In Bush’s case, covering up the historical origins of fascism in Germany serves a particular, indeed personal, function. While the president’s father had dealings with the bin Ladens, his grandfather made a considerable share of the family fortune through his dealings with Nazi Germany. Some have suggested that the Bushes’ assets have their ultimate source, in part, in the exploitation of slave labor at Auschwitz itself.
From the 1920s into the 1940s—after the Second World War had begun—Prescott Bush was a partner and executive in the Brown Brothers Harriman holding company on Wall Street and a director of one of its key financial components, the Union Banking Corporation (UBC).
Together with his father-in-law George Herbert Walker—the current president’s great grandfather—Prescott Bush controlled another asset of the holding company, the Hamburg-Amerika shipping line, which was utilized by the Nazi regime to transport its agents in and out of North America.
Another subsidiary of the Harriman group, Harriman International Co., struck a deal with Hitler’s regime in 1933 to coordinate German exports to the US market.
UBC, meanwhile, managed all of the banking operations outside of Germany for Fritz Thyssen, the German industrial magnate and author of the book I Paid Hitler, in which he acknowledged having financed the Nazi movement from 1923 until its rise to power.
In October 1942, 10 months after it had entered the Second World War, the US government seized UBC and several other companies in which the Harrimans and Prescott Bush had interests. In addition to Bush and Roland Harriman, three Nazi executives were named in the order issued by Washington to take over the bank.
An investigation carried out in 1945 revealed that the bank run by Prescott Bush was linked to the German Steel Trust run by Thyssen and Flick, one of the defendants at Nuremberg. This gigantic industrial firm produced fully half the steel and more than a third of the explosives, not to mention other strategic materials, used by the German military machine during the war years.
On October 28, 1942, the US government confiscated the assets of two firms that served as fronts for the Nazi regime—the Holland-American Trading Corporation and the Seamless Steel Equipment Corporation, both controlled by UBC. A month later, it seized Nazi interests in the Silesian-American Corporation (SAC), directed by Prescott Bush and his father-in-law, George Walker.
The seizure order, issued under the Trading with the Enemy Act, described Silesian-American as a “US holding company with German and Polish subsidiaries” that controlled large and valuable coal and zinc mines in Silesia, Poland and Germany. It added that, since September 1939 (when Hitler unleashed the Second World War) these properties had been under the control of the Nazi regime, which had utilized them to further its war effort.
Among SAC’s assets was a steel plant in Poland in the same district as Auschwitz. The plant reportedly used the concentration camp’s inmates as slave labor.
Among those who have investigated the links between the Bushes and the Nazis is John Loftus, a former prosecutor in the Justice Department’s War Crimes Unit, who now heads the Florida Holocaust Museum in Saint Petersburg. Loftus has charged that the Bush family received $1.5 million from its interest in UBC, when the bank was finally liquidated in 1951. “That’s where the Bush family fortune came from: It came from the Third Reich,” Loftus said in a recent speech.
Loftus argues that this money—a substantial sum at that time—included direct profit from the slave labor of those who died at Auschwitz. In an interview with journalist Toby Rogers, the former prosecutor said: “It is bad enough that the Bush family helped raise the money for Thyssen to give Hitler his start in the 1920s, but giving aid and comfort to the enemy in time of war is treason. The Bush bank helped the Thyssens make the Nazi steel that killed Allied solders. As bad as financing the Nazi war machine may seem, aiding and abetting the Holocaust was worse. Thyssen’s coal mines used Jewish slaves as if they were disposable chemicals. 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.”
Prescott Bush was by no means unique, though his financial connections with the Third Reich were perhaps more intimate than most. Henry Ford was an avowed admirer of Hitler, and together GM and Ford played the predominant role in producing the military trucks that carried German troops across Europe. After the war, both auto companies demanded and received reparations for damage to their German plants caused by allied bombing.
Standard Oil and Chase Bank, both controlled by the Rockefellers, invested heavily in Nazi Germany, as did many of Wall Street’s leading brokerage houses. These business dealings continued after the war had begun, with Standard Oil shipping fuel to the Nazis through Switzerland as late as 1942 and collaborating with I.G. Farben, the firm that manufactured Zyklon B gas for the Nazi death chambers and operated a synthetic rubber plant using slave labor from Auschwitz.
