Majerus, Benoît <br/><br/>
This is not a scandal in Luxembourg 

 -  2021.<br/>							 
<br/><br/> 91 
<br/><br/> A Panamanian company with some of its subsidiaries domiciled in Luxembourg collapsed at the start of the 1970 s. The CEO of the company, Investors Overseas Service (IOS), was an American businessman, Bernie Cornfeld. This was the first time that Luxembourg appeared in the press as a financial center. Although certain European media outlets presented the failure of IOS as a Luxembourgish scandal, this was not how it was perceived by the Luxembourg press and political elite. This case study examines how such financial scandals emerge and are contained in small countries.