This is right out of the Wikepedia Encyclopedia at http://en.wikipedia.org/wiki/Union_Banking_Corporation
"Union Banking Corporation
From Wikipedia, the free encyclopedia
The Union Banking Corporation (UBC) was a banking corporation in the US which was seized, under the Trading with the Enemy Act, during World War II in October 1942. The corporation, of which Prescott Bush, served as Director, and Vice President, was primarily controlled by the Harriman family and was alleged to be a Nazi organization.Adolf Hitler's financiers, the CLN family, formed UBC to manage investments in America. The US congressional report described Union Bank as an "interlocking trust" with the German Steel Trust. UBC was also involved in raising funds for Germany and illegally transferring aviation fuel technology to the Luftwaffe.
The company was established in August 1924 with George Herbert Walker as president. His son-in-law Prescott Bush, the grandfather of current US President George W. Bush, was on the board of directors from 1934 to 1943 with E. Roland Harriman, H. J. Kouwenhoven, Johann G. Groeninger, Harold D. Pennington, Cornelis Lievense, Ray Morris, and E. S. James.
Prescott Bush and Roland Harriman, both also served as Vice Presidents at investment firm W.A. Harriman & Co, both along with another employee, Knight Woolley, ex-Yale-class-of-1917 from Yale and members of the same exclusive Skull and Bones fraternity. George Walker was employed by Roland's brother W. Averell Harriman to run the business, which had been given him by railroad baron father E.H. Harriman.
A July 31, 1941 New York Herald Tribune front page article about the bank was headlined "Thyssen Has $3,000,000 Cash in New York Vaults"; (Fritz Thyssen was a German steel magnate and one of Hitler's most important Financial backers). This prompted the congressional investigation in which UBC was taken over by the U.S. government under the Trading with the Enemy Act in the fall of 1942. It should also be noted that the younger Bush received his commission as a US Naval pilot before his 19th birthday, having completed a 10 month training course, making him the youngest ever pilot in the navy's history. Moreover, this was before any newspaper articles anent Prescott Bush and the Harriman-Thyssen connection.
U.S. National Archives contains Vesting Order number 248 signed by U.S. Alien Property Custodian Leo T. Crowley, which records the seizure of the company. On October 20 1942 the Alien Property Custodian seized the assets of the UBC and liquidated its assets.
In August, under the same authority, Congress had seized the first of the Bush-Harriman-managed Thyssen entities, Hamburg-American Line, under Vesting Order No. 126, also signed by Crowley.
Having gone through the books of the bank, further seizures were made against two affiliates, the Holland-American Trading Corporation (Vesting Order No. 261) and the Seamless Steel Equipment Corporation (Vesting Order No. 259). By November, the Silesian-American Corporation, another of Prescott Bush's ventures, had also been seized. [1] The company allegedly profited from slave labor at Auschwitz via a partnership with IG Farben, Hitler's third major industrial patron and partner in the infrastructure of the Third Reich. [2] The Auschwitz slave labor camp did not exist until after the nationalization of the Bush-Harriman assets."
If you still have any doubts about the accuracy of this information, Google "Vesting order 248." I guess the Bush Family must have learned their lesson about appeasement of the Nazis because they participated in it.