Rubles to Euros or Dollars, right Vlad and Donald
Spin cycle almost done, boys, enjoy
Trump received more than $2 billion in
loans from Deutsche Bank despite being “deemed untouchable by other
institutions”
The
Independent March 19, 2019, by Chris Baynes
Deutsche
Bank reportedly
loaned more than $2 Billion (£1.5 Billion) to Donald Trump over two
decades despite multiple “red flags.”
Trump repeatedly
exaggerated his wealth to help him secure finance for a string of high-end
property developments before entering the White House (source: The New York Times). The German bank is said to have
approved huge loans to Trump even after bankruptcies and defaults led to him
being “deemed untouchable by most
financial institutions.”
The report
comes as congressional committees and New York’s AG investigate Trump’s links
to Deutsche Bank, which began in the late 1990s and lasted until his
presidential campaign in 2016, according to the Times, which interviewed
more than 20 current or former Deutsche Bank executives and board members.
Their
ties developed as the bank was reportedly attempting to make inroads in Wall
Street by taking on high-risk investments. According to the report, Trump wooed
Deutsche Bank investors on his private jet and promised them trips to his
Mar-a-Lago resort in Florida in a bid to secure deals.
Classic Example: Seeking to obtain a $500 Million (£377
Million) loan to build a 72-storey skyscraper in Chicago, Trump is said to have
told the bank his net worth was $3 Billion (£2.3 Billion). When Deutsche Bank
employees reviewed his finances, they concluded his wealth was actually $788
Million (£594 Million). The company still made the loan in 2005, but Trump struggled to sell hundreds of apartments in the
resulting Trump Tower.
With the
bulk of the loan repayment due in November 2008, his lawyers claimed the
financial crisis was an act of God that meant he was not liable. Both sued each
other, then the dispute was later settled out of court.
In 2010, Trump
again reportedly exaggerated his wealth as he sought a loan to fund his
purchase of a $100 Million (£75 Million) golf resort. The bank determined he
had overvalued some of his assets by up to 70 per cent, but nonetheless signed
off the loan.
Deutsche Bank sought to limit scrutiny of its
relationship with Trump after he was sworn in as president, “telling
employees not to use the word Trump in external communications,” according to the Times report.
The bank’s managers were said to be concerned Trump
could default on his loans, forcing the company to choose between seizing his
assets and cutting him a lucrative break.
The House of
Representatives Financial Services and Intelligence Committees have each
launched probes into Trump’s ties with Deutsche Bank now since Democrats took
control of the house.
The New York
State AG’s office also issued subpoenas to the bank last week for financial
records relating to the Trump Organization. A Deutsche Bank spokeswoman said
the company was “committed to cooperating
with authorized investigations.”
My 2 cents: It is more and more abundantly clear
how much of a con man Donald J. Trump was and remains today as this excellent
report shows, and more obvious why he threatened all kinds of law suits to
protect his shenanigans even telling Mueller not to cross that “red line of his
taxes and business records.”
'The main crime that I see is fraud and yes, blame
on those institutions like Deutsche bank who admits they knew Trump was lying
about his assets to gain their loans.
Yet, they still loaned him tons of money. Loaning the
money is not a crime, but lying and defrauding, and money laundering sure is.
Well, that is up to the German government whether to
shut them down or punish them in other ways.
But on the surface it sure seems that bank is an international
money laundry mat, thus no legal action is likely as probably too many big
shots are tried to them I suspect. We shall see.
Thanks for stopping by.
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