The Dark Truth About Swiss Bank Accounts

Chris revisits a long-standing controversy surrounding Swiss banks, particularly Credit Suisse, and their World War II-era activities. He recounts how investigations in the 1990s uncovered that Credit Suisse withheld property belonging to Holocaust victims. Despite bipartisan efforts and whistleblowers exposing these practices, many questions remained unanswered, and recent discoveries hint at coverups involving client files tied to Nazi affiliations.
Markowski critiques the lack of transparency in the financial system, drawing parallels to broader issues of hidden accountability. He highlights how many funds from questionable dealings still end up in Swiss banks and calls for greater scrutiny. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst and trader Chris Markowski.

Speaker 2 (00:16):
Nazis, and Swiss banks. This is taking me way back
this radio show podcast now radio show, well both actually
twenty five years old. Prior to having this program, I
did guest appearances on a regular basis various different TV programs,

(00:39):
mostly radio back in the day, and I really, I
really had a log. I was ticked off. I was
doing a lot of appearances, putting out lots sending out
lots of facts to producers, fighting fighting This Credit Swiss
at the time was a Credit Swiss takeover of First Boston,

(01:03):
and there were other other Swiss banks that were getting
involved in buying up banks here in the United States.
And I was watching what was taking place at that
point in time, and then the whole thing kind of
made me sick to my stomach, kind of started to
be the beginning of the real consolidation in the banking industry.
That's put us in a place where at now where

(01:25):
there's little to no competition. But one of the reasons
why I was really irate was the fact that Credit
Swiss back in the nineteen nineties got caught. They got caught.
It was a whistleblower. They got caught that they were well,
they weren't returning, they weren't returning the rightful property to

(01:47):
the families of Holocaust victims. And again, you you know,
obviously once that came up, you had was interesting. So
it was kind of bipartisan, but I remember, I remember
Alfonse Tomato was the Senator from New York Republican was
heavily involved. Paul Volker was involved with the commission trying

(02:08):
to figure out you know, and helped get the property
to their rightful owners. But even still, even still money
talked and they continue to push for the deal, and
I thought it was just down right wrong. And I
knew that again they rushed it. They rushed it. And

(02:31):
there was a lot more that was there also a
lot more tying Americans to doing business with the Nazis
and American companies doing business with the Nazis. Well, I
was right, you know there see I told you so.
A moment back from the nineteen nineties, a cash of
client files stamped American Blacklist, which was a designation for

(02:57):
those financing or trading with Nazis or Axis partners, was
recently found by investigators probing Credit Swiss. Now again Credit
Swiss was recently you know, bailed out by ubs. Again,
the investigators who studied dusty ledgers and poured over microfilm

(03:20):
that hadn't been part of earlier reviews into the Dark
chapter found something else too, signs of a cover up.
And you didn't know that this was going to happen.
Just we were reminded Pierce Brosnen when he was playing

(03:42):
James Bond, remember he was dealing with the Swiss banker
there in Spain. He cracked a joke. He was like,
if you can't trust a Swiss banker, who can you trust? Yeah.
In nineteen nineties, two panels studied Swiss banks World War
two at Eraror activities. After again all of the Holocaust

(04:04):
victims you know, were found and they weren't getting their
funds released. But again now they found out that of
course they withheld all sorts of information. And quite frankly,
I don't think that we pushed hard enough. I think
a lot of it was like, okay, we'll get some
of this back to some of their rightful owners, and

(04:24):
we'll let all of this other stuff slide. Again. It's
like that they don't want to know the information because
they didn't want to know who's wrapped up in it.
It's kind of like, uh, in the great television show
The Wire, The Wire, the last thing that the police
and the powers that be wanted was to actually utilize
a wire. Why why they were afraid that, you know,

(04:49):
whose name might be mentioned on that wire? What, what
public official, what powerful person might end up on that wire.
And that's what we have here. Supposedly, we're not going
to get the full reports on this until twenty twenty six.
We shall see, we shall see. But again, if you're

(05:10):
wondering where most of your your hard earned tax dollars
that's being sent to foreign governments and politicians from all
over the globe, most of it ends up in a
Swiss bank account. They've got a hell of a business
going for themselves over there. Watchdog on Wall Street dot

(05:30):
com