Trump loans and money laundering: Deutsche Bank'
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Posted On: 11/04/2019 9:10:25 PM
Trump loans and money laundering: Deutsche Bank's fall from grace
2019: Dealings with Donald Trump
The US Congress issues subpoenas to Deutsche for documents related to the bank’s dealings with Donald Trump. The New York Times reports that senior Deutsche executives blocked employees from alerting the federal government about suspicious activity alerts linked to Trump and Jared Kusher in 2016 and 2017.
Deutsche was one of Trump’s biggest lenders, sticking by the real estate mogul when other US banks refused to lend after he went through a series of bankruptcies. Trump is thought to have borrowed at least $2bn from Deutsche with about $300m outstanding.
The bank’s entanglement with the Trump family dates back to the 1990s when Bankers Trust continued to lend to him when others had pulled out. In 2008 Trump claimed the financial crisis was an unforeseen event and refused to repay $330m to Deutsche, countersuing for $3bn compensation for Deutsche’s role in the crisis.
Trump and Deutsche’s commercial real estate division settled in 2010 but Deutsche’s private banking business continued to lend to Trump.
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