Swiss Banks and World War II
Several inquiries have been made into the conduct of Swiss banks during the Nazi Germany period (1933–1945), especially regarding funds deposited by or allegedly stolen from victims of the Holocaust. The campaign causing the highest outlays (US$1.25 billion in 1999) on the part of the Swiss banking industry as of 2009 was the World Jewish Congress lawsuit against Swiss banks launched by Edgar Bronfman, president of the World Jewish Congress, in concert with US Senator Alfonse d'Amato of New York.
The audit run by the Volcker commission which resulted from this lawsuit cost CHF300 million and gave its final report in December 1999. It determined that the 1999 book value of all dormant accounts possibly belonging to victims of Nazi persecution that were unclaimed, closed by the Nazis, or closed by unknown persons was CHF95 million. Of this total, CHF24 million were "probably" related to victims of Nazi persecution. In addition the commission found "no proof of systematic destruction of records of victim accounts, organized discrimination against the accounts of victims of Nazi persecution, or concerted efforts to divert the funds of victims of Nazi persecution to improper purposes." It also "confirmed evidence of questionable and deceitful actions by some individual banks in the handling of accounts of victims".
In response to the lawsuit, the Swiss government commissioned an independent panel of international scholars known as the Bergier Commission to study the relationship between Switzerland and the Nazi regime. It reached similar conclusions about the banks' conduct in its final report, and found that trade with Nazi Germany did not significantly prolong the war.
Read more about this topic: Banking In Switzerland
Famous quotes containing the words swiss, banks, world and/or war:
“Nothing sets a person up more than having something turn out just the way it’s supposed to be, like falling into a Swiss snowdrift and seeing a big dog come up with a little cask of brandy round its neck.”
—Claud Cockburn (1904–1981)
“The effectiveness of our memory banks is determined not by the total number of facts we take in, but the number we wish to reject.”
—Jon Wynne-Tyson (b. 1924)
“Women are to be lifted up to a physical equality with man by placing upon their shoulders equal burdens of labor, equal responsibilities of state-craft; they are to be brought down from their altruistic heights by being released from all obligations of purity, loyalty, self-sacrifice, and made free of the world of passion and self-indulgence, after the model set them by men of low and materialistic ideals.”
—Caroline Fairfield Corbin (b. c. 1835–?)
“No more shall the war cry sever,
Or the winding rivers be red:
They banish our anger forever
When they laurel the graves of our dead!
Under the sod and the dew,
Waiting the Judgment Day:—
Love and tears for the Blue;
Tears and love for the Gray.”
—Francis Miles Finch (1827–1907)