19 July 2023
The deliberate concealment of information by the global banking industry raises serious questions about its integrity and accountability. The decision by the Swiss Parliamentary Commission of Inquiry to lock away its findings on the collapse of Credit Suisse for 50 years is a blatant affront to transparency and the public’s right to know. This secretive approach is not an isolated incident but a recurring pattern. During the 2008 financial crisis, the Federal Reserve withheld crucial details of global bank bailout information, including the names of banks and the amounts borrowed. The Fed’s resistance to transparency and its lengthy legal battle to prevent the release of this information raises suspicions of misconduct and hidden agendas. It is deeply troubling that major global banks, including Citigroup and JPMorgan Chase, have faced minimal consequences for their involvement in fraudulent activities, while critical documents and evidence are sealed, protective orders are granted, and information is heavily redacted. This lack of transparency and accountability erodes trust in the banking industry and undermines the principles of democracy. The public deserves full access to information regarding the actions and dealings of these powerful institutions, as it is vital for ensuring accountability, preventing corruption, and safeguarding the interests of society as a whole.