Swiss banks have agreed to pay out $1.25 billion to Holocaust survivors, but that's unlikely to rescue their reputation. "This agreement shows that the Swiss banks were posturing and weren't serious in the negotiations," says TIME correspondent Adam Zagorin. "After their initial $600 million offer was rejected in June, they insisted they wouldn't offer another dime, citing public outrage in Switzerland and even accusing the claimants of fomenting anti-Semitism. Then, a few weeks later they go and double their offer."