Credit Suisse 'inexplicably terminated' Senate investigation into Nazi-linked accounts: report
The United States Budget Committee announced on Tuesday that Credit Suisse, a major international investment bank headquartered in Zurich, "inexplicably terminated" an investigation into "allegations levied by a human rights organization that the bank held potential Nazi-linked accounts and failed to disclose them, even during Holocaust-related probes decades earlier," Reuters reported as the world recognized Holocaust Remembrance Day.
Credit Suisse, which initiated the probe at the behest of the Simon Wiesenthal Center, "defended its internal review in a statement, saying that the probe turned up no evidence to support key claims from the Simon Wiesenthal Center that dormant accounts serviced by Credit Suisse held assets from Holocaust victims," noted Reuters.
Axios explained that "Credit Suisse has agreed to expand the scope of its review, the senators said, and AlixPartners will perform 'a supplementary review' to address some of the still-unanswered questions — such as the value of assets in some of the post-war Nazi accounts."
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Lawmakers from both political parties expanded upon their alarming findings in a press release.
"When it comes to investigating Nazi matters, righteous justice demands that we must leave no stone unturned. Credit Suisse has thus far failed to meet that standard. While Credit Suisse initially agreed to investigate evidence of previously unidentified Nazi-linked accounts as a result of the Simon Wiesenthal Center’s relentless pursuit of justice, the information we’ve obtained shows the bank established an unnecessarily rigid and narrow scope, and refused to follow new leads uncovered during the course of the review," Senate Budget Committee Ranking Member Chuck Grassley (R-Iowa) said. "Its removal of an Independent Ombudsperson and insistence on redacting portions of his report as well as its initial refusal to pursue leads on accounts that may be associated with Nazi ratlines is no way to conduct a thorough and complete investigation. Now that the bank has pledged to continue investigating as a result of our oversight, we'll keep a close eye on its thoroughness going forward. Holocaust survivors and their families deserve nothing less."
Grassley's Senate counterpart, Budget Committee Chairman Sheldon Whitehouse of Rhode Island, also condemned Credit Suisse's more than one hundred financial tendrils still linked to the Third Reich.
"When presented with credible, new evidence of Credit Suisse's historical servicing of Nazi clients and their enablers, along with continued efforts to downplay its significance, the Committee had an obligation to act," Whitehouse added. "I share Ranking Member Grassley's commitment to leaving no stone unturned when it comes to investigating Nazis and seeking justice for Holocaust survivors and their families, and we commit to seeing this investigation through. The fact that Credit Suisse has agreed to expand the scope of its initial investigation in response to the Committee’s investigation demonstrates the power of congressional oversight of corporate malfeasance."
Reuters' full report is available here. Axios' continues at this link.
