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| {{Infobox company | |||
| {{POV|date=January 2009}} | |||
| | industry = ] | |||
| {{SectOR|date=March 2009}} | |||
| | founder = ] | |||
| The '''Union Banking Corporation''' ('''UBC''') was a ]ing ] in the ] whose assets were seized by the United States government during ] under the ] and Executive Order No. 9095. According to an Oct. 5, 1942, report from the USA's federal Office of Alien Property Custodian, Union Banking was owned by Bank voor Handel en Scheepvaardt N.V., a Dutch bank. The memo from August 18, 1941 states "My investigation produced no evidence as to the ownership of this Dutch bank."<ref>http://hnn.us/resources/Bush%20Documents0008.jpg</ref> Said Dutch bank was "closely affiliated" with United Steel Works,{{irrel}} a German company. ] and his brother, Heinrich Thyssen-Bornemisza, had the Dutch bank and the steel firm as part of their business and financial empire according to the US. government agency. (Thyssen split with the Nazis after '']'', and fled to Switzerland during World War II.) The APC documents say "Whether any or all part of the funds held by Union Banking Corporation, or companies associated with it, belong to Fritz Thyssen could not be established in this investigation." <ref>http://hnn.us/resources/Bush%20Documents0014.jpg</ref><ref>{{cite web|url=http://www.foxnews.com/story/0,2933,100474,00.html|title=Documents: Bush's Grandfather Directed Bank Tied to Man Who Funded Hitler|publisher=FoxNews.com}}</ref><ref>{{cite web|url=http://www.guardian.co.uk/world/2004/sep/25/usa.secondworldwar|title=How Bush's grandfather helped Hitler's rise to power|publisher=The Guardian}}</ref><ref>{{cite web|url=http://www.archives.gov/iwg/declassified-records/rg-131-alien-property/rg-131-records-02.html | |||
| }} | |||
| |title=Records of the Office of the Alien Property Custodian | |||
| |publisher=U.S. National Archives and Records Administration | |||
| |accessdate=2008-10-01}}</ref><ref>{{cite web|url=http://www.mbpolitics.com/Bush2000/VestingDetail.htm | |||
| |title=Vesting Order Number 248 | |||
| |publisher=Federal Register (7 F.R. 5205) | |||
| }}</ref><ref>{{cite web|url=http://www.fleshingoutskullandbones.com/P.Bush-Union_Banking/grafx/thyssen.pdf|title=Hitler's Angel has 3 millions in N.Y. Bank|publisher=Washington Post possible copyright violation}}</ref> The assets were held by the government for the duration of the war, then returned afterward; UBC dissolved in the 1950s. | |||
| The '''Union Banking Corporation''' ('''UBC''') was a New York investment bank incorporated in 1924 in the ]. During ], under the ], the United States government seized the bank's assets pending investigation of the bank's business involving a former party member of the Nazi government in Germany, ]. The now-former U.S. Senator ] was a founding member and is included among its seven directors whose entire collective shareholdings in Union Banking Corp. were shares wholly owned by, and held on behalf of, the Thyssen empire's ] in Rottendam. ]] | |||
| ===Prescott Bush allegations=== | |||
| After the declassification of government documents in 2002, Internet rumors spread by conspiracy theorists such as ] alleged that the seizure of the bank proved that ]'s grandfather, ], was a supporter of the Nazis. In 2003, the ] responded, saying: | |||
| {{cquote|Rumors about the alleged Nazi 'ties' of the late Prescott Bush ... have circulated widely through the internet in recent years. These charges are untenable and politically motivated. Despite some early financial dealings between Prescott Bush and a Nazi industrialist named Fritz Thyssen (who was arrested by the Nazi regime in 1938 and imprisoned during the war), Prescott Bush was neither a Nazi nor a Nazi sympathizer.<ref name=adl>http://www.adl.org/Internet_Rumors/prescott.htm</ref>}} | |||
| == |
== Seizure == | ||
| According to an October 5, 1942 report from the ], Union Banking was owned by ], a Dutch bank. The memo from August 18, 1941, states "My investigation produced no evidence as to the ownership of this Dutch bank."<ref name="hnn">{{cite web|url=http://hnn.us/resources/Bush%20Documents0008.jpg|title=Image: Bush%20Documents0008.jpg, (1271 × 2098 px)|publisher=hnn.us|access-date=2015-09-01|archive-url=https://archive.today/20120711084025/http://hnn.us/resources/Bush%20Documents0008.jpg|archive-date=2012-07-11|url-status=live}}</ref> | |||
| The UBC was founded on August 4, 1924, with offices at 39 ] in ]. The founding officers of the bank included ] as President, J. P. Ripley as Secretary and Treasurer, and the following incorporators:<ref>http://hnn.us/resources/Bush%20Documents0015.jpg</ref> | |||
| The Dutch bank was alleged to be affiliated with ],{{Relevance inline|date=September 2015}} a German company. ] and his brother, ], had the Dutch bank and the steel firm as part of their business and financial empire according to the government agency. Fritz Thyssen resigned from the ] after November 9, 1938 '']'', was arrested in 1940, and spent the remainder of the war in a ] and in ]. {{citation needed|date=March 2016}} The APC documents say "Whether any or all part of the funds held by Union Banking Corporation, or companies associated with it, belong to Fritz Thyssen could not be established in this investigation."<ref name="hnn2">{{cite web|url=http://hnn.us/resources/Bush%20Documents0014.jpg|title=Image: Bush%20Documents0014.jpg, (1271 × 2123 px)|publisher=hnn.us|access-date=2015-09-01|archive-url=https://archive.today/20120713032859/http://hnn.us/resources/Bush%20Documents0014.jpg|archive-date=2012-07-13|url-status=live}}</ref><ref>{{cite news|url=https://www.theguardian.com/world/2004/sep/25/usa.secondworldwar|title=How Bush's grandfather helped Hitler's rise to power|work=The Guardian | location=London | first=Duncan | last=Campbell | date=September 25, 2004 | access-date=2010-05-26}}</ref><ref>{{cite web|url=https://www.archives.gov/iwg/declassified-records/rg-131-alien-property/rg-131-records-02.html|title=Records of the Office of the Alien Property Custodian|publisher=U.S. National Archives and Records Administration|access-date=2008-10-01}}</ref><ref>{{cite web|url=http://www.mbpolitics.com/Bush2000/VestingDetail.htm|title=Vesting Order Number 248|publisher=Federal Register (7 F.R. 5205)}}</ref><ref>{{cite web|url=http://www.fleshingoutskullandbones.com/P.Bush-Union_Banking/grafx/thyssen.pdf|title=Hitler's Angel has 3 millions in N.Y. Bank|publisher=Washington Post possible copyright violation|access-date=2009-01-27|archive-date=2008-11-21|archive-url=https://web.archive.org/web/20081121090000/http://www.fleshingoutskullandbones.com/P.Bush-Union_Banking/grafx/thyssen.pdf|url-status=dead}}</ref> The assets were held by the government for the duration of the war, then returned afterward; UBC dissolved in the 1950s. | |||
| :] (Harriman & Company) | |||
| :] (Harriman & Company) | |||
| :] (Harriman & Company) | |||
| :] (Harriman & Company) | |||
| :] | |||
| :] | |||
| :] | |||
| ==See also== | == See also == | ||
| * ] | |||
| *] | |||
| == References == | == References == | ||
| {{Reflist}} | |||
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| ] | ] | ||
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Latest revision as of 13:21, 8 January 2025
| Industry | Banking |
|---|---|
| Founder | Prescott Bush |
The Union Banking Corporation (UBC) was a New York investment bank incorporated in 1924 in the United States. During World War II, under the U.S. Trading with the Enemy Act, the United States government seized the bank's assets pending investigation of the bank's business involving a former party member of the Nazi government in Germany, Fritz Thyssen. The now-former U.S. Senator Prescott Bush was a founding member and is included among its seven directors whose entire collective shareholdings in Union Banking Corp. were shares wholly owned by, and held on behalf of, the Thyssen empire's Bank voor Handel en Scheepvaart in Rottendam.
Seizure
According to an October 5, 1942 report from the Office of Alien Property Custodian, Union Banking was owned by Bank voor Handel en Scheepvaart N.V., a Dutch bank. The memo from August 18, 1941, states "My investigation produced no evidence as to the ownership of this Dutch bank."
The Dutch bank was alleged to be affiliated with United Steel Works, a German company. Fritz Thyssen and his brother, Heinrich Thyssen-Bornemisza, had the Dutch bank and the steel firm as part of their business and financial empire according to the government agency. Fritz Thyssen resigned from the Council of State after November 9, 1938 Kristallnacht, was arrested in 1940, and spent the remainder of the war in a sanatorium and in concentration camps. The APC documents say "Whether any or all part of the funds held by Union Banking Corporation, or companies associated with it, belong to Fritz Thyssen could not be established in this investigation." The assets were held by the government for the duration of the war, then returned afterward; UBC dissolved in the 1950s.
See also
References
- "Image: Bush%20Documents0008.jpg, (1271 × 2098 px)". hnn.us. Archived from the original on 2012-07-11. Retrieved 2015-09-01.
- "Image: Bush%20Documents0014.jpg, (1271 × 2123 px)". hnn.us. Archived from the original on 2012-07-13. Retrieved 2015-09-01.
- Campbell, Duncan (September 25, 2004). "How Bush's grandfather helped Hitler's rise to power". The Guardian. London. Retrieved 2010-05-26.
- "Records of the Office of the Alien Property Custodian". U.S. National Archives and Records Administration. Retrieved 2008-10-01.
- "Vesting Order Number 248". Federal Register (7 F.R. 5205).
- "Hitler's Angel has 3 millions in N.Y. Bank" (PDF). Washington Post possible copyright violation. Archived from the original (PDF) on 2008-11-21. Retrieved 2009-01-27.
