Senator Chuck Grassley of Iowa called on April 14 for UBS to end what he described as obstruction in the ongoing investigation into Credit Suisse accounts linked to Nazis during World War II. Grassley, who chairs the Senate Judiciary Committee, said that recent actions by UBS have hindered efforts to uncover information about assets taken from Jewish victims of the Holocaust.
The investigation is significant because it seeks justice for those whose wealth and property were taken during the Holocaust. Grassley said that transparency from financial institutions like UBS is essential for historical accountability and closure for affected families.
Grassley explained that a bipartisan hearing was held in February regarding his committee’s probe into Credit Suisse’s Nazi-era accounts. He noted that initial cooperation from UBS—who acquired Credit Suisse—has diminished since discussions began about holding a public hearing. “Shortly after I told UBS that this committee was considering holding this hearing, UBS informed me that it would, for the first time, conduct a privilege review and withhold certain relevant, privileged materials from me and my team…” Neil Barofsky testified before the committee. Barofsky also told lawmakers that leadership at UBS provided misleading information about withheld documents, stating fewer than 150 documents were held back when actually “the word document actually meant ‘hundreds or even thousands of pages of many different documents together.'”
Barofsky further informed the committee that as of March 11 approximately 23,000 pages had been redacted or withheld by UBS. The bank also took legal action against the Simon Wiesenthal Center; however, a federal court in New York recently ruled against these efforts.
Grassley criticized both Mr. Karofsky—president of UBS Americas—for not answering questions at the hearing and what he characterized as arbitrary deadlines imposed by UBS on completing investigative work: “UBS has imposed an arbitrary July 31 deadline for completing this investigative work.” He argued deadlines should not come at the expense of thoroughness.
According to Grassley’s official website, he has served Iowa in various capacities including positions in state legislature between 1958 and 1974 and continues to raise corn and soybeans as one of only two farmers currently serving in the Senate. He assists Iowans with matters involving federal agencies and whistleblowers according to his official biography. His platform centers on bipartisan collaboration and pragmatic policymaking according to his official website.
Looking ahead, Grassley said he plans another follow-up hearing before year’s end: “My goal is that this hearing will bring closure to the investigation in a way that brings justice for the Jewish community and victims of the Holocaust.” He concluded by urging continued updates from investigators: “This senator’s efforts to expose Nazi evils will not stop.”
