“The American Axis” by Max Wallace
[The following is an excerpt taken from “The American Axis” by Max Wallace pp 349-350. I found this book researching my personal investigation into who financed Adolf Hitler]
“… One of the partners of the Union Banking Corporation, the man who oversaw all investments on behalf of the Nazi-affiliated owners, happened to be Prescott Bush, grandfather of the American president George W. Bush. Through the connections of his father-in-law, Bert Walker (George W’s maternal great-grandfather), who has been described by a U.S. Justice Department investigator as “one of Hitler’s most powerful financial supporters in the United States,” Prescott Bush specialized in managing the investments for a number of German companies, many with extensive Nazi ties. These included the North American operations of another Nazi front, the Hamburg Amerika Line, which was directly linked to a network set up by IG Farben to smuggle agents, money and propaganda from Germany. According to a 1934 Congressional investigation, the Hamburg Amerika Line “subsidized a wide range of pro-Nazi propaganda efforts both in Germany and the United States.” Both Walker and Bush were directors of a holding company, the Harriman Fifteen Corporation, that directly financed the line.
“Shortly before the government seized the assets of the Union Banking Corporation, in fact, it had also seized American-held assets of the Hamburg-Amerika Line under the Trading with the Enemy Act. A few weeks after the government seized Bush’s shares in Union Banking, it seized the assets of three other Nazi front companies whose investments were handled by Bush – the Holland-American Trading Corporation, the Seamless Steel Equipment Corporation, and the Silesian-American Corporation. The paper trail indicated the bulk of Prescott Bush’s financial empire was being operated on behalf of Nazi Germany.
“According to former United States Justice Department Nazi war crimes investigator John Loftus, who has investigated the Bush family’s considerable ties to the Third Reich, Prescott Bush’s investment prowess helped make millions of dollars for various Nazi-front holding companies, and he was well paid for his efforts. ‘The Bush family fortune that helped put two family members in the White House can be traced directly to the Third Reich,’ says Loftus, who is currently president of the Florida Holocaust museum.
“In his own investigation, Loftus discovered a disturbing trail connecting the Bush family’s money laundering efforts to the Thyssens and their role in building up the Nazi war machine. He believes these connections deserve more scrutiny: ‘There are six million skeletons in the Thyssen family closet, and a myriad of criminal and historical questions to be answered about the Bush family’s complicity.
“Fortunately for Bush, who was later elected a United States senator, his name never surfaced in the news when his Union Banking shares were seized by the U.S. government. The only media reference related to the seizure was a brief 1944 item in the New York Times announcing that ‘The Union Banking Corporation, 39 Broadway, New York, has received authority to change its principal place of business to 120 Broadway. The article neglected to point out that the company’s assets had been seized under the Trading with the Enemy Act or that 120 Broadway was the address of the U.S. Alien Property Custodian. If the news had been publicized, it might well have derailed Bush’s political career as well as the future presidential aspirations of both his son and grandson. According to Loftus, however, the potential scandal did affect the short term career plans of Prescott’s eldest son, George Herbert Walker Bush.
“As the government investigation into Prescott’s Nazi dealings heated up, Loftus reveals, the eighteen-year-old Bush abandoned his plans to enter Yale and enlisted instead in the U.S. Army in an attempt to ‘save the family honor’. Meanwhile, Prescott Bush, in an effort to avoid potential government prosecution, volunteered to spy for the OSS, precursor of the U.S Central Intelligence Agency. These efforts at cleansing his Nazi ties appear to have been successful. He was never indicted. In 1951, Union Banking assets valued at $1.5 million were released back to the Bush family.
[Go to Google search and punch in Prescott Bush for more information on this subject.]