I know very little and only what I've read others write about on the subject. In the summer of 1940, the Kommodore of JG53 was Major Hans-Jurgen von Cramon-Taubadel. In August of 1940, the prideful "Pik As" (Ace of Spades) insignia was removed from JG53's aircraft and a 6-inch red band was applied around the nose. Herman Goering is reported to have instituted that order (backed by RAF intelligence reports), and it has been suggested that it was a mark of shame handed down after Goering had found out that Cramon-Taubadel was married to a woman of Jewish descent. This may be backed by the fact that the "Pik As" was added back on again almost immediately after Oblt. Gunther Freiherr von Maltzahn took over command in October 1940. At some point, and I don't know the time-line, the swastikas on the tails were painted over on JG53 aircraft, and this has been viewed as having been a political protest of the matter.


Hans Georg Schulte's Bf-109E of JG53, seen here after being forced down in England on September 16th 1940 (the official British report on the aircraft states that there were remnants of the red band beneath the white-painted cowlings - just a hint of demarcation seems to show around the bottom cowling in this photo).

This photo of JG53 Bf-109E's is rather intriguing, as you can see some in the background with the red bands, and the main subject aircraft at the center has the swastika painted over on the vertical stabilizer but a new swastika re-applied on the rudder. Schulte's aircraft, "White 5", as seen above, can also be seen in this earlier shot.
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