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In addition to the secrecy of Swiss banks, they differ from U.S. banks in two other significant ways, the variety of services offered and the quality of their loans. This paper examines the history of Swiss banking and compares it to the American banking system. The paper also discusses the billions of dollars belonging to Holocaust victims that were held by the Swiss banks for so many years, before a solution was found.
From the Paper:"In 1996 US Senator Alfonse D'Amato (R-NY) brought this issue to the attention of the US government and hearings were held in the Senate. On February 6, 1997, three Swiss banks, following intense pressure form the US, announced they would create a humanitarian fund of 100 million Swiss Francs ($70 million US Dollars). Jewish organizations were critical, however, estimating that there could be billions unaccounted-for. Later that year, the Swiss government created a humanitarian fund of five billion dollars."
Cite this Essay:
Swiss Banking (2006, July 23) Retrieved August 18, 2022, from https://www.academon.com/essay/swiss-banking-67913/
"Swiss Banking" 23 July 2006. Web. 18 August. 2022. <https://www.academon.com/essay/swiss-banking-67913/>