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Walker was president of Union Banking Corporation, a firm that traded with Germany and helped German industrialists consolidate Hitler's political power. Simpson says Union Banking became a Nazi money-laundering machine.
Walker helped take over North American operations of Hamburg-Amerika Line, a shipping line and cover for I. G. Farben's Nazi espionage unit in the U. S. Hamburg-Amerika smuggled in German agents, and brought in money for bribing American politicians to support Hitler. A 1934 congressional investigation showed Hamburg-Amerika subsidized Nazi propaganda efforts in the U. S.
George H. W. Bush's father, Prescott, was a board member of Union Banking and a senior partner in a Union Banking affiliate—the investment firm Brown Brothers, Harriman. The U. S. government investigated both Bert Walker and Prescott Bush, and under the Trading with the Enemy Act seized all shares of Union Banking, including shares held by Prescott Bush. The government held that "huge sections of Prescott Bush's empire had been operated on behalf of Nazi Germany and had greatly assisted the German war effort."