How the Bush family made its fortune from the Nazis: The Dutch Connection

Dolphy and Fritz yuk it up

For the Bush family, it is a lingering nightmare. For their Nazi clients, the Dutch connection was the mother of all money laundering schemes. From 1945 until 1949, one of the lengthiest and, it now appears, most futile interrogations of a Nazi war crimes suspect began in the American Zone of Occupied Germany. Multibillionaire steel magnate Fritz Thyssen-the man whose steel combine was the cold heart of the Nazi war machine-talked and talked and talked to a joint US-UK interrogation team. For four long years, successive teams of inquisitors tried to break Thyssen’s simple claim to possess neither foreign bank accounts nor interests in foreign corporations, no assets that might lead to the missing billions in assets of the Third Reich. The inquisitors failed utterly.

Why? Because what the wily Thyssen deposed was, in a sense, true. What the Allied investigators never understood was that they were not asking Thyssen the right question. Thyssen did not need any foreign bank accounts because his family secretly owned an entire chain of banks. He did not have to transfer his Nazi assets at the end of World War II, all he had to do was transfer the ownership documents – stocks, bonds, deeds and trusts–from his bank in Berlin through his bank in Holland to his American friends in New York City: Prescott Bush and Herbert Walker. Thyssen’s partners in crime were the father and father-in-law of a future President of the United States.

The allied investigators underestimated Thyssen’s reach, his connections, his motives, and his means. The web of financial entities Thyssen helped create in the 1920’s remained a mystery for the rest of the twentieth century, an almost perfectly hidden underground sewer pipeline for moving dirty money, money that bankrolled the post-war fortunes not only of the Thyssen industrial empire…but the Bush family as well. It was a secret Fritz Thyssen would take to his grave.  (more...)

How the Bush family made its fortune from the Nazis: The Dutch Connection

Discussion:

Dutch Treat: More about the Thyssen/Bush Banking Connection

Current Dutch money-laundering schemes:

Letterbox arms companies in the Netherlands

Dutch Unlikely to Budge on Calls for Tougher Letterbox Rules

A stacked deck?