Bush Ancestor's Bank Seized by Gov't
By Jonathon D. Salant
Friday 17 October 2003
WASHINGTON - President Bush's grandfather 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, government documents show.
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 reviewed by The Associated Press.
Fritz Thyssen was an early financial supporter of Hitler, whose Nazi party Thyssen believed was preferable to communism. The documents do not show any evidence Bush directly aided that effort. His position with Union Banking never was a political issue for Bush, who was elected to the Senate from Connecticut in 1952.
Reports of Bush's involvement with the seized bank have been circulating on the Internet for years and have been reported by some mainstream media. The newly declassified documents provide additional details about the Union Banking-Thyssen connection.