04-30-2007, 12:28 AM
I'm curious what people here might make of recent events involving Bobby Fischer.
Some background for those who may not be familiar--Bobby Fischer, an American, was World Chess Champion from 1972-1975. Considered extremely eccentric, even by the standards of chess grandmasters, he was nevertheless hailed as an American hero for beating Soviet champion Boris Spassky for the world championship in Iceland in 1972. After failing to agree to terms for defending his title in 1975, Fischer gave up his title and became quite reclusive.
Fischer surfaced again in 1992 for a chess rematch with Spassky in Yugoslavia. It was billed as a title defense although this was purely promotional hype as both men were well past their prime. Fischer won again on the chessboard, but more significantly, he drew the ire of the US government (this was during the era of the first George Bush). Playing in Yugoslavia, and in particular accepting a $5 million purse, was a violation of US sanctions against Yugoslavia, and Fischer was indicted by the federal government.
Fischer responded by depositing his winnings in a Swiss bank account at UBS and refused to return to the US, again disappearing from view. He travelled the world--still on a US passport. He was known to spend a significant amount of time shuttling between Japan and the Philippines (he seems to have had girlfriends in both countries), never staying in any one country longer than allowed for tourists. He gave occasional radio interviews in the Philippines--his bizarre eccentric side certainly surfaced in these interviews.
Fischer returned to public view again in 2004 when he was arrested at Narita airport in Japan. His US passport had been revoked and Japan wanted to deport him to the US to face charges. A long legal battle ensued, ending only when Iceland (where he had won his championship 32 years earlier) granted Fischer citizenship (effectively a form of asylum). Japan deported Fischer to Iceland in 2005.
At this point, the part of the story that interests me and that I'm looking for peoples' reaction to begins. Shortly after Fischer's arrival in Iceland, UBS informed him that it was closing his bank account. It failed to provide a reason for doing so. UBS unilaterally transferred the funds, after selling certain assets without Fischer's permission, to Fischer's account in Iceland. Fischer refused to accept the funds and they were returned to UBS in Switzerland, where they have remained frozen pending a resolution of the matter ever since.
So my question is why UBS closed Fischer's account, given the reputation of Swiss banks for maintaining a very strong neutrality? It certainly looks as though the US government pressured the Swiss bank to close the account in order to squeeze Fischer financially and, perhaps, force his return to the US to face charges. This is very surprising to me, though, as I thought the Swiss simply didn't knuckle under to that kind of pressure.
Any ideas what might be going on here behind the scenes?
Some background for those who may not be familiar--Bobby Fischer, an American, was World Chess Champion from 1972-1975. Considered extremely eccentric, even by the standards of chess grandmasters, he was nevertheless hailed as an American hero for beating Soviet champion Boris Spassky for the world championship in Iceland in 1972. After failing to agree to terms for defending his title in 1975, Fischer gave up his title and became quite reclusive.
Fischer surfaced again in 1992 for a chess rematch with Spassky in Yugoslavia. It was billed as a title defense although this was purely promotional hype as both men were well past their prime. Fischer won again on the chessboard, but more significantly, he drew the ire of the US government (this was during the era of the first George Bush). Playing in Yugoslavia, and in particular accepting a $5 million purse, was a violation of US sanctions against Yugoslavia, and Fischer was indicted by the federal government.
Fischer responded by depositing his winnings in a Swiss bank account at UBS and refused to return to the US, again disappearing from view. He travelled the world--still on a US passport. He was known to spend a significant amount of time shuttling between Japan and the Philippines (he seems to have had girlfriends in both countries), never staying in any one country longer than allowed for tourists. He gave occasional radio interviews in the Philippines--his bizarre eccentric side certainly surfaced in these interviews.
Fischer returned to public view again in 2004 when he was arrested at Narita airport in Japan. His US passport had been revoked and Japan wanted to deport him to the US to face charges. A long legal battle ensued, ending only when Iceland (where he had won his championship 32 years earlier) granted Fischer citizenship (effectively a form of asylum). Japan deported Fischer to Iceland in 2005.
At this point, the part of the story that interests me and that I'm looking for peoples' reaction to begins. Shortly after Fischer's arrival in Iceland, UBS informed him that it was closing his bank account. It failed to provide a reason for doing so. UBS unilaterally transferred the funds, after selling certain assets without Fischer's permission, to Fischer's account in Iceland. Fischer refused to accept the funds and they were returned to UBS in Switzerland, where they have remained frozen pending a resolution of the matter ever since.
So my question is why UBS closed Fischer's account, given the reputation of Swiss banks for maintaining a very strong neutrality? It certainly looks as though the US government pressured the Swiss bank to close the account in order to squeeze Fischer financially and, perhaps, force his return to the US to face charges. This is very surprising to me, though, as I thought the Swiss simply didn't knuckle under to that kind of pressure.
Any ideas what might be going on here behind the scenes?