US senators have accused UBS of obstructing a congressional investigation into Credit Suisse’s accounts linked to Nazis. Senate Judiciary Committee Chairman Chuck Grassley revealed that the probe aims to uncover historical truths previously lost. The inquiry was triggered after the Simon Wiesenthal Centre alerted Credit Suisse in 2020 about information related to the bank’s Nazi-era connections.
Grassley mentioned that Credit Suisse initially agreed to investigate the matter and appointed Neil Barofsky to oversee the review. However, the bank halted the review, restricted access to records, and terminated Barofsky after damaging information emerged. The Senate Budget Committee issued a subpoena to obtain Barofsky’s draft report and a forensic auditor’s report, revealing nearly 100 Nazi-linked accounts, some active until 2020.
UBS, after acquiring Credit Suisse, resumed the investigation with Barofsky’s help. Grassley praised UBS for its initial cooperation but criticized the bank for withholding records upon learning of a potential public hearing. The bipartisan investigation uncovered new details about Credit Suisse’s involvement with Nazi clients, including accounts held by senior Nazi officials and entities aiding in escape networks.
