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Union Banking Corporation
Bush was a founding member and one of seven directors (including W. Averell Harriman) of the Union Banking Corporation (holding a single share out of 4,000 as a director), an investment bank that operated as a clearing house for many assets and enterprises held by German steel magnate Fritz Thyssen. In July 1942, the bank was suspected of holding gold on behalf of Nazi leaders. A subsequent government investigation disproved those allegations but confirmed the Thyssens' control, and in October 1942 the United States seized the bank under the Trading with the Enemy Act and held the assets for the duration of World War II. Journalist Duncan Campbell pointed out documents showing that Prescott Bush was a director and shareholder of a number of companies involved with Thyssen.
According to journalist Joe Conason, Prescott Bush's involvement with UBC was purely commercial and he was not a Nazi sympathizer. Historian Herbert Parmet agreed with that assessment.
Bush was a founding member and one of seven directors (including W. Averell Harriman) of the Union Banking Corporation (holding a single share out of 4,000 as a director), an investment bank that operated as a clearing house for many assets and enterprises held by German steel magnate Fritz Thyssen. In July 1942, the bank was suspected of holding gold on behalf of Nazi leaders. A subsequent government investigation disproved those allegations but confirmed the Thyssens' control, and in October 1942 the United States seized the bank under the Trading with the Enemy Act and held the assets for the duration of World War II. Journalist Duncan Campbell pointed out documents showing that Prescott Bush was a director and shareholder of a number of companies involved with Thyssen.
According to journalist Joe Conason, Prescott Bush's involvement with UBC was purely commercial and he was not a Nazi sympathizer. Historian Herbert Parmet agreed with that assessment.
Journalists and historians can easily be paid off or threatened.
