News

Standing Up
To Swiss Bank

Three states join Hevesi
in cutting off business
with Union Bank of
Switzerland.

U

THE KAUFMAN
COMMUNITY CORNER

Help make MJAC'S

"Holiday Party at

Hospice" a success,

Dec. 14, 1997

The Michigan Jewish
Aids Coalition (MJAC)
hosts "Holiday Party at
Hospice," at the Franklin
Care facility in Detroit,
Sunday, December 14,
1997 between 12:30-2:00
pm.

the patients and needs
donations of new sweaters,
shirts, shoes and socks
with treads. Also popular
are games and cards that
are easy to use.

For more information, call
Edwina Davis at MJAC
MJAC brings gifts to (248) 594-6522.

18325 West Nine Mile Road, Southfield, MI 48075 • Telephone. 248.569.0020 • Toll Free: 800.325.7105
Please visit us at our new web site: www.irakaufrnan.com

I AM YOUR NIECE.

I AM YOUR BEST FRIEND'S CHILD.

I AM YOUR GREAT- GRANDDAUGHTER.

I AM JARC'S FUTURE.

Disability can touch any family.

Now or in the future.

Over the years, you have
helped provide Jewish homes
and programs for people with
developmental disabilities. Your
generous support enables us to
take care of today's
pressing needs.

Diminishing public
funds seriously threaten
our ability to care for the
250 people waiting for JARC
services. We must act now.

Please join the JARC
Endowment Campaign,
Caring for a Lifetime.

Because every day a baby
is born who will someday .
need JARC.

Call 248-352-5272.

1 1/2 8
1997

162

r

STEWART AIN

nder the best of circumstances > time moves so swiftly that we - -
don't even notice until the leaves begin to fall or the'Sriow starts to melt.
But, planning ahead makes the change in any season more bearable.
THE IRA KAUFMAN CHAPEL has the knowledge and expertise to satisfy your
requirements of a
THE IRA KAUFMAN CHAPEL
Pre-Arranged Funeral.
Bringing Together Family, Faith & Community

Barbara and Irving Nusbaum,
Campaign Chairs

Special to The Jewish News

first it was New York City

Comptroller Alan Hevesi
who restricted the city's
business dealings with the
Union Bank of Switzerland because of
its handling of Nazi-era bank
accounts. Now New York State,
California and Massachusetts are get-
ting into the arena.
"I am concerned about the possi-
bility that Swiss financial institutions
may hold the assets of Holocaust sur-
vivors or Nazi officials," said
California Treasurer Matt Fong in
announcing a moratorium on state
investments with three U.S.-based
Swiss banks and two Swiss brokerage
firms.
New York State Comptroller H.
Carl McCall said he would continue
to use UBS for short-term but not for
any new transactions.
In Massachusetts, a spokesman for
state Treasurer Joe Malone said the
state was terminating the contract it
has with UBS for a $200 million line
of credit.
"The treasurer feels that in light of
their attempts to shred Nazi-era docu-
ments that would have helped Jewish
owners recover their funds, we cannot
continue the relationship," said the
spokesman, who noted that his state
annually paid UBS a $120,000 fee.
He was referring to documents dis-
covered by bank guard Christophe
Meile that were slated to be shredded
by UBS. Meile took the documents to
Jewish leaders in Zurich, which
turned them over to authorities. UBS
officials at first denied that the files
were relevant to the Nazi-era, but
later admitted they were.
After UBS chairman Robert Studer
falsely charged Meile — who was
fired from his job — of acting for
other than humanitarian reasons,
Meile reported receiving death threats
and said he was hounded out of the
country. He and his family were
granted permanent U.S. residency last
month by Congress.
Hevesi cited those incidents in

.

Stewart Ain

is a writer for the New
York Jewish Week.

excluding UBS recently from a bid on
a letter of credit for a $1 billion New
York City revenue anticipatory note.
In addition, Hevesi said he was upset
that UBS had chosen not to sever ties
with its honorary president, Robert
Holzach, after Holzach said the dor-
mant account issue was part of a
"Jewish conspiracy" to control inter-
national financial markets.
"By denying the bank additional
business," said Hevesi, "New York
City underscores its own commitment
to justice."
In California, Fong said his state
had done more than $2 billion worth
of business with the Swiss firms that
now faced sanctions.
In a statement, UBS said:
"Contrary to what some public offi-
cials are saying, UBS is fully coopera-
tive and supportive of all the initia-
tives underway to bring about a fair
and just resolution to the dormant
account issue, as well as to provide
immediate assistance to Holocaust
survivors through the humanitarian
fund.
"Given all the progress that is
being made, we believe now is pre-
cisely the wrong time to criticize us or
any other Swiss bank and to do so is
counter-productive to the important
work that is taking place."
U.S. Under Secretary of State
Stuart Eizenstat has made his own
appeal to California officials to lift the
sanctions. A spokesman for Fong said
that the request was under review but
that in the meantime the moratorium
was continuing.
In his letter, Eizenstat said he
believed punitive measures were "not
merited at this juncture and are likely
to be counter-productive." He noted
that Swiss banks have permitted an
independent audit to identify Nazi-
era dormant accounts; published a list
of dormant account holders and
pledged to return their contents; and
established a fund to assist needy sur-
vivors.
Eizenstat said that sanctions and
boycotts have led to a negative reac-
tion in Switzerland, "creating the
impression in the Swiss populace that
they are under unfair attack ...
Boycotts and sanctions against Swiss
banks could also run afoul of our
efforts to maintain open world mar-
kets in financial services.
Continuation of sanctions against
Swiss banks would hamper our ability
to successfully conclude a financial
services agreement in the World Trade
Organization." El