On this day in ...... 1997, Crédit Suisse, the Swiss Bank Corporation, and Union Bank of Switzerland, the 3 largest banks in Switzerland, announced the establishment of a '''humanitarian fund for the victims of the Holocaust,'' with an initial worth of around $70 million." The move marked the 1st offer of banks' own funds, and was, according to this New York Times report, an effort "to head off threats from them and from New York institutions of sanctions against Swiss banks, a pillar of the Swiss economy, that would further harm" reputations "battered" by "Switzerland's close financial relationship with Nazi Germany."
(Prior February 5 posts are here and here.)
