 Hevesi also withheld an operating license for the merger of Union Bank of Switzerland with Swiss Bank Corporation, who together made $4 billion in profits per year in New York City.Author Angelo Codevilla argues that this was essentially blackmail of the banks by state banking officials, with backing of the US administration, to force a settlement between the banks and the WJC.Negotiations involving the banks, the WJC, and Undersecretary Eizenstat ultimately resulted in a settlement of $1.25 billion in August 1998.