The Senate Judiciary Committee held a hearing today focused on accounts at Credit Suisse linked to Nazi officials, following an oversight investigation led by Chairman Chuck Grassley (R-Iowa). The hearing brought forward new information about the bank’s historical activities and increased scrutiny on UBS, which acquired Credit Suisse, regarding the transparency of its ongoing investigation.
Media reports have highlighted findings from the committee’s probe. According to the Daily Wire, “According to an explosive investigation relayed to the U.S. Senate Judiciary Committee, the now-defunct Credit Suisse maintained at least 890 accounts linked to Nazi officials, facilitating Adolf Hitler’s war machine and funding the ‘ratlines’ that allowed his henchmen to escape justice… As UBS executives testify before Congress, their legal team is already attempting to muzzle the findings, asking federal judges to prevent ‘public controversy’ or further financial claims. However, with the Simon Wiesenthal Center fighting for First Amendment transparency, the ‘Swiss Bank’ myth of quiet professionalism is being replaced by a more accurate image: a counting house for the architects of genocide.”
The Wall Street Journal reported that “UBS has said it wants to bring greater transparency to Switzerland’s dark chapter helping the Nazis in World War II. In Brooklyn federal court, UBS has a different message for the Jewish organization that asked for the Credit Suisse probe in 2020, the Simon Wiesenthal Center. Be quiet, and don’t ask us for any more money. The issue received an airing in Congress on Tuesday when UBS executives, a rabbi from the Simon Wiesenthal Center and an independent investigator delving into archives at UBS’s Credit Suisse unit testified before the Senate Judiciary Committee.”
Testimony before senators included statements from Neil Barofsky, a lawyer hired by Credit Suisse to investigate its ties with Nazi Germany. The New York Post quoted Barofsky: “A lawyer hired by now-defunct Credit Suisse to investigate its financial ties to the Nazi regime told senators Tuesday that he was sidelined by Swiss bankers who wanted ‘to suppress the truth’ about the Third Reich ‘profiting off of the Holocaust.’ Neil Barofsky… made the claims in explosive testimony before the Senate Judiciary Committee.”
The New York Times noted that “A yearslong investigation of Credit Suisse’s history during the World War II era has uncovered previously unreported relationships between the bank and Nazis, a lawyer overseeing the inquiry [at UBS] told the Senate on Tuesday… But the hearing also focused on a complicated dispute that has arisen between [Independent Ombudsman] Mr. Barofsky and UBS… Senator Charles E. Grassley of Iowa, the Republican chairman of the Judiciary Committee, and many other lawmakers on the panel pressed UBS to find a way to share files with Mr. Barofsky.”
Bloomberg described tensions over document access: “Members of a US Senate committee tore into UBS Group AG executives for refusing to hand over more than 150 documents that an investigator has requested that could shed light on history of Credit Suisse accounts tied to Nazi Germany...‘UBS’s conduct is absurd and a historic shame that’ll outlive today’s hearing,’ Chairman Chuck Grassley said at a Senate Judiciary Committee hearing on this issue…”
Grassley emphasized one purpose behind these efforts: “Grassley says one aim of this investigation is to make sure no more evidence is ‘swept under rug’…‘In recent years we’ve seen disturbing rise in anti-Semitism. History serves as stark reminder that evils of past can never be repeated,’ Grassley says. ‘Shining light on Credit Suisse’ past is part turning page on very dark chapter history.’”
The Senate Judiciary Committee plays an important role in legislative oversight and affects constitutional protections nationwide through its hearings and investigations. It reviews legislation related to judicial matters and oversees federal law enforcement agencies while evaluating judicial nominations as part of its duties. The committee includes members from both major political parties and is chaired by Senator Grassley.
As proceedings continue, attention remains focused on how UBS will respond regarding access to documents connected with former Credit Suisse accounts.
