US$ 4.77 Billion for a chair.

History is full of tragedies. Not so long ago the deadliest war in terms of casualties was World War II. 60 Million people perished unnecessarily because of the arrogance and stupidity of European leaders.

Almost 5.7 Million, that is approx 78% of the 7.8 Million Jews living in German dominated Europe were killed in what came to be called the 'Holocaust'. Most of them innocent civilians. They were the citizens of the very countries whose governments ordered them to be looted and killed. Their only crime was that they belonged to the Jewish faith.

Before World War II the laws in most European countries prohibited Jews from owning land /property. Yet the Jews were by and large wealthier than their fellow citizens. Most of their wealth was in assets that could be easily liquidated.

When the atrocities against Jews gained prominence, many Jews fled with whatever wealth they could save to Switzerland which bordered Germany, Italy and France. Many people stayed behind in their countries mainly in Poland and Germany but sent their money and wealth for safekeeping with Banks in Switzerland. After all the Swiss had announced that they would remain neutral in any war.

The Jews believed that, they had safeguarded the future for their children and families.

Unfortunately the anti-Semitism wave killed most of the Jews. Even their bodies were scavenged for things like gold from the teeth, which was melted down and sent to Switzerland to finance the war effort.

It was estimated that in the years just before the war US$ 700 Million at that time (worth about US$ 8 Billion today) of savings and money was kept with the Swiss Bankers for safekeeping by Jews.

After the war survivors and many families of Holocaust victims, sought information on the dormant accounts of their parents and deceased family members.
The Swiss refused to cooperate. Citing time held procedures and guidelines the Swiss bankers simply refused to address the special circumstances of the situation. They demanded death certificates etc and created numerous other obstacles so that descendants were unable to get the wealth saved by their elders for them.

Soon after the war the WJC (World Jewish Council)was formed. It sought amongst many other things the restitution from the Swiss for the families of the victims of the holocaust.
Nothing really happened for a long time until the WJC got a new President, Mr. Edgar Bronfman.

Edgar Bronfman the North American liquor baron and owners of Seagram group who made gigantic profits during the US prohibition years amassed a fortune worth of US$ 9.5 Billion by the late Nineteen eighties. Bronfman was a shrewd, and resourceful man. He was a seasoned fighter and politically extremely well connected.

To recover the wealth of the Jews who had banked with the Swiss, Bronfman sought a meeting with the Swiss bankers. He pursued the bankers for a long time. Finally the bankers agreed to grant Bronfman an audience. In Sept 1995 Bronfman flew to Switzerland to meet the Swiss bankers . The meeting was a disaster.

It is believed that this is what transpired;
The Swiss had heard of Bronfman's aggressive nature and decided to show him his place. Bronfman was initially kept waiting and then eventually ushered into an office where no chair was made available for Bronfman. As an insult he was made to stand during the brief meeting.

Bronfman was undeterred, he delivered his message and ultimatum standing up. 'The Swiss were only custodians and not owners of the money parked with them. They must return the money of the Jews who were Holocaust victims to the families, descendants and inheritors". The enraged Bronfman struggled to keep his temper under control.

Smarting over the high handed, and disgraceful conduct of the Swiss, Bronfman now made this issue a crusade. He used his influence with the United States political machinery, the administration and lobbied both Republican and Democrat leaders.

Soon thereafter the American government machinery swung into action. The Americans launched a multi pronged investigation to look into Switzerland's war time dealings with Nazi Germany.

The Swiss government eager to avoid an avalanche of skeletons tumbling out of its cupboards, advised the Swiss bankers to cooperate with the Americans and show some token of good faith.

Fearing punitive action by the US government on Swiss banking and other interests in the United States, the Swiss bankers agreed to attend hearings in Washington.

The Swiss bankers did not know what hit them. Skillful manoeuvring by Bronfman and his colleagues within and outside the US government coupled with the inept attitude and ham handed approach of the Swiss bankers (who hardly ever speak) cost them dearly.

The hearings based on the testimony of thousands of Holocaust survivors and descendants of victims clearly portrayed Swiss bankers as heartless, arrogant, and guilty of denying the victims their due rights.

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It is easy to get carried away by the trappings of power and position that they ride roughshod over others. This high handed approach can frequently come back to haunt the perpetrator of the slight.

Eventually after facing a global embarrassment the Swiss bankers and the government had to shell out US$ 4.77 Billion for a restitution fund. An amount significantly higher and multi fold more than what the WJC originally sought.

For the Jews justice was seen to have been done. However for the Swiss it was a huge price for denying a visitor a chair.