[1] It wasn't until 1977 that the scandal broke: in the wake of the first oil crisis, several companies managed by Texon became loss-making, and the whole financial package collapsed, revealing a debt of 2.2 billion Swiss francs for Credit Suisse.
The Federal Council admitted that foreign capital created issues but asserted that regular banking regulation was best suited to handle them rather than a constitutional amendment: it therefore recommended that the initiative be rejected.
[3] Fabio Vassali, President of the Council of State of the Canton of Ticino, elected in 1975 on the Christian Democratic Party list, was forced to resign on June 19, 1977.
Fabio Vassali had previously been a partner in the Maspoli & Noseda law firm and was directly involved in Texon's business with Credit Suisse in Chiasso.
National Councillor Jean Ziegler had intervened with the Federal Council a few days earlier to find out about Fabio Vassali's involvement, who subsequently issued an official statement denying having had any dealings with Texon.