US Senate slams Credit Suisse over Nazi ties (

US Senate slams Credit Suisse over Nazi ties

Credit Suisse has thus far failed to meet that standard, said Senator Chuck Grassley, an Iowa Republican and the ranking member of the committee.

Credit Suisse launched the probe in March 2020, after the Simon Wiesenthal Center claimed to have credible information about accounts potentially holding money looted from Jews during the Holocaust.

The final reports showed Credit Suisse appears to have maintained accounts for at least 99 individuals, either senior officials in Nazi Germany or members of a Naziaffiliated groups in Argentina.

Although Barofskys contract required him to produce a public report, Credit Suisse insisted on certain redactions, and it was only provided to the Senate under subpoena.

The bank established an unnecessarily rigid and narrow scope, and refused to follow new leads uncovered during the course of the review, Grassley said, citing the reports by both Barofsky and AlixPartners.

For example, the banks search parameters did not allow the review of legal entities, as well as an account belonging to a Nazi living in Bolivia, citing geographical restrictions.

Credit Suisse also refused to look into 366 names that Barofsky and AlixPartners identified in historical books on ratlines channels used to smuggle Nazi war criminals out of Europe after 1945.

As a result of pressure from the US Senate, Credit Suisse has agreed to investigate its potential role in the ratlines. The bank almost failed last month, but the Swiss central bank and regulator FINMA declared it to be of systemic importance and brokered a takeover by rival UBS worth three billion Swiss francs (3.3 billion).

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