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Deutsche Bank officials feared that the Trump Organization would lead to a $ 340 million loan after Donald Trump's election victory in 2016. Bankers discussed extending repayment dates beyond a second term possible to avoid pursuing the assets of the president.
Leaders of the German bank, the only major financial institution to have been ready to do business with Trump after a series of bankruptcies, discussed the extension of Trump's loan repayment dates until 2025, when his second term could end, Bloomberg reported.
The Trump Organization owes $ 125 million to Deutsche Bank for the Trump National Doral Miami complex in 2023, as well as more than $ 200 million in loans for two buildings in Washington and Chicago in 2024.
According to the report, senior executives at Deutsche Bank, including chief executive John Cryan, were worried about the backlash they might face if the bank was trying to seize the assets of a president-in-office if the Trump Organization was failing its loans. Instead, the bank decided not to restructure the loans and chose not to deal with the company while Trump was in office.
the New York Times Previously, Deutsche Bank had rejected a loan application from the Trump Organization to finance work on its Scottish golf course during the 2016 campaign, at least partly out of fear that Trump would win the election.
The Trump Organization has denied having applied for this loan, as well as the Bloomberg report.
"This story is completely absurd," said Eric Trump at Bloomberg. "We are one of the most underutilized real estate companies in the country. Virtually all of our assets are free and clear assets, and the rare mortgages represent a small fraction of the value of the asset. These are traditional loans, which do not differ from those that any other real estate developer would have in a comparable portfolio. "
Deutsche Bank has a long and complicated history with Trump. It was the only bank willing to lend him money in the 1990s after the temperature reported that he had been "almost excommunicated from Wall Street" as the result of a series of bankruptcies. While other banks refused to lend him money, Deutsche Bank authorized Trump to borrow more than $ 2.5 billion over 17 years.
Trump stopped repaying a loan during the 2008 financial crisis and sued the bank, accusing it of contributing to the crisis. The bank cut ties with Trump but then lent him money in 2010 and 2012.
The bank, headquartered in Frankfurt was raided Last year, in the context of the Panama Papers investigation, was thoroughly examined by investigators.
In December 2017, Trump had been angered by inaccurate information that special advocate Robert Mueller had summoned information about his business dealings with Deutsche Bank and had requested the closure of the investigation into the case. Mueller case. The New York Times reported. He gave in after learning that the first reports were incorrect.
But House Democrats say they plan to cross the "red line" declared by Trump and delve into his finances now that they have control of the investigative committees.
"If the special advocate has not summoned Deutsche Bank to appear, he can not conduct an investigation for money laundering," said House Intelligence Committee chairman Adam Schiff. told NBC News earlier this month. "So, that's what worries me – that this red line has been applied, whether by the Deputy Attorney General or by another part of the Ministry of Justice, but that leaves the country exposed." "
Schiff announced that its committee would launch a joint investigation with Maxine Waters' Financial Services Committee on Trump's relationship with Deutsche Bank.
"We know that Deutsche Bank is one of the biggest banks in the country or perhaps the world that launders money," said Waters. CNBC. "And we know that it is the only bank to lend money to the President of the United States because of its past practices. He will not show his tax returns and we have some information that leads us to think that there may have been money laundering. "
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