With help from a former UBS banker, the Feds are demystifying how the Swiss do business. Inside the tradecraft.
From the magazine issue dated Mar 23, 2009
the very rich, it's known as "the nut." That's the amount of money they
need to salt away for a "rainy day"-for when the bubble bursts or the
subpoenas arrive. It's enough money to keep paying for, say, the
grandkids' private-school tuitions or the landscape gardener on
Martha's Vineyard. ("Every Master of the Universe knows the number,"
wrote "The Bonfire of the Vanities" author Tom Wolfe.) Usually, the
money is invested in something safe, such as T-bills. But sometimes
it's sent, as they say, "offshore," stashed away in what one Swiss bank
described as a "posterity fund."