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FOR IMMEDIATE RELEASE Contact: Office of Public Information JEWISH COUNCIL FOR PUBLIC AFFAIRS PLEASED WITH VOLCKER COMMISSION REPORT JCPA Urges Swiss to Fully Acknowledge Moral As Well As Financial Culpability New York – December 7, 1999 – The Jewish Council for Public Affairs today expressed gratitude to the Volcker Commission for its landmark report detailing the Swiss Banks’ exploitation of Holocaust-era assets deposited by Jewish victims of the Shoah. In a statement, Steve Schwarz, the JCPA’s Chair said: "The findings of the Commission, headed by former Federal Reserve Board Chairman, Paul A. Volcker, validate the $1.25 billion settlement agreement arrived at last year. The report’s findings deal with more than finances. They offer a chilling insight into the behavior of Swiss bank officials who systematically and deliberately thwarted efforts by Jewish families to reclaim assets hidden in Swiss banks by individuals who were lost in the Holocaust. Full accountability for these shameful actions cannot come from a cash settlement alone; they must also take into account the moral failings and the anti-Semitic atmosphere that contributed to these events."
Mr. Schwarz said that the completion of the Volcker report is another important step in resolving what has been a most arduous process in dealing with the Swiss banks. "The JCPA, along with its member agencies, will continue to support survivors and their heirs as they navigate the complicated and often painful process of restitution." ## The Jewish Council for Public Affairs is the public affairs arm of the organized Jewish community and serves as the national coordinating and advisory body for the 13 national and 122 local agencies comprising the field of Jewish community relations. |
