Adventures In Accounting

Minus 50 Years Of Banking Fees, That's...

It now appears that the investigation into unclaimed bank accounts of Holocaust victims may cost the Swiss banking establishment a billion-plus francs (say $800 million)--perhaps more than the total value of the original deposits. The international investigating commission under PAUL VOLCKER, former chief of the Fed, says it needs until June 1999 to finish its work. The Volcker Commission has 500 chartered accountants combing through tons of archives at 63 banks, and those sleuths don't come cheap. The bankers are livid about the expense and time; some of the smaller banks are threatening to throw out the commission's accountants. What's more,...

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