. Some of the banks are suspected of collaborating...
...collapse of Bernard Cornfeld's Geneva-based Investors Overseas Services empire, built with the assistance of Switzerland's loose banking laws -and in part with that of the banks themselves. In 1974 the Union Bank of Switzerland lost $56 million in foreign-exchange speculations, and the Lugano branch of Britain's Lloyd's Bank dropped $89 million in similar dealings...