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Congressman Says Gold Looted by Nazis is Cached in Swiss Banks; Urges Its Return to Dp’s

May 27, 1948
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Millions of dollars worth of gold the Nazis looted from Europe is still banked in Switzerland and “should “be turned over to the victims of World War II,” Rep. George Sadowski asserted in a speech to the House of Representatives.

Sadowski said upwards of $700,000,000 had been looted by the Germans from their victims and then deposited in Swiss banks and the Bank of International Settlements. The B.I.S. has agreed to deliver to the United States, France and England gold valued at $4,200,000 but the real sum involved is “far larger,” Sadowski said.

“The real story of the looted gold shipped to the B.I.S. has not been told,” Sadowski stated. “It is about time the Germans contributed something to the recovery of Europe, especially since the gold deposited in Switzerland did not belong to them anyhow. I think the DP’s, the refugees and indeed all the victims of German wars of aggression have certainly earned the right to fair treatment,” Sadowski declared.

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