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{{Infobox company
{{POV|date=January 2009}}
| industry = ]
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. Said Dutch bank was "closely affiliated" with United Steel Works,{{irrel}} 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 US. government agency.<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
| founder = ]
|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 “enemy national”, ], was a German steel industrialist and a supporter of the German National Socialist Party during its early years from 1923.<ref>The Rise and Fall of the Third Reich, William H Shire. p144</ref> Thyssen broke with the Nazis in 1938, and was imprisoned in Germany from 1941 to 1945. Thyssen's German citizenship was revoked by Hitler in 1940. <ref>http://select.nytimes.com/gst/abstract.html?res=F30B17FD3A55117A93C1A81789D85F448485F9&scp=2&sq=%22fritz%20thyssen%22&st=cse</ref> All of his holdings had been expropriated by the Nazis in 1939. <ref>http://select.nytimes.com/gst/abstract.html?res=F60B1FFC395A177A93C1AB178AD95F4D8385F9&scp=4&sq=%22fritz%20thyssen%22&st=cse </ref>


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. ]]
⚫ == Founding ==
The UBC was founded in August 1924, with offices at 39 ] in ]. The founding officers of the bank included ] as President, along with the following:<ref>"New International Bank", ''New York Times'', Sep 10, 1924, p. 33</ref>
*], officer of W.A. Harriman & Co.
*Johann G. Groeninger, managing director of the Halcyon shipping line of ].
*], brother and business partner of ].
*H. J. Kouwenhoven, managing director of the Bank voor Handel en Scheepvaart of Rotterdam.
*Samuel F. Pryor, Chairman of the Executive Committee of ].
*J. P. Ripley, officer of W.A. Harriman & Co.
*J. D. Sawyer, officer of W.A. Harriman & Co.


⚫ == 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 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.

== See also ==
* ]


== References == == References ==
{{Reflist}}
<references/>


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Latest revision as of 19:03, 19 September 2024

Union Banking Corporation
IndustryBanking
FounderPrescott 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

  1. "Image: Bush%20Documents0008.jpg, (1271 × 2098 px)". hnn.us. Archived from the original on 2012-07-11. Retrieved 2015-09-01.
  2. "Image: Bush%20Documents0014.jpg, (1271 × 2123 px)". hnn.us. Archived from the original on 2012-07-13. Retrieved 2015-09-01.
  3. Campbell, Duncan (September 25, 2004). "How Bush's grandfather helped Hitler's rise to power". The Guardian. London. Retrieved 2010-05-26.
  4. "Records of the Office of the Alien Property Custodian". U.S. National Archives and Records Administration. Retrieved 2008-10-01.
  5. "Vesting Order Number 248". Federal Register (7 F.R. 5205).
  6. "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.
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