Prescott Bush

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Category: Bush family

Prescott bush, a.k.a. Prescott Sheldon Bush was a U.S. Senator from Connecticut and Wall Street executive banker with Brown Brothers Harriman. He was born on May 15, 1895 and died on October 8, 1972. He is father of George H.W. Bush and grandfather of Geroge W. Bush and Jeb Bush.

Nazi ties

Harriman Bank served as the primary Wall Street connection for German firms and the various financial interests of German plutocrat Fritz Thyssen in the U.S. Thysen was an early financial backer of the Nazi Party in Germany, which received sustantial support from German Big Business because both shared an intense anti-communism. Dealing with Nazi Germany was not illegal when Hitler declared war on the U.S. However six days after the December 7, 1941 attack on Pearl Harbor, President Roosevelt activated the Trading With the Enemy Act. On October 20, 1942, the U.S. government ordered the seizure of all German banking operations in New York City.

Prescott Bush's business interests seized under the Trading With The Enemy Act in October and November 1942 included:

• Union Banking Corporation (UBC) (for Thyssen and Brown Brothers Harriman)
• Holland-American Trading Corporation (with Harriman)
• the Seamless Steel Equipment Corporation (with Harriman)
• Silesian-American Corporation (with Walker)

Bush's interest in UBC consisted of one share. For that one share, Bush was reimbursed $1,500,000. These assets were later used to launch Bush family investments in the Texas oil industry. There is some question as to the amount paid for the 1 share out of 4,000 in the bank, with some suggesting the $1.5 million figure is simple fiction, as the Union Bank was definitely not sold for $6 billion after the Second Wolrd War.

Journalist Toby Rogers has claimed that Bush's connections to the Silesian-American Corporation makes him complicit with the corporation's mining operations in Poland which used slave labor out of Oswiecim, where the Auschwitz concentration camp was later constructed. However, any allegations that Prescott Bush profited from slave labor or the Auschwitz concentration camp remain unsubstantiated. The Auschwitz camp did not exist until after the Bush-Harriman holdings were nationalized.