Worried over charges before the U.S. Congress that its members were mixing in American proxy battles (TIME, June 3), the powerful Swiss Bankers Association laid down the law last week. Said a confidential memo: Swiss bankers henceforth are urged to stay out of U.S. proxy wars; they should refrain from voting any stock to upset corporate U.S. management and keep a careful check on all stocks held in numbered accounts for anonymous investors. Said Association Secretary Max Oetterli: "Our great strength in the business world rests on our reputation for fair, honest, solid, unspeculative, confidence-inspiring policies."
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