Lawmakers Uncover Hundreds of Nazi-Linked Accounts at Credit Suisse
An investigation has revealed 890 accounts at Credit Suisse that potentially link to Nazi activities. This significant discovery was announced by Senator Chuck Grassley, a Republican from Iowa, prior to a Judiciary Committee hearing focused on the financial sector’s role during the Holocaust. The accounts included those associated with the German Foreign Office, an arms manufacturing company, and the German Red Cross.
Details of the Investigation
Senator Grassley, who leads the committee, has a history of monitoring the inquiries into Credit Suisse. Following UBS’s emergency acquisition of Credit Suisse in 2023, UBS has been collaborating with former U.S. prosecutor Neil Barofsky to explore the bank’s connections to Nazi-linked accounts.
- 890 accounts identified with potential Nazi links
- Includes accounts for the German Foreign Office and German Red Cross
- Investigation highlights relationships with the SS, a Nazi paramilitary organization
Previous Settlements and Apologies
Both UBS and Credit Suisse had previously reached a global settlement in 1999, which was intended to close the chapter on claims from that era. In a recent communication, UBS emphasized its commitment to transparency and addressing the findings of the ongoing investigation. Grassley has received several reports on Barofsky’s work, which support the allegations of closer ties between Credit Suisse and Nazi entities than previously acknowledged.
Ongoing Insights and Future Reporting
Grassley noted that new details have emerged regarding a scheme that aided Nazis in fleeing to Argentina. UBS has expressed deep regret over the Nazi era’s implications for Swiss banking, acknowledging the dark history associated with this period.
Robert Karofsky, President of UBS Americas, stated that the bank is focused on completing this investigation thoroughly. They are committed to providing the public with a full account of their findings by the end of the year, with the investigation set to conclude by early summer.
As this investigation progresses, it continues to shed light on a troubling aspect of history and the impact of financial institutions during wartime.
