In a discussion about the investigation into Credit Suisse's historical servicing of Nazi-linked accounts, the speaker highlighted the importance of bipartisan work conducted by Chairman Whitehouse and himself. They began their investigation after receiving previously undisclosed information about the bank's ties to the Nazis from the Simon Wiesenthal Center.
Initially, Credit Suisse took steps to investigate, including retaining a research firm and a former TARP Inspector General to oversee an independent review. However, after hiring a new General Consul, the bank paused the review, limited experts' access to records, and terminated the independent review team.
The speaker emphasized that Credit Suisse did not fully investigate all relevant records, including a full data set from its predecessor bank. The bank also failed to review allegations that Nazis had sought access to bank accounts and did not investigate when the review pointed to evidence of wrongdoing.
The reports revealed new information, including nearly 100 previously undisclosed Nazi-linked accounts, some of which remained open as recently as 2020. The speaker also raised questions about Credit Suisse's potential support for Nazis fleeing justice following World War II via the infamous rat lines.
Despite multiple requests, Credit Suisse has so far refused to share exact details on the scope of its ongoing rat line review. The bank's actions since the reports were made public have been described as unacceptable, including issuing a press release filled with excuses and petitioning a federal court against the Simon Wiesenthal Center.
The speaker urged Credit Suisse and its new owner, UBS, to embrace transparency and play a positive role in exposing the historical evils of the Nazis. They argued that Credit Suisse and UBS have a responsibility to expose all information related to their historic servicing of Nazis during and after World War II, owing it to the Holocaust victims, survivors, and the world community.
1. Chairman Whitehouse and the speaker began a bipartisan investigation into the historical servicing of Nazi-linked accounts by Credit Suisse.
2. The Simon Wiesenthal Center notified Credit Suisse in March 2020 of previously undisclosed information related to the bank's Nazi ties.
3. Credit Suisse initially agreed to investigate and retained a research firm and former TARP inspector to conduct a forensic review. However, the review was paused after the bank hired a new general consul.
4. The bank cited performance issues for the termination of the review, which included Borowski and Foreman.
5. The budget committee's first subpoena since 1991 was issued to obtain a report drafted by Borowski about his observations at the bank.
6. The reports revealed new information, including nearly 100 previously undisclosed Nazi-linked accounts.
7. Credit Suisse did not review and investigate all relevant records, including a full data set from its predecessor's bank.
8. The bank failed to review allegations that Nazis had sought access to bank accounts when the review pointed to evidence of wrongdoing.
9. Credit Suisse blocked its independent oversight, including Borowski, Foreman, and a historian, from accessing critical evidence.
10. The bank issued a press release on April 19th, filled with excuses and claiming full cooperation with the committee's oversight.
11. Credit Suisse has since agreed to fully review its reported role with the ratlines.
12. The bank has a responsibility to expose all information related to its historic servicing of Nazis during and after World War II.
13. The Senate budget committee issued its first subpoena in more than 30 years in response to credible information about Credit Suisse's historical servicing of Nazi clients.