SPAIN: Case of the Fugitive Treasure

"If Franco could afford it politically," said an American businessman last summer, "he could throw a scandal that would make vicuña coats look tawdry." Last week Franco decided he had to afford it. A mass police roundup hit Spain, and this time the victims were not radical opponents, but some of the nation's biggest and richest names—bankers, industrialists, Cabinet ministers, even members of Franco's own family. Though details were carefully concealed from the public, the roundup was the climax of the most sensational financial scandal in the history of the regime. The crime common to all: setting up secret...

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