California Treasurer Fong Says "Swiss Banks Back in Business"; State Treasurer to Lift All Investment Restrictions.LOS ANGELES--(BUSINESS WIRE)--Aug. 13, 1998--Now that a settlement has been reached with Holocaust victims While victims of the Holocaust were primarily Jews, the Nazis also persecuted and often killed millions of members of other groups they considered inferior, undesirable or dangerous. , California State Treasurer The California State Treasurer is responsible for the state's investment and finance. The post has more narrow responsibilities and authority than the California State Controller. Some of the responsibilities include issuing bonds and notes for the state. Matt Fong Matt Fong (Chinese: 鄺傑靈; pinyin: Kuàng Jiélíng) (November 20, 1953–) is a Republican political leader from California and former state treasurer. said he has renewed confidence and trust in the Swiss banks and will lift all investment restrictions effective immediately. "They're back in business," Fong said of the Swiss banks. "As of today, these banks will be treated like any other firm with whom I conduct business. With this agreement, the Swiss banks have restored what was taken fifty years ago -- and in the process -- restored my confidence and trust in these financial institutions. This morning I instructed my staff to lift all investment sanctions against the Swiss banks immediately." Treasurer Fong, who was the first official in the nation to impose investment restrictions against the banks, announced an end to the sanctions while flanked by leaders of the Jewish community at the Simon Wiesenthal Center  This article is currently semi-protected to prevent sock puppets of currently blocked or banned users from editing it. in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . Fong played a key role on a national
committee that was charged with overseeing the progress of the Swiss
banks' restitution efforts.
"A year ago I imposed sanctions on Swiss banks for their failure to respond to the claims of Holocaust victims whose assets were withheld following World War II," Fong said. "Throughout this process there were some who questioned my tactics of employing sanctions. To those critics I say -- it worked. Sanctions mattered." "While today we rejoice, we must never -- never -- forget the six million. It is my sincere hope that history will not record this as a day of ending disputes and discord; rather this day should be remembered as a step toward restitution and justice," Fong said. Treasurer Fong praised the efforts of the Executive Monitoring Committee that included New York City Comptroller The Office of Comptroller of New York City is the chief fiscal officer and chief auditing officer of the city. The comptroller is elected, citywide, to a four-year term and can hold office for two consecutive terms. Alan G. Hevesi, New York State Comptroller The New York State Comptroller is the chief fiscal officer of the U.S. state of New York. The duties of the comptroller include auditing government operations and operating the state's retirement system. H. Carl McCall, Pennsylvania Treasurer Barbara Hafer and Denise Ducharme, administrator of Maine's unclaimed property program and president of the National Association of Unclaimed Property Administrators.
CONTACT: California State Treasurer
Stan Devereux or Roger Wildermuth, 916/653-4052
http://www.treasurer.ca.gov
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