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Presidents family links to bank supported hitler { October 21 2003 }

Original Source Link: (May no longer be active)
   http://www.smh.com.au/articles/2003/10/20/1066631359649.html

http://www.smh.com.au/articles/2003/10/20/1066631359649.html

President's family had links to bank with ties to Hitler supporter
By Jonathan Salant, in Washington
October 21, 2003

The grandfather of the US President, George Bush, was a director of a bank seized by the federal government because of its ties to a German industrialist who helped bankroll Adolf Hitler's rise to power.

Prescott Bush was one of seven directors of Union Banking Corp, a New York investment bank owned by a bank controlled by the Thyssen family, according to recently declassified National Archives documents. Fritz Thyssen was an early financial supporter of Hitler, whose Nazi party Thyssen believed was preferable to communism.

There is no evidence that Prescott Bush directly aided that effort, and his position with Union Banking was never a political issue for Mr Bush, who was elected to the Senate from Connecticut in 1952.

Reports of Mr Bush's involvement with the bank have been circulating on the internet and been reported in the mainstream media for years. The newly declassified documents provide additional details about the Union Banking-Thyssen connection.

Trent Duffy, a spokesman for President Bush, declined to comment.

The government seized Union Banking in October 1942 under the Trading with the Enemy Act, but no charges were brought against the bank's US directors. The federal government was too busy trying to fight the war, said Donald Goldstein, a professor of public and international affairs at the University of Pittsburgh. "We did not have the resources to do these things."

Fritz Thyssen broke with the Nazis in 1938 over their persecution of Catholics and Jews, and fled to Switzerland.

He was later arrested and spent 1941 to 1945 in a Nazi prison. His brother lived in Switzerland from 1932 to 1947 but continued to operate businesses in Germany.

The new documents were first reported by a freelance writer, John Buchanan, in the New Hampshire Gazette.

AP


This story was found at: http://www.smh.com.au/articles/2003/10/20/1066631359649.html



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