SWITZERLAND: Credit Suisse Exposed Once More as Bankers of Genocide

According to leaked documents published by 48 different international newspapers, Credit Suisse launders money for cartels and fascist dictators under cover of Swiss secret banking laws.

SWITZERLAND: Credit Suisse Exposed Once More as Bankers of Genocide

WHAT‘S UP?

  • Swiss monopoly-capitalist bank Credit Suisse has been exposed as having operated more than 18,000 accounts belonging to genocidal dictators, the mafia, drug- and warlords and other enemies of the people going back to the Nazi-German regime in the 1940s.
  • Credit Suisse has laundered money for, operated accounts under fake names for and lended money to many of these individuals. The «clients» of this bank include Russian oligarchs currently being sanctioned, as well as a large number of other «personages».
  • Credit Suisse has been intimately involved in many of the largest corruption scandals in world history. As the second-largest Swiss bank and the 41st-largest in the world, these capitalists continue to use their monopolist control over the veins of the world market to exploit and oppress the people of the world.

«The fact that imperialism is parasitic or decaying capitalism is manifested first of all in the tendency to decay, which is characteristic of every monopoly under the system of private ownership of the means of production. The difference between the democratic-republican and the reactionary-monarchist imperialist bourgeoisie is obliterated precisely because they are both rotting alive […]. Political reaction all along the line is a characteristic feature of imperialism. Corruption, bribery on a huge scale and all kinds of fraud.»

V. I. Lenin: «Imperialism and the Split in Socialism» (October 1916)

In mid-February 2022, Süddeutsche Zeitung and Le Monde revealed a large amounts of papers relating to the owners of more than 96,000,000,000 CHF, which have been secretly held by the second-largest Swiss bank under Swiss imperialism‘s secret banking laws, which stretch back centuries. Details of more than 18,000 accounts belonging to over 30,000 individuals have been leaked to the public by a whistleblower seeking to unmask Swiss banking secrecy laws. According to The Guardian:

«The data, which is only a partial capture of the bank‘s 1,500,000 private banking clients, is linked to more than 30,000 Credit Suisse clients. The leak includes personal, shared and corporate bank accounts — holding, on average, 7,500,000 Swiss francs (CHF). Almost 200 accounts in the data are worth more than 100,000,000 CHF, and more than a dozen are valued in the billions. While some accounts in the data were open as far back as the 1940s, more than 2/3 were opened since 2000. Many of those were still open well into the last decade, and a portion remain open today.

[…]

They include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend and executives who looted Venezuela‘s State oil company, as well as corrupt politicians from Egypt to Ukraine.

One Vatican-owned account in the data was used to spend €350,000,000 (£290,000,000) in an allegedly fraudulent investment in London property that is at the centre of an ongoing criminal trial of several defendants, including a cardinal.»

https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians

Credit Suisse has only responded that «actions have been taken in line with applicable policies and regulatory requirements at the relevant times, and that related issues have already been addressed». In other words — Credit Suisse follows the corrupt banking laws of the corrupt Swiss Government run by corrupt capitalist bankers, so there must be no corruption to speak of, since it is legal!

The revelation of this enormous scandal has provoked outrage around the entire world, as people everywhere, but in particular in the third-world oppressed nations, have fallen victim to the genocidal dictators, criminals and corrupt officials who have been bank-rolled by Swiss imperialism. For instance, Thai media Prachatai reported:

«An international investigative report reveals that Credit Suisse Bank account holders include dictator elite, intelligence officers, corrupted officials and people who are involved in human rights abuse. Leading businessmen, bureaucrats and a foreigner who was questioned for tax evasion are found in Thailand.

[…]

Of the people mentioned, one is a European who had a company here in the 1980s but now operates businesses in other countries. His name also turned up in an earlier investigation after the ‹Panama Papers› were leaked. An investigative report by a French outlet in the past found that he co-owned a company in the British Virgin Islands, a tax haven, which allow him to avoid paying taxes on an estimated annual income of over 250,000,000 USD.

Another foreign national on the list was found by the International Consortium of Investigative Journalists (ICIJ) to be acting as the director and intermediary for two companies in the Seychelles Islands and Cyprus, places known for offering tax incentives to encourage business registration.

In the company listed in the Seychelles, there was a separate legal entity that acted as secretary. This legal entity is also acted as shareholders and secretaries for other 27 firms registered in the British Virgin, Seychelles and Samoa, well-known tax havens. Names of the members in the companies were in Vietnamese, Chinese, Indian and Bahasa and scattered among them were legal entities that also served as shareholders, secretaries and intermediaries.

Similarly, the Cyprus firm has a discrete legal entity within that served as secretary and shareholder for two additional enterprises, businesses ostensibly engaged in the provision of oil field services.

A Prachatai investigation found that the individual maintains a residence in Thailand but left the country in early 2022. The true beneficiaries and the true nature of these tangled business practices remains an open question.

An investigation of a Thai national on the list found that the individual was convicted of fraud by the Court of Appeals within the past five years period. Prachatai email and social media queries have yet to receive a response.

Thailand‘s other Credit Suisse account holders include people from a wide variety of backgrounds: well-known business people from the jewellery, hotel and real estate circles; owners of construction supply companies; trade association leaders; former high-level civil servants; elected and junta-appointed politicians with business backgrounds; and business people who back politicians.»

https://prachatai.com/english/node/9705

The following was reported by Premium Times of Nigeria:

«In 2008, the German industrial conglomerate Siemens was fined a combined $1,340,000,000 following bribery investigations in the U.S. and Germany. A U.S. official called the scale of the kickback scheme ‹unprecedented›.

The company had bribed its way to lucrative contracts across the world. After its head offices were raided, staff at all levels of the company were implicated in corruption. One of the most notorious was Eduard Seidel, who used cash, luxury watches, and other gifts to curry favour with powerful Nigerians, including presidents and vice-presidents, for two decades.

Mr. Seidel faced trial in Germany for bribing foreign officials, receiving a one-year suspended prison sentence and a fine and costs of 240,000 euros. Before that sentence was over, he had acquired or still owned at least four properties in Dubai and a house in Quinta do Lago, Portugal — an impressive portfolio even for someone earning Mr. Seidel‘s ample salary of around 300,000 euros annually.

[…]

Mr. Seidel told prosecutors in 2008 that he had not illegally enriched himself. But information from Suisse Secrets — a collaboration among 48 media outlets and across five continents — reveals that Mr Seidel stashed more than 54,500,000 Swiss francs ($41,900,000) in a Credit Suisse bank account that was active until at least 2016, almost a decade after he was found guilty. It was one of six accounts he had at the bank or its subsidiary. German prosecutors told reporters from OCCRP partner Süddeutsche Zeitung they were not aware of Mr. Seidel‘s Credit Suisse accounts.»

https://www.premiumtimesng.com/suissesecrets/

And concerning the financing of Robert Mugabe‘s Government of Zimbabwe:

«Details from the Suisse Secrets leak cast new light on Credit Suisse‘s role in a controversial platinum mine sale that helped finance a wave of violence around Zimbabwe‘s 2008 election.

[…]

Credit Suisse opened two accounts for Billy Rautenbach, a notorious mining magnate who was later sanctioned for his role in Zimbabwe‘s 2008 election.

The accounts were opened weeks before a mining deal funneled $100,000,000 to Robert Mugabe‘s government, which reportedly funded violence that helped him win the election.

The sanctioned Rautenbach was able to sell his shares from the deal for a huge profit, but the mine was left undeveloped for over a decade.»

Ibid.

It was reported how Credit Suisse has been intimately involved with the 1MDB corruption scandal in Malaysia, which is one of the most obscene such scandals in recent history:

«Singapore‘s financial regulator fined Credit Suisse $700,000 for breaching money-laundering rules in transactions linked to 1MDB, the Malaysian investment fund at the centre of a $4,500,000,000 corruption scandal.»

https://www.theguardian.com/news/2022/feb/21/tax-timeline-credit-suisse-scandals

As well as how Credit Suisse aided the fascist Marcos dictatorship in the Philippines:

«Credit Suisse is implicated in helping to store some of the estimated $5-10,000,000,000 that the Philippine dictator Ferdinand Marcos and his wife, Imelda, stole from the country during his three terms as president.»

Ibid.

Credit Suisse has also been linked to Bulgarian drug trafficking:

«Swiss prosecutors issued an indictment against Credit Suisse for allegedly failing to run proper checks on clients and investigate the source of funds linked to a Bulgarian drug ring that allegedly laundered at least $146,000,000 through accounts between 2004 and 2008.

The criminal trial, which began in February 2022, is the first against a Swiss bank in the country‘s history

Ibid. (Our emphasis.)

And it has laundered money in connection with FIFA and several Latin American oil companies:

«The Swiss regulator ordered Credit Suisse to improve its anti-money-laundering controls after identifying shortfalls in its dealings with Fifa, the Brazilian oil corporation Petrobras and Venezuelan State oil company, PDVSA.»

Ibid.

Finally, it has been involved in corruption scandals in Mozambique:

«FINMA, Switzerland‘s financial regulatory agency, publishes its conclusions on a particularly embarrassing case. In 2013, the London branch of CS had arranged loans of $1,000,000,000 for two State-owned companies in Mozambique. This was to finance coast guard vessels and a tuna fishing fleet in the poor East African country.

In reality, a portion of the money flowed into dark channels. At least $200,000,000 is alleged to have been diverted; beneficiaries included bribed government officials in Mozambique, who allegedly received $150,000,000 in kickbacks from the shipbuilding company that won the contract. But the CS bankers in London, who were the primary figures responsible for the loan deal, also managed to funnel $50,000,000 into their own pockets. Some money laundering was also involved, but CS had failed to report this despite hints of the corrupt dealings. In a settlement, CS agrees to pay a fine of $475,000,000. In addition, it is required to forgive a quantity of Mozambique‘s debt amounting to $200,000,000.» (Our emphasis.)

https://www.nzz.ch/english/credit-suisse-a-bank-beset-by-scandal-and-losses-ld.1671156

As a result of the new Credit Suisse corruption scandal, the European Union is now considering placing Switzerland on a blacklist, where it would be in the company of other extremely corrupt countries, such as Iran, Burma, Syria and North Korea. The European People‘s Party, which is the largest group in the European Parliament, made the following statement:

«When the list of high-risk third countries in the area of money laundering is up for revision the next time, the European Commission needs to consider adding Switzerland to that list.»

https://www.theguardian.com/news/2022/feb/21/switzerland-at-risk-of-eu-blacklist-after-credit-suisse-leak

It should be no surprise that Credit Suisse engages in these kinds of activities, which time and time again produce enormous corruption scandals in the bourgeois media. As Lenin pointed out in the quotation above, imperialism — that is, monopoly capitalism, which is parasitic and dying — creates nothing but economic stagnation and political reaction: «Political reaction all along the line is a characteristic feature of imperialism. Corruption, bribery on a huge scale and all kinds of fraud.» Lenin also pointed out:

«As banking develops and becomes concentrated in a small number of establishments, the banks grow from modest middlemen into powerful monopolies having at their command almost the whole of the money capital of all the capitalists and small businesspeople and also the larger part of the means of production and sources of raw materials in any one country and in a number of countries. This transformation of numerous modest middlemen into a handful of monopolists is one of the fundamental processes in the growth of capitalism into capitalist imperialism […].

The old capitalism has had its day. The new capitalism represents a transition towards something. It is hopeless, of course, to seek for ‹firm principles and a concrete aim› for the purpose of ‹reconciling› monopoly with free competition. […] Thus, the 20th century marks the turning-point from the old capitalism to the new, from the domination of capital in general to the domination of finance capital.»

V. I. Lenin: «Imperialism: The Highest Stage of Capitalism» (January-June 1916)

Of course, such monopolistic enterprises as the present-day imperialist banks have no reason to compete fairly or to obey the laws of the countries in which they operate — in particular not Swiss banks, which operate under particularly favorable home terms. Swiss banking was born, grew up and grew old under the conditions of absolute freedom to do whatever it wanted. It was Swiss banking which allowed for Swiss imperialism to emerge without Switzerland having to engage in colonialism of its own. Through bank-rolling the colonialists and their lackeys, Swiss imperialism has been able to obtain a «piece of the pie» and its own «place in the sun» without going to war with other imperialist powers. This is the economic basis of Swiss imperialist «neutrality» as well as the ultra-reactionary Swiss banking laws.

These ultra-reactionary banking laws prohibit disclosing any information about the clients of a Swiss bank. In the current form, the law dates back to 1934, but the practice already began as early as the 18th century. The whistleblower who leaked this information will risk a long prison sentence if caught — and if a Swiss journalist had reported these leaks instead of the Süddeutsche, they would have risked a three-year stay in a Swiss prison. Repression is the means by which Swiss «democracy» protects its own corruption, how this country covers up the fact that, as Lenin pointed out, it «is rotting alive» no less than any of the dictatorships which it funds and relies on.

We must be extremely clear on the nature of Swiss imperialism, the role of banking within it and the necessity of fighting against this particularly rotten, particularly merciless form of the capitalist system. We should:

1. Demand the abolition of Swiss banking secrecy laws and that the Swiss State hold the financial capitalists accountable for their actions and the actions of all those they fund or trade with.

2. Demand the payment of reparations to all nations which have been wronged by Swiss banks or their clients, corresponding to nothing less than the full value of the super-profits extracted from them by Swiss capitalists.

3. Demand a much higher rate of taxation on Swiss banking activity, so as to obtain the funds for the Swiss State to actually guarantee the needs of the people, which is constitutionally required but has never been implemented — including free healthcare, free public transportation and welfare benefits.

The real implementation of these demands and the creation of banking which does not depend upon exploitation and usury demands the socialist transformation of society. Under socialism, a State Bank will be created to fulfill the necessary financial functions, all debt will be cancelled, and usury will be prohibited. The socialist transformation of Swiss society is entirely possible and one of the necessary immediate steps must be the nationalization of the entire banking sector. However, the financial capitalists will never allow their property to be expropriated, and they have been in total control of every Swiss government since the end of the 19th century. Therefore, the socialist revolution must be carried out by violent means, or it will not be carried out at all.

Absolutely nobody should be surprised by the lengths to which banking capital is willing to go in order to turn a profit. After all, as an opinion article in The Jerusalem Post pointed out:

«In the latest revelation […] 80 years ago, S.S. chief Heinrich Himmler and dictator Benito Mussolini had Credit Suisse accounts.

[…]

None of that should come as a surprise to anyone familiar with the role Swiss banks, particularly Credit Suisse, played in one of the greatest thefts and most heinous crimes in history.

They were Adolf Hitler‘s bankers, money launderers and most valuable allies. Hitler waged a war of plunder, looting the central banks of Europe, and the treasures and wealth of the conquered lands — including the lives and property of 6,000,000 Jews.

The Reichsmark was worthless thanks to Allied sanctions, so the Germans had to find another way to pay for the supplies and raw materials they lacked. That‘s where the Swiss bankers came to the rescue. Germany needed hard currency, especially Swiss francs, to pay so-called neutral nations for the essentials it needed to wage war.

After the war the top Reichsbank official who was liaison to the Swiss banks told Allied interrogators that his biggest surprise on arriving in Berne was how anxious Swiss bankers were to help, according to documents in the National Archives.

Doing business with the Third Reich was good business not just for Swiss bankers. Swiss manufacturers sold barracks to Germany that were used for Auschwitz and other concentration camps, guns and munitions, precision instruments, components for Luftwaffe planes and electricity for German factories.

Many senior leaders of the government, military and business were pro-Nazi. Switzerland was also doing business with Japan, according to the Allies‘ Operation Safehaven investigators, sending submarine precision instruments under diplomatic seal.

Hitler stole the possessions of Jews, from their homes and businesses to their artwork and even their teeth. The Swiss converted the loot to Swiss francs, which could then be used to enable the murder of more Jews and purchase whatever else Hitler needed to prolong the war.

Some Jews had deposited their own money into those banks as well, expecting to get it back after the war. When victims and survivors came to collect their money, many said they were turned away. One of those told a U.S. Senate hearing that the banker demanded a death certificate. ‹I told him Eichmann didn‘t give death certificates.›

Working with the World Jewish Congress in the 1990s on this investigation, I heard from many people that some Swiss bankers had a saying: Their customers came in through the door and went out through the chimney. Many of those bankers were believed to have pocketed the balances in those dead accounts.

[…]

A Swiss diplomat sent to Washington for the Congressional investigations told me that ‹we were neutral›, taking no sides in World War II, and his country and its bankers did nothing wrong. He said Switzerland tried to treat both sides equally, but history showed they did not and never intended to.

[…]

Without Swiss help in the final year, the Nazis would have run out of money, the Wehrmacht would have run out of fuel, spare parts, ammunition and food in mid-1944, many historians and others believe. In the final year of the war, hundreds of thousands of Allied and Axis soldiers and civilians on both sides died.

No group suffered as much as the Jews. An estimated 1,000,000 Jews perished in the final year of the war. Over 400,000 Hungarian Jews were shipped to Auschwitz during that period, where the overwhelming majority were murdered over 46 days in the summer of 1944.

As the allies closed in on Germany, the ovens were running overtime, prisoners were moved in death marches to other extermination camps, disease and malnutrition took a toll that continued well after the war, and the S.S. tried to kill as many people as quickly as possible before they were caught.

And when the war ended, Credit Suisse helped fleeing Nazis escape to Argentina, while holding on to their Credit Suisse accounts.

More than 75 years later, Credit Suisse is apparently still protecting the dregs of history.»

https://www.jpost.com/opinion/article-698398
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