Margot Patrick

These new findings are raising doubts about the bank's transparency.

These new findings are raising doubts about the bank's transparency.

These new findings are raising doubts about the bank's transparency.

Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbach. It's Wednesday, January 15th. Coming up on the show, the relationship between Credit Suisse and the Nazis.

Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbach. It's Wednesday, January 15th. Coming up on the show, the relationship between Credit Suisse and the Nazis.

Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbach. It's Wednesday, January 15th. Coming up on the show, the relationship between Credit Suisse and the Nazis.

After the big settlement in the 90s, some organizations kept investigating the Swiss banks. One was the Simon Wiesenthal Center.

After the big settlement in the 90s, some organizations kept investigating the Swiss banks. One was the Simon Wiesenthal Center.

After the big settlement in the 90s, some organizations kept investigating the Swiss banks. One was the Simon Wiesenthal Center.

But finding out more about the ties between Credit Suisse and the Nazis was hard, in part because of Switzerland's particularly strict laws, which protect the identities of bank account holders.

But finding out more about the ties between Credit Suisse and the Nazis was hard, in part because of Switzerland's particularly strict laws, which protect the identities of bank account holders.

But finding out more about the ties between Credit Suisse and the Nazis was hard, in part because of Switzerland's particularly strict laws, which protect the identities of bank account holders.

But looking into something so old was a monumental task. A lot of records had been destroyed, and much of what was left was handwritten and sitting in rows and rows of boxes in warehouses.

But looking into something so old was a monumental task. A lot of records had been destroyed, and much of what was left was handwritten and sitting in rows and rows of boxes in warehouses.

But looking into something so old was a monumental task. A lot of records had been destroyed, and much of what was left was handwritten and sitting in rows and rows of boxes in warehouses.

The banks agreed to pay over $1 billion to descendants of Jewish account holders. It seemed like this was the end of a decades-long fight for accountability. Here's our colleague, Margot Patrick, who covers Swiss banking.

The banks agreed to pay over $1 billion to descendants of Jewish account holders. It seemed like this was the end of a decades-long fight for accountability. Here's our colleague, Margot Patrick, who covers Swiss banking.

The banks agreed to pay over $1 billion to descendants of Jewish account holders. It seemed like this was the end of a decades-long fight for accountability. Here's our colleague, Margot Patrick, who covers Swiss banking.

In 2021, Credit Suisse hired a former U.S. federal prosecutor to head up an in-house investigation. His name was Neil Borowski. And Borowski started finding a lot of new leads.

In 2021, Credit Suisse hired a former U.S. federal prosecutor to head up an in-house investigation. His name was Neil Borowski. And Borowski started finding a lot of new leads.

In 2021, Credit Suisse hired a former U.S. federal prosecutor to head up an in-house investigation. His name was Neil Borowski. And Borowski started finding a lot of new leads.

So what does Borowski find?

So what does Borowski find?

So what does Borowski find?

Borowski may have been fired, but he didn't stop working. That's after the break. Even though Credit Suisse had fired Neil Borofsky, Borofsky didn't stop working.

Borowski may have been fired, but he didn't stop working. That's after the break. Even though Credit Suisse had fired Neil Borofsky, Borofsky didn't stop working.

Borowski may have been fired, but he didn't stop working. That's after the break. Even though Credit Suisse had fired Neil Borofsky, Borofsky didn't stop working.

In 1998, two Swiss banks, UBS and Credit Suisse, came to an agreement to settle claims that had their roots in World War II and the bank's historic ties to Nazis.

In 1998, two Swiss banks, UBS and Credit Suisse, came to an agreement to settle claims that had their roots in World War II and the bank's historic ties to Nazis.

In 1998, two Swiss banks, UBS and Credit Suisse, came to an agreement to settle claims that had their roots in World War II and the bank's historic ties to Nazis.

After he finished his report, Borofsky handed it to Credit Suisse. And that would have been it. Except a U.S. Senate committee heard about the report and subpoenaed a copy. In early 2023, the U.S. Senate Budget Committee made Borofsky's report public. Here's Senator Chuck Grassley sharing some details on the Senate floor.

After he finished his report, Borofsky handed it to Credit Suisse. And that would have been it. Except a U.S. Senate committee heard about the report and subpoenaed a copy. In early 2023, the U.S. Senate Budget Committee made Borofsky's report public. Here's Senator Chuck Grassley sharing some details on the Senate floor.

After he finished his report, Borofsky handed it to Credit Suisse. And that would have been it. Except a U.S. Senate committee heard about the report and subpoenaed a copy. In early 2023, the U.S. Senate Budget Committee made Borofsky's report public. Here's Senator Chuck Grassley sharing some details on the Senate floor.

At the same time, Credit Suisse had been continuing its investigation without Borowski, and it produced a report of its own.

At the same time, Credit Suisse had been continuing its investigation without Borowski, and it produced a report of its own.

At the same time, Credit Suisse had been continuing its investigation without Borowski, and it produced a report of its own.

At the same time, in March 2023, Credit Suisse collapsed and was taken over by rival Swiss bank UBS. Months later, UBS decided to rehire Borowski so he could finish his work.

At the same time, in March 2023, Credit Suisse collapsed and was taken over by rival Swiss bank UBS. Months later, UBS decided to rehire Borowski so he could finish his work.

At the same time, in March 2023, Credit Suisse collapsed and was taken over by rival Swiss bank UBS. Months later, UBS decided to rehire Borowski so he could finish his work.

Now, with a bigger remit and more resources, Borofsky turned up a lot of new information.

Now, with a bigger remit and more resources, Borofsky turned up a lot of new information.

Now, with a bigger remit and more resources, Borofsky turned up a lot of new information.

The American Blacklist. This was a list kept during World War II of people who the U.S. government and its allies wouldn't do business with.

The American Blacklist. This was a list kept during World War II of people who the U.S. government and its allies wouldn't do business with.

The American Blacklist. This was a list kept during World War II of people who the U.S. government and its allies wouldn't do business with.

Those files could have been revealed during that earlier investigation in the 90s, but they weren't.

Those files could have been revealed during that earlier investigation in the 90s, but they weren't.

Those files could have been revealed during that earlier investigation in the 90s, but they weren't.

Last month, Borofsky released some of his newest findings.

Last month, Borofsky released some of his newest findings.

Last month, Borofsky released some of his newest findings.

But that settlement didn't turn out to be the end. Last month, a new probe into Credit Suisse surfaced some shocking revelations about the bank's ties to Nazis.

But that settlement didn't turn out to be the end. Last month, a new probe into Credit Suisse surfaced some shocking revelations about the bank's ties to Nazis.

But that settlement didn't turn out to be the end. Last month, a new probe into Credit Suisse surfaced some shocking revelations about the bank's ties to Nazis.

What do you think... The banks are taking away from all of this information, historic information coming out.

What do you think... The banks are taking away from all of this information, historic information coming out.

What do you think... The banks are taking away from all of this information, historic information coming out.

How could this sort of affect Swiss banking more generally?

How could this sort of affect Swiss banking more generally?

How could this sort of affect Swiss banking more generally?

That's all for today, Wednesday, January 15th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.

That's all for today, Wednesday, January 15th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.

That's all for today, Wednesday, January 15th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.