Credit Suisse ignored Nazi-linked accounts, some active until recently; new details exposed

“Out of respect for Holocaust victims and their families, we cannot turn a blind eye to these shortcomings,” says Sen. Grassley. “We are leaving no stone unturned,” says Sen. Whitehouse.

By World Israel News Staff

“Persistent and bipartisan oversight by the Senate Budget Committee has exposed new details that show Credit Suisse’s internal investigation into its servicing of Nazi clients and their enablers was insufficient, allowing the bank to continue to obscure details of its historic servicing of Nazi clients and their enablers,” Senator Chuck Grassley (R-Iowa) stated in a recent press release.

“Credit Suisse’s internal investigation into its historical Nazi ties was hampered by scoping restrictions and resulted in incomplete findings,” the release says.

Nevertheless, the records show that Credit Suisse, headquarted in Zurich and now part of UBS Group AG, maintained nearly 100 previously undisclosed Nazi-linked accounts—some of which remained open until as recently as 2020—among other Nazi connections.

Until last week, the full record of the bank’s activity was not disclosed, despite the Committee’s request over the course of a half-a-year investigation. Following a letter written by Grassley and Chairman Sheldon Whitehouse (D-R.I.), the bank complied with their requestion for a fully unredacted report of its activity, which was received last week..

The report, the press release says, reveals that “Credit Suisse inexplicably blocked former Independent Ombudsperson Neil Barofsky from accessing materials critical to the investigation, thereby obstructing his ability to fulfill his contractual obligation to oversee AlixPartners’ forensic review, prior to his sudden termination. Credit Suisse also blocked an historian hired to assist the investigation from similar access.”

“Because of the Budget Committee’s investigation, Credit Suisse has agreed to review its potential support for Nazis fleeing justice following World War II via so-called ‘Ratlines.’ However, even after repeated requests from the committee, the bank has failed to fully explain the exact scope of its ongoing investigation,” the press release continues.

“Out of respect for Holocaust victims and their families, we cannot turn a blind eye to these shortcomings,” Grassley stated. “We’ll continue pushing for a full and complete investigation at Credit Suisse until all questions related to these Nazi-linked accounts are resolved, he vowed.

“As we said when we first launched this investigation, when presented with credible—and previously undisclosed—evidence of Credit Suisse’s historical servicing of Nazi clients and their enablers, the Committee had an obligation to investigate,” Whitehouse said.

“In our pursuit of transparency, accountability, and justice, we are leaving no stone unturned,” he declared. “Our inquiry has already brought to light new details about the quality of Credit Suisse’s internal investigation and prompted the bank to take additional action, underscoring the importance of seeing this bipartisan investigation through. Survivors of the Holocaust and their families deserve nothing less.”