{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: AUDITORS TO INVESTIGATE SWISS BANKS FOR DORMANT ACCOUNTS' data-url='/boclips/videos/5c54bb1dd8eafeecae1229c1' data-video-url='/boclips/videos/5c54bb1dd8eafeecae1229c1' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: AUDITORS TO INVESTIGATE SWISS BANKS FOR DORMANT ACCOUNTS\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatAuditors will soon begin an investigation of Swiss institutions believed to be holding dormant Holocaust-era accounts.Former Federal Reserve Board chairman Paul Volcker told a U-S congressional panel there would be \"hundreds...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eAuditors will soon begin an investigation of Swiss institutions believed to be holding dormant Holocaust-era accounts.\u003cbr/\u003eFormer Federal Reserve Board chairman Paul Volcker told a U-S congressional panel there would be \"hundreds of auditors crawling through these banks\" by this autumn.\u003cbr/\u003eHe also announced that Swiss banks would publish names of foreign and Swiss dormant accounts originating from before 1945.\u003cbr/\u003ePaul Volcker heads a special commission set up by Switzerland and Jewish groups to determine the extent of Holocaust-era deposits.\u003cbr/\u003eOn Wednesday, he told the House Banking Committee that Swiss banks would publish worldwide the names of foreign dormant accounts on 23 July and a second list of\u003cbr/\u003eSwiss dormant accounts on 20 October.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The names and addresses where available of all dormant accounts originating before 1945 in Swiss banks will be published. In the interest of assuring full disclosure the account names will be made available whether or not there is any presumption the account is in fact related to Holocaust victims or other persecuted persons. We expect there may be thousands of such dormant accounts.\" \u003cbr/\u003eSUPER CAPTION: Paul Volcker, Independent Commission of Eminent Persons\u003cbr/\u003eSenator Alfonse D'Amato of New York attacked the Swiss banks, saying their system of secrecy was inherently corrupt.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Isn't it ironic that the very system that encouraged people to come and open accounts, the secrecy, was then used to deny the people and their heirs, their legacy, their right. It was perverted, twisted, distorted. How dare for all these years, hiding behind that curtain which was a curtain to protect the very people, the heirs.\" \u003cbr/\u003eSUPER CAPTION: Senator Alfonse D'Amato, Republican, New York, (R-NY)\u003cbr/\u003eSwitzerland's special envoy dealing with the investigation into dormant accounts said the publication of names would not affect the present secrecy policy of Swiss banking\u003cbr/\u003eSOUNDBITE:  (English)\u003cbr/\u003e\"The banking secrecy stays in place. What we are talking about are accounts which were dormant for 50 years. That means nobody ever claimed them, and there the banking secrecy does not have any more standing. There is no more interest in keeping the banking secrecy for these 50 year old accounts.\"\u003cbr/\u003eSUPER CAPTION: Ambassador Thomas Borer, Swiss special envoy\u003cbr/\u003eU-S Under-Secretary of State Stuart Eisenstat, who led an investigation into the Nazi looting of assets during World War II, told the Congressional hearing it was now up to the Swiss to come to terms with the role their banks played during the war.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"We focused a lot of our comments about Switzerland's role for what they did after the war, because what they could have done after the war is say we were under great pressure, we are going to return all the gold an assets that we have. That was not fully done.\"\u003cbr/\u003eSUPER CAPTION: Stuart Eisenstat, Under-Secretary of State\u003cbr/\u003eAccording to U-S intelligence documents made public on Tuesday, Switzerland also provided banking services and shipped war materials to Japan. \u003cbr/\u003eBut special envoy Borer played down these reports.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"As neutral council we were forced to keep our economic relations open to every country. But as the figures prove our economic exchange with Japan was up to 10 to 15 (m) million Swiss francs, meanwhile our trade with the Allies was over a (b) billion. The financial transactions were some (m) million Swiss francs. The real financial transactions were some 100 (m) millions to POW, prisoners of war, Allied prisoners of war in Japanese prisons which Switzerland supported as a neutral protecting country.\" \u003cbr/\u003eSUPER CAPTION: Ambassador Thomas Borer, Swiss Special Envoy\u003cbr/\u003eThe documents, found by the World Jewish Congress in the U-S  National Archives, criticise Switzerland for shipping goods to Japan, providing banking services and sending Tokyo automotive parts and machine tools.\u003cbr/\u003eWashington DC, 25 June 1997\u003cbr/\u003e1. Hearing\u003cbr/\u003e2. Cutaway\u003cbr/\u003e3. SOUNDBITE Paul Volcker, Independent Commission of Eminent Persons - POOL \u003cbr/\u003e4. Congressman listening\u003cbr/\u003e5. SOUNDBITE Senator Alfonse D'Amato, Republican, New York, - POOL\u003cbr/\u003e6. Hearing\u003cbr/\u003e7. SOUNDBITE Ambassador Thomas Borer, Swiss special envoy\u003cbr/\u003e8. Hearing\u003cbr/\u003e9. SOUNDBITE Stuart Eisenstat, Under Secretary of State\u003cbr/\u003e10. Hearing\u003cbr/\u003e11. SOUNDBITE Ambassador Thomas Borer, Swiss special envoy\u003cbr/\u003e12. Man studying documents in hearing\u003cbr/\u003e13. 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