Business: How Some Americans Play It

Ingenious Americans exploit numbered Swiss accounts in innumerable ways. Here are three that particularly disturb U.S. Attorney Robert Morgenthau:

· STOCK TRADING: Many U.S. investors use secret accounts to play the stock market, cabling or mailing instructions to their Swiss banks to buy and sell securities through brokerage houses in New York. Another trick is to phone a New York broker designated by a Swiss bank and use a code name to place an order. The broker executes the order for the account of the Swiss bank and winds up with no record of the real buyer's identity. Since foreign banks...