Union Banking Corporation
Encyclopedia
The Union Banking Corporation (UBC) was a bank
ing corporation
in the US
whose assets were seized by the United States government during World War II
under the Trading with the Enemy Act 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 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 US. government agency. Fritz Thyssen resigned from the Council of State after November 9th 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.
's grandfather, Prescott Bush
, was a supporter of the Nazis. In 2003, the Anti-Defamation League
responded, saying:
in New York City
. The founding officers of the bank included Cornelis Lievense
as President, J. P. Ripley as Secretary and Treasurer, and the following incorporators:
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
in the US
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
whose assets were seized by the United States government during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
under the Trading with the Enemy Act 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 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
Fritz Thyssen
Friedrich "Fritz" Thyssen was a German businessman born into one of Germany's leading industrial families.-Youth:Thyssen was born in Mülheim in the Ruhr area...
and his brother, Heinrich Thyssen-Bornemisza
Heinrich, Baron Thyssen-Bornemisza de Kászon
Heinrich Thyssen , since June 22, 1907 Heinrich Freiherr Thyssen-Bornemisza de Kászon et Impérfalva, was a German-Hungarian entrepreneur and art collector.-Biography:...
, had the Dutch bank and the steel firm as part of their business and financial empire according to the US. government agency. Fritz Thyssen resigned from the Council of State after November 9th 1938 Kristallnacht
Kristallnacht
Kristallnacht, also referred to as the Night of Broken Glass, and also Reichskristallnacht, Pogromnacht, and Novemberpogrome, was a pogrom or series of attacks against Jews throughout Nazi Germany and parts of Austria on 9–10 November 1938.Jewish homes were ransacked, as were shops, towns and...
, 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.
Prescott Bush allegations
After the declassification of government documents in 2002, Internet rumors alleged that the seizure of the bank proved that George W. BushGeorge W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
's grandfather, Prescott Bush
Prescott Bush
Prescott Sheldon Bush was a Wall Street executive banker and a United States Senator, representing Connecticut from 1952 until January 1963. He was the father of George H. W. Bush and the grandfather of George W...
, was a supporter of the Nazis. In 2003, the Anti-Defamation League
Anti-Defamation League
The Anti-Defamation League is an international non-governmental organization based in the United States. Describing itself as "the nation's premier civil rights/human relations agency", the ADL states that it "fights anti-Semitism and all forms of bigotry, defends democratic ideals and protects...
responded, saying:
Founding
The UBC was founded on August 4, 1924, with offices at 39 BroadwayBroadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. The founding officers of the bank included Cornelis Lievense
Cornelis Lievense
Cornelis Lievense was a Dutch businessman who ran several import/export companies in the United States from the 1920s through the 1940s.Lievense was born in Maassluis, The Netherlands, and came to the United States in 1924...
as President, J. P. Ripley as Secretary and Treasurer, and the following incorporators:
- E. Roland HarrimanE. Roland HarrimanE. Roland Harriman was a financier and philanthropist...
(Harriman & Company) - Samuel F. Pryor (Harriman & Company)
- Joseph P. Ripley (Harriman & Company)
- James D. Sawyer (Harriman & Company)
- Garrard Glenn
- William B. Walsh
- DeWitt C. Jones Jr.