Diamonds for infidelities, Sunshine for Swiss shadow banking

Good day for pay-to-play; Bad day for Swiss banks

GOOD DAY FOR: Pay-to-play, after the daughter of late British businessman Robert Charlton earned almost $500,000 by auctioning off diamonds and other jewels her father bought her mother every time he had an extramarital affair. In their 26 years of marriage, Robert bought wife Elizabeth Charlton more than 40 pieces of extravagant diamond jewelry, including antique rings, bracelets, earrings, and necklaces. (Reuters)

BAD DAY FOR: Swiss banks, after the U.S. and Swiss governments reached agreement on handing over information on 4,450 UBS bank accounts held by Americans suspected of tax evasion. Some 52,000 Americans have UBS Swiss bank accounts, according to U.S. estimates, but the 4,450 in the deal are the ones most suspected to hiding assets. Tax evasion is not a crime in Switzerland. (AP in Yahoo! Finance)

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us