Switzerland: The Gnomes of Zurich

Pince-nez aquiver on his nose, the elegant banker leaned across the wood-inlaid desk in his Zurich office last week and complained: "We have been called Shylocks, gnomes, sinister manipulators —even greedy thieves. These campaigns really wound us. At times it makes one melancholy."

Dr. Alfred Schaefer, 60, chief of the Union Bank of Switzerland, and by common consent that nation's foremost commercial banker, was protesting the notoriety thrust upon Swiss banks by the recent troubles of Britain's pound. Long the world's favorite haven for nervous money, Swiss banks have amassed so much...

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