A weekend of Mar-a-Lago and an act of God: the story of Trump with Deutsche Bank



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The so-called roadshow seemed to be going well. At each stop, Mr. Trump was greeted by a broad audience of fund managers, executives and lower-level employees eager to see the famous mogul. The problem, as one Deutsche Bank official told Mr Trump, is that few of them were willing to entrust him with money.

Mr. Trump asked for a hearing from the bond sellers of the bank.

According to a Deutsche Bank official who heard these words, Mr Trump gave a motivational lecture. "Dear friends, I know it's not the easiest thing you've had to sell," the executive recalled Trump. "But if you succeed, you'll be all my guests at Mar-a-Lago," his private club in Palm Beach, Florida.

The sales team has managed to sell bonds for hundreds of millions of dollars. Mr Trump was pleased with the results when a leader of Deutsche Bank called, according to a person who heard the conversation.

"Do not forget what you promised our guys," the executive reminded him.

Mr. Trump said that he did not remember it and that he doubted that the salespeople were really waiting to be taken to Mar-a-Lago.

"That's all they talked about last week," said the manager.

Trump finally sent about 15 salespeople to Florida on his Boeing 727. They spent a weekend playing golf with Mr. Trump, two participants said.

A year later, in 2004, Trump Hotels & Casino Resorts defaulted on bonds. Deutsche Bank's clients suffered heavy losses. This branch of the investment bank stopped doing business with Mr. Trump.

Around the same time, Mr. Trump returned to the commercial real estate unit of Deutsche Bank, which was part of another department of the investment bank's sprawling division, for a new loan. . It was to build a 92-storey skyscraper in Chicago, the Trump International Hotel and the Tower.

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