Four scans from The Marvels Project #1, by Ed Brubaker and Steve Epting, wherein we see the beginnings of the Marvel Universe.
"Kermit" would be Kermit Roosevelt Jr, TR's grandson, who had not inconsiderable connections in the early intelligence community (in real life, he orchestrated the overthrow of Mossadegh in the early 1950s).
They've got a whole cargo hold full of dead Atlanteans. Obviously, Namor arrives and kills them all slowly the painfully.
The news heads back to Germany and "Project Nietzche":
Erskine has already transmitted a secret message to the British saying he wants to defect, and FDR and Churchill agree; they recruit Nick Fury and his friend Red to parachute in and extract him.
Elsewhere, there's a lot of the Golden Age Angel (Thomas Halloway), the first real superhero (fighting crime and stuff) in New York, which I liked (especially his interactions with the dying Two-Gun Kid); the origin of the Human Torch plays out; and there's a very brief cameo from Steve Rogers.