A Swiss Bank, Nazi Money, and a Senate Hearing

On February 3, 2026, Senate Judiciary Committee Chairman Chuck Grassley convened a hearing in Washington to examine Swiss banks' hidden Nazi ties. The focus: Credit Suisse's decades-long involvement with Nazi-linked accounts — and whether UBS, which swallowed Credit Suisse in a government-brokered emergency acquisition in 2023, is now burying the evidence.

According to the independent investigator on the case, UBS has been restricting access to relevant documents.

Who Said What — And Who's Being Named

Neil Barofsky, the independent ombudsman hired specifically to investigate Credit Suisse's Nazi-linked accounts, testified before the committee. Barofsky is a partner at Jenner & Block LLP and a former federal prosecutor. According to his testimony, as reported by grassley.senate.gov, UBS has been restricting his access to relevant documents.

Grassley didn't mince words. He said UBS's actions withholding documents from investigators "call into question UBS's candor to the committee and its commitment to a thorough investigation," according to Bloomberg Law.

Two UBS executives showed up to testify: Robert Karofsky, President of UBS Americas and Co-President of the Global Wealth Management Division, and Barbara Levi, Group General Counsel for UBS. Both confirmed to Grassley that Barofsky's final report to Congress will include as many unredacted names of Nazi-linked account holders as possible — within the bounds of Swiss law.

That last phrase — "within the bounds of Swiss law" — carries significant weight in the investigation.

What Barofsky Actually Found

Barofsky testified about forced asset transfers — cases where Jewish account holders deposited their life savings into Swiss banks for safekeeping during the rise of Nazi Germany, only to have those assets stripped from their accounts and handed over to their Nazi oppressors.

He described one victim who was boarded onto a train to a concentration camp, knowing his savings had been plundered. According to grassley.senate.gov, Barofsky said: "I just can't help but think of that individual saving money bit by bit… thinking, 'Okay, I'm going to put my savings in a Swiss bank. That's where it will be safe.'" Those savings ended up in Nazi hands.

Barofsky also referenced new evidence on Nazi ratlines — the escape networks used to smuggle Nazi war criminals out of Europe after World War II. Credit Suisse's involvement in financing or facilitating those networks is part of what's under investigation.

Barofsky says he has names, accounts, and documentation to support his findings.

Investigation Has Bipartisan Support

This investigation involves both Republican and Democratic senators. It's a joint effort between Grassley, a Republican from Iowa, and Senator Sheldon Whitehouse, a Democrat from Rhode Island. The two have been working together on this probe for years.

Rabbi Abraham Cooper, Associate Dean and Director of Global Social Action for the Simon Wiesenthal Center, also testified. The Wiesenthal Center has been tracking Nazi financial crimes and hidden assets for decades. Their presence at the hearing reflects the ongoing concern for living victims and descendants who were never made whole.

Media Coverage and the UBS Record

Bloomberg had two stories on this — and both were paywalled to the point of uselessness. The substance of the hearing, Barofsky's testimony, and the specific allegations about forced asset transfers and document restriction received minimal coverage in major outlets.

A major global bank — one that was bailed out by Swiss government emergency intervention and handed Credit Suisse's liabilities — is now allegedly obstructing a congressional investigation into Holocaust-era financial crimes. UBS manages roughly $6 trillion in invested assets globally, has offices across the United States, and operates under the supervision of American regulators.

Questions About the 2023 Acquisition

When Swiss authorities engineered Credit Suisse's fire-sale acquisition by UBS in March 2023, did anyone ask what UBS was inheriting beyond the bad balance sheet?

UBS took on Credit Suisse's assets, liabilities, and — apparently — its buried history. The bank now appears to be treating that history as a liability to be managed, not a wrong to be righted.

What Happens Next

Grassley is pushing for a final report with unredacted names. That report is coming to Congress. When it does, the question is whether UBS faces real accountability or gets another quiet settlement that buries the truth once more.