trumps history with deutsche bank

Trump's biggest creditor is Deutsche Bank, which in the late 1990s took a gamble on the real estate developer whose history of corporate bankruptcies made. Deutsche Bank was willing to work with Donald Trump when others And Deutsche Bank has a long, proud history of being one of the few. The surest sign that House Democrats plan to conduct an in-depth investigation of Deutsche Bank's dealings with President Trump — rather.

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Deutsche Bank Complex Tanglement with Trump

Rosemary Vrablic, a managing director and senior banker in Deutsche Bank's wealth management division, has resigned, effective Dec. 31, Vrablic and Deutsche Bank said Tuesday. Vrablic became President Trump's private banker at the German lender in 2011, at a time when Trump was having difficulties borrowing money due to his history of defaulting on loans. Trump's son-in-law and senior adviser Jared Kushner, already a client of Vrablic's, introduced her to Trump.

"The reasons for Ms. Vrablic's abrupt resignation were not clear," The New York Times reports. But Deutsche Bank in August opened an internal investigation into a real estate deal in which Vrablic and a longtime colleague at the bank, Dominic Scalzi, invested in an apartment building partly owned by Kushner. Scalzi is also resigning at the end of the year.

The status of the internal review is unclear, the Times reports. But the relationship between Trump and Deutsche Bank is the subject of congressional, civil, and criminal investigations, including a criminal inquiry by the Manhattan district attorney. Vrablic is not among the handful of Deutsche Bank employees questioned by New York investigators yet, but her lawyer told CNN that "Ms. Vrablic is committed to cooperating with the authorities if asked."

Deutsche Bank has been exploring how it can end its heavily scrutinized relationship with Trump, Reuters reports. But for Trump, his "key contacts at his biggest financial backer are leaving at a perilous time for the departing president," the Times reports. "He owes Deutsche Bank about $330 million, and the loans come due in 2023 and 2024. Mr. Trump provided a personal guarantee to get the loans, meaning that if he fails to pay them back, the bank can pursue his personal assets."

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Trump facing devastating debt load? Experts say not so fast

NEW YORK (AP) — President Donald Trump reportedly must pay back more than $300 million in loans over the next four years, raising the possibility his lenders could face an unprecedented situation should he win a second term and not be able to raise the money: foreclosing on the leader of the free world.

But financial experts say the notion of Trump going broke anytime soon is farfetched.

Even with a total debt load across his entire business empire estimated at more than $1 billion, they note he still has plenty of assets he could cash in, starting with a portfolio that includes office and condo towers, golf courses and branding deals that have been valued at $2.5 billion.

Based on Forbes magazine estimates of the value of his buildings, for instance, selling his partial interests in just two properties— an office complex in San Francisco and a Las Vegas tower that houses a hotel and condos — could bring in $500 million alone.

And even if he doesn’t sell, that kind of valuation backing up the loans could make them easier for him to refinance.

“He’s going to be able to roll these loans over. They have collateral backing them up. They’re not that risky to the lenders,” said Phillip Braun, a finance professor at Northwestern University’s Kellogg School of Business.

Trump’s true financial picture has gotten renewed scrutiny in the wake of a New York Times report this week that he declared hundreds of millions in losses in recent years, allowing him to pay just $750 in taxes the year he won the presidency, and nothing for 10 of 15 years before that.

But the Times report was quick to note that tax filings alone can’t help determine someone’s net worth. And several experts told The Associated Press that, while the true state of Trump’s financial situation is unclear because of a lack of public information, he is probably not scrambling for money.

At issue is the often wide difference between what businesses report as profits and losses to the IRS and what they actually receive in profits they put in their pockets.

Plenty of real estate investors report big losses under tax accounting rules and pay little in federal taxes. That is because the tax code allows them to reduce their tax bills with myriad legal loopholes and breaks, including sometimes generous depreciation charges that reflect expected wear and tear on buildings.

Northwestern’s Braun said Trump’s minuscule tax payments don’t surprise him, nor do the losses claimed. “His accountants work really to make sure he doesn’t pay any taxes,” he said.

A better idea of how Trump is faring, Braun said, comes from Trump’s operating profits.

Forbes, which has been valuing Trump properties for decades for its annual billionaire issue, says Trump’s 40 Wall Street office tower generated $18 million in operating profits in 2019, Trump Tower $13 million, and Trump’s share in San Francisco’s 555 California Street tower $26 million.

According to Forbes’ latest valuation, even pandemic-reduced prices leave Trump with $2.5 billion worth of properties and other assets, and that is after subtracting his $1.2 billion in debt.

The Times said Trump’s real estate company has $421 million in loans he has personally guaranteed, with $300 million of that coming due over four years.

The Trump Organization did not immediately respond to an email and phone call requesting comment. Trump dismissed the Times story Monday as “fake news” and said he is “extremely underleveraged.”

“I have very little debt compared to the value of assets,” he wrote.

Among his lenders listed in his personal financial disclosure are New York-based commercial lender Ladder Capital, which is owed at least $110 million, and Bryn Mawr Trust Co. a suburban Philadelphia bank, which held Trump debt worth between $5 million and $25 million for Seven Springs, a New York estate owned by the Trump Organization.

Trump’s biggest lender on his disclosure is Deutsche Bank, his chief financier stretching back two decades. It helped him buy and fix up several buildings in New York and Chicago and his Doral golf club in Miami. It is owed at least $125 million, with loans coming due in 2023 and 2024.

One option for Trump is to get his lenders to refinance his debt or to take out a new loan. Deutsche Bank is an obvious candidate to help him with either because it has been so forgiving to him over the years.

Trump defaulted on bonds that the bank helped sell to investors to finance his casinos in Atlantic City, New Jersey, and a bank loan for his Chicago hotel and condo tower, and yet the bank has continued to lend to him.

Mike Offit, a former executive at Deutsche Bank who lent to Trump in the late ’90s, said that if a property backing a loan was still throwing off good cash, and all else was well, the easiest solution for a bank with a Trump loan not likely to be paid back would be to just push out the due date.

“If I was sitting at my old job and a Trump loan was coming due next year and he’s the president, I would just say let’s extend the maturity,” he said.

But several other real estate experts aren’t so sure Deutsche Bank may be willing to help Trump much any more.

The bank has been subject to money laundering and tax evasion investigations in Germany and the U.S., and last year settled with the U.S. stock market regulators for allegedly violating the Foreign Corrupt Practices Act by hiring relatives of government officials in Asia and Russia to drum up business for its investment banking division. In addition, its U.S. division had failed a few annual “stress tests” administered by the Federal Reserve in recent years, hampering its ability to lend trumps history with deutsche bank a while.

Deutsche Bank declined to comment.

Another problem: Not all Trump’s lenders are banks and other institutions that he can negotiate with across a table.

Nancy Wallace, a real estate professor at the University of California, Berkeley’s Haas School of Business, said that hundreds of millions of Trump’s bank loans have been packaged into bonds and sold to investors, and the banks are no longer in charge. If a borrower looks like it is in trouble, there could be less room to cut it a break.

Office buildings and hotels have also been hit especially hard by the lockdowns and travel restrictions. So lenders may not be eager to lend to Trump now, and selling off parts of his sprawling empire to raise cash won’t be so easy either, and is not likely to get him full value,

Still, “the real estate lending market is difficult at the moment, but for buildings throwing off cash? That shouldn’t be a problem,” said Bernard Kent, chairman at Schechter Investment Advisors in Detroit. “For something like Trump Tower, the future cash flow wouldn’t be tremendously affected by COVID-19 or people moving out of New York. Top-flight properties there tend to hold value.”

If all is lost, and Trump is really in trouble, some experts say there is another way he could raise money to pay off his lender: copy rocker David Bowie, who sold bonds that allow investors to make money off his music royalties.

“Trump Bonds” would enable investors to share in his future earnings from selling his name to, say, condo builders or purveyors of steaks or colognes or neckties.

“Trump has a brand that has value,” Kent said.


The Bank That Kept Saying Yes to Trump The Daily

At a time when most Wall Street firms had stopped doing business with Donald J. Trump, a single bank lent him more than $2 billion. We look at the two-decade relationship that could unlock the president’s financial secrets. Guests: Natalie Kitroeff, a business reporter for The New York Times, spoke with David Enrich, the finance editor and author of the forthcoming book “Dark Towers: The Inside Story of the World’s Most Destructive Bank.” For more information on today’s episode, visit

Background reading: A real estate mogul made toxic by polarizing rhetoric and a pattern of defaults. A bank with longstanding financial problems and a record of misconduct. Read about President Trump’s tumultuous history with Deutsche Bank.A federal judge on Wednesday ruled against a request from the president to block Deutsche Bank from complying with congressional subpoenas.

At a time when most Wall Street firms had stopped doing business with Donald J. Trump, a single bank lent him more than $2 billion. We look at the two-decade relationship that could unlock the president’s financial secrets. Guests: Natalie Kitroeff, a business reporter for The New York Times, spoke with David Enrich, the finance editor and author of the forthcoming book “Dark Towers: The Inside Story of the World’s Most Destructive Bank.” For more information on today’s episode, visit

Background reading: A real estate mogul made toxic by polarizing rhetoric and a pattern of defaults. A bank with longstanding financial problems and a record of misconduct. Read about President Trump’s tumultuous history with Deutsche Bank.A federal judge on Wednesday ruled against a request from the president to block Deutsche Bank from complying with congressional subpoenas.

More by The New York Times


By Marcus Baramlong Read

Almost from the moment that Donald Trump launched his improbable campaign for president in 2015, questions that had swirled for decades about his net worth and finances took on a new urgency—especially when his links to Russia started to emerge. Over the last four and a half years, throughout the campaign and the Mueller investigation and an endless series of scandals, one detail nagged at reporters for an explanation: Trump has been largely shunned by Wall Street, due to his multiple bankruptcies and loan defaults, with most banks refusing to do business with him—with the almost sole exception of Deutsche Bank, which continued to lend him hundreds of millions of dollars.

The banking behemoth was notorious for its central role in some of the biggest scandals in finance, from fixing interest rates and violating U.S. economic sanctions against countries like Iran and Syria to helping Russian oligarchs launder up to $10 billion out of the country. So the nature of Deutsche Bank’s relationship with Trump has begged so many questions, even more so because it remained tantalizingly opaque.

Starting in late 2015, I spent months chasing claims that one of Russia’s state-owned banks had guaranteed Deutsche’s loans to Trump, effectively making the then-presidential candidate indebted to one of America’s chief adversaries. Along with dozens of other reporters, I turned up no hard evidence, with former bank staffers offering plenty of speculation but neither firsthand knowledge nor documentary evidence.

But since Trump took office, we’ve learned plenty of other details about his relationship with Deutsche Bank, as well as the extent of the bank’s dealings with other figures, including the Kushner family and Jeffrey Epstein. And that’s almost all due to the intrepid reporting of The New York Times‘s David Enrich, whose reporting on the bank has shed light on the dark corners of Wall Street and the favors that financial firms do for their favorite clients. In his must-read articles, Enrich has revealed how Trump sought a loan from Deutsche Bank during the 2016 campaign, that anti-money-laundering specialists at the bank flagged multiple transactions involving entities controlled by Trump and his son-in-law Jared Kushner, that federal prosecutors subpoenaed bank records from Deutsche about entities associated with Kushner’s family, and that the bank introduced Trump to wealthy Russian investors.

In his new book, Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction, Enrich traces the full arc of the relationship, offering plenty of juicy details—including the amazing story of a bank executive’s suicide and how it led his son to dig into confidential files, which he has shared with government investigators.

This interview has been edited for clarity and cohesion.

Fast Company: Given his history as a debtor, why would Deutsche Bank work with Donald Trump? Or unsavory clients like Jeffrey Epstein?

David Enrich: The bottom line is greed and short-sightedness. And Deutsche Bank was eager to do business with people who were off-limits for the mainstream banking world. Both Epstein and Trump fit that bill perfectly. And the reason they were off-limits is that they had done things, whether personal or professional, that were kind of abhorrent ranging from sex crimes in Epstein’s case to being a recidivist defaulter and acting like a demagogue in Trump’s case. Deutsche Bank, as one executive there told me, needs damaged clients. And the reason it does is because if you’re an established wealthy business man or business woman, you often have your pick of which banks you are going to go to. And Deutsche Bank would not top the list. So Deutsche had to be content with clients that were off-limits to other banks.

Considering the risks that were involved with lending to or managing money for Epstein and Trump. It’s an extremely narrow view of what constitutes risk—it was looking at it purely from a financial standpoint and trying to evaluate whether or not these people would make money for the bank and whether or not they would default on their loans. And the bank decided that, if it structured loans in a way that trumps history with deutsche bank had collateral that they could take in the event of default, that essentially eliminated most of the risks the bank was taking and would make financial sense. But it failed to look at the reputational and legal consequences of doing business with these men and that that turned out to be the much more damaging part of it in the long term.

FC: Has the bank’s relationship with Trump hurt business?

DE: There are those who are wary of doing business with an institution that’s so closely linked to Trump because it’s radioactive. And I’ve heard rumblings about nonprofits and things like that that are opposed to the Trump administration not wanting to do business with the bank.

But recently I’ve been talking to people at the bank who say that they actually are optimistic that they will come out of this in the long run, because they’ve been so publicly tight-lipped about their relationship with Trump. They’re hoping that their reputation for probity and discretion will be strengthened. Especially in the private banking [unit], where you’re dealing with extremely wealthy people who are extremely focused on keeping their financial secrets secret in some ways. And in fact, I know that some people at the bank are optimistic that they will emerge from this a little bit stronger than they had been, which is obviously the height of irony.

FC: Is there any hint or indication that the president has either overtly or more subtly exerted pressure on the SEC or DOJ on some of the multiple investigations into Deutsche since taking office?

DE: Yeah, there are indicators I’ve seen of that. I certainly don’t have any proof that that’s what happened, but there’s kind of circumstantial evidence that suggests something strange is afoot. At the end of the Obama administration in late 2016, there were a number of investigations into the bank’s laundering of money for wealthy Russians. And that included a Justice Department criminal investigation. And I had been hearing that the DOJ was pretty close to bringing some sort of charges against the bank and possibly individuals at the bank. And I believe those were likely to be criminal charges, but I’m not 100% certain.

And it sounded like they were very close to wrapping trumps history with deutsche bank an investigation and punishing the bank. And then Trump gets sworn into office and the investigation goes silent. And initially people at Deutsche Bank, who had braced themselves for the punishment and for it to be quite large and quite damaging publicly. And at first they figured that this is just the product of one administration transitioning to another. And that it’s a matter of time—and the weeks pass and the months pass and a year passed and still nothing. Just complete radio silence. And at this point, a lot of people within the bank have breathed a sigh of relief that this has essentially gone away in the Trump administration. And I think the view from some people I’ve spoken to is that it is not a coincidence, that there is a belief in some quarters, I know there’s a belief in some parts of the bank, that Trump viewed Deutsche Bank and Russia as completely off limits.

And the last thing in the world he wants for his Justice Department to do is bring a public case that is raising more questions about Deutsche Bank’s coziness with Russia and its oligarchs and the Kremlin and about laundering money for them. So again, I definitely do not have evidence that the Justice Department has backed off because of Trump not wanting to have this out there. I do not have evidence of that. But at the very least it’s a coincidence, and certainly inside of the bank some people believe that it is connected.

FC: You write that Deutsche considered letting Trump off the hook for his personal guarantees—amending it to make the Trump organization responsible—but that it backtracked in the face of criticism. But have there been subtler changes that Deutsche has made to his loan terms that haven’t been made public or received much attention?

DE: This is one of the things that I’ve found very frustrating. It’s very difficult to penetrate what is going on currently with Deutsche Bank’s loans to Donald Trump. When he was sworn in, he owed around $350 million to the bank. As is the case with loans in general, there are repayment terms that require you to make periodic interest payments and sometimes principal repayments as well. With Trump, over the past three years he’s been president, if he’s up to speed with the loans, he probably owes less now than he did.

The thing that I’ve not been able to figure out is whether Trump is up to date with his loans. I don’t know trumps history with deutsche bank he’s been making interest payments. I don’t know if he’s making principal payments. The bank won’t tell me. And you can read that two ways. One is that maybe they’re hiding something. On the other hand, maybe they’re just being tight with a client.

What I do know is that for a couple of years now the bank has been wrestling with what they would do if Trump were to stop paying back his loans, were to default. And then they’re faced with a series of very ugly, unpleasant choices.

FC: What could they do in that circumstance?

DE: On the most recent loans, they’ve got personal guarantees attached to them, which cover the bulk of the loan. And if Trump were to stop repaying them or otherwise default on the loans, the bank in theory would have recourse to Trump’s personal assets—whether it’s real estate or his planes or the money in his bank accounts at Deutsche Bank. Seizing the assets of the president of the United States—that’s a pretty aggressive thing to do—would obviously have serious consequences for the bank.

It’s hard to imagine Trump just quietly allowing that to happen. On the other hand, if they were to not do that, if Trump were to default on the loans and if they were to not pursue his personal assets as recourse—that would be the bank essentially giving money to the president and that’s completely inappropriate. God only knows what laws, if any, that would be violating. And keep in mind that Trump has repeatedly, just as a matter of course, defaulted on his loans to banks and on his contracts with any party that he’s interacted with over the decades. And so it’s not really a theoretical question. There’s a decent chance that Trump will not pay his loans.

FC: I wanted to ask you about Val Broeksmit, the son of the Deutsche executive who hanged himself in 2014, and who has since accessed his father’s computer files. When Val met with two FBI agents last year, they told him they had started investigating Deutsche money laundering in Russia but had widened their scope. Is there any indication that included Kushner moving money to Russian individuals or any Trump deals?

DE: All I know is what the FBI has told people about their investigation. And one of those people is Val. And I’ve got a very complete recounting of everything the FBI told Val in those meetings. But I’ve also talked to at least two other people who had been interviewed by the FBI about things related to Deutsche Bank. And in both of those cases, the FBI agents have been looking at or been asking questions about aspects of the Trump relationship—in one case, asking about suspicious activity reports that were filed related to Trump and Kushner. And in the other case, they were asking about some transactions that Trump had been involved with, and all of them [were] people outside of the United States.

Just to be crystal clear, the act of the FBI agents asking them questions is not evidence that that is the focus of their investigations. They may be asking a million questions, maybe they’re making small talk, maybe they’re just exploring things. So I want to be really careful not to overstate that. There have been some erroneous reports about this, based in part on what Val has told other people. But I know for a fact that there are these two FBI agents who’ve been going around interviewing a lot of the people I’ve been talking to as well.

FC: Let me run something by you: When Trump sells a property to a Russian at an extremely inflated price, isn’t that effectively a mirror trade? [Mirror trades were at the heart of Deutsche’s money laundering scandal and involved firms in Moscow and London buying and selling identical quantities of the same stock, turning rubles into dollars and skirting the attention of regulators.] For example, if Trump sells a property to a Russian, whether it’s a condo or the mansion in Palm Beach, at an extremely inflated price, it can be done through opaque entities and serve as basically a gift or loan to Trump, no?

DE: Well, that’s the beauty of it. If you’re trying to hide assets or give a big financial gift to someone, the beauty of real estate is that the value is subjective. So yes, in theory, if you have an asset that you bought for $100 and then you turn around a day or a week or a month later and sell it for $1,000, it seems like that’s obviously an inflated price. It’s hard to say because maybe the buyer is stupid or they have a ravenous need for that asset.

Real estate is one of the preferred vehicles for people who are looking to hide money or launder money or whisk money out of countries where it’s not safe to keep it. And Trump is a real estate guy and has done business over the years with a lot of people who fit those characteristics. Back in the mid-2000s, a role that Deutsche Bank played for Trump was helping him find investors, including a bunch of wealthy Russians next us holiday coming up people tied to the Kremlin, to invest in or purchase condos in resorts that he was planning or that his name was going to be on. Look, that is kind of what banks do and it’s kind of what wealthy Russians do, but the way it was being done definitely raised some concerns among some executives. Trump is a guy who has worked with organized crime figures in the past. He’s doing business with a lot of people and institutions and countries that are sources of flight capital, and there are big money laundering risks associated with doing business like that. That does not mean that what Trump was doing or what Deutsche Bank was helping Trump do constitutes money laundering or anything else. But there’s certainly a lot of smoke there.


US president Donald Trump dismissed a New York Times report on Monday which claimed that transactions involving entities controlled by Mr Trump and his son-in-law Jared Kushner raised concerns about money-laundering.

According to the report, compliance executives at Deutsche Bank received alerts about potential illicit activity connected with entities controlled trumps history with deutsche bank Mr Trump and Mr Kushner, and recommended that they be sent to the unit of the US treasury department that deals with financial crimes.

But senior employees at the bank ultimately overrode those concerns, and they were not reported, the report states.

Mr Trump’s ties with Deutsche Bank have come under scrutiny since he emerged on the political scene in the United States. The bank was one of the only institutions to lend to Mr Trump during his tumultuous days as a property developer in New York.

Two congressional committees have issued subpoenas to the bank, seeking information about Mr Trump’s affairs as part of their investigations into Mr Trump’s connections with Russia.

Mr Trump and his family sued Deutsche Bank and another financial institution, Capital One, last month, in a bid to prevent the banks from complying with the subpoena requests.

State authorities in New York are also investigating the president’s links with Deutsche.

In a series of tweets on Monday sent from the White House, Mr Trump lambasted the report.

“The Failing New York Times (it will pass away when I leave office in 6 years), and others of the Fake News Media, keep writing phony stories about how I didn’t use many banks because they didn’t want to do business with me. WRONG! It is because I didn’t need money,” he said.

Elaborating further in a second tweet, he said that “when you don’t need or want money, you don’t need or want banks”, noting that banks had “always been available” to him. He also criticised the media for using unnamed sources, though the New York Times article directly quotes executives who worked in the bank.

Biden criticism

Mr Trump, who was due to hold a campaign rally in Pennsylvania on Monday evening, also hit out at Democratic presidential hopeful Joe Biden on Twitter.

“Looks like Bernie Sanders is history,” he said, referring to the Vermont senator who is making a second bid for president. “Sleepy Joe Biden is pulling ahead and think about it, I’m only here because of Sleepy Joe and the man who took him off the 1% trash heap, President O! China wants Sleepy Joe BADLY!.”

Mr Biden, who is the front-runner to become the Democratic nominee for president since entering the race last month, kicked off his campaign in Pittsburgh, Pennsylvania and held a major rally in the state’s largest city, Philadelphia, on Saturday.

A native of Pennsylvania, he is seen by many as a candidate who could appeal to white-collar voters in states like Pennsylvania, Wisconsin and Michigan won by Mr Trump in 2016.

Mr Trump has argued in recent weeks that Mr Biden was soft on China during his stint as vice-president under President Barack Obama.

He has also said allegations that Mr Biden’s son Hunter exploited his father’s trumps history with deutsche bank to sign a business deal with Bank of China should be investigated.


Deutsche Bank Confirms It Has Tax Returns Requested by Subpoenas for President Trump and Family

(Bloomberg) — Deutsche Bank AG confirmed that it has tax returns requested by U.S. lawmakers seeking financial information for President Donald Trump and his family. Whose returns are those? That’s still a secret.

The disclosure was made in a letter filed Tuesday by the bank in response to a question from an appeals court last week. The panel is considering a request from Trump to block access to financial records at Deutsche Bank and Capital One Financial Corp. that have been subpoenaed by House Democrats. In a separate letter, Capital One said it ±≠±does not trumps history with deutsche bank any tax returns responsive to the subpoena.

The appellate judges had asked if the banks actually had the tax returns being sought in the subpoenas. Deutsche Bank and Capital One declined to answer the question in open court, citing laws and customer privacy agreements, but agreed to file the information under seal.

Trump, his children Donald Jr., Eric and Ivanka, and his businesses sued the banks in April to block them from complying with the demand from lawmakers to turn over the financial information. A federal judge in May rejected that request, and Trump has appealed.

In its filing Tuesday, Deutsche Bank said it has tax returns — in either draft or as-filed form — responsive to the subpoenas. The names were redacted. The bank also said it has “such documents related to parties not named in the subpoenas but who may constitute ‘immediate family’ within the definition provided by the subpoenas.”

Deutsche Bank also said it does not believe it possesses tax returns responsive to the subpoenas for any individuals other than the people it identified. The bank said it is reluctant to publicly identify information related to tax returns for specific individuals because of “statutory, contractual and privacy concerns.”

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Dark Towers review: Deutsche Bank, Donald Trump and a must-read mystery

Steve Bannon, the brains behind Donald Trump’s upset election victory, saw the danger posed by the cash cravings of the First Family. In Fire and Fury, Michael Wolff chronicled Bannon drawing a direct line between purported dark doings at Deutsche Bank and Jared Kushner’s brushes with the Mueller investigation: “This is all about money laundering … It goes through Deutsche Bank and all the Kushner shit.”

But that’s only half the story. Late last year, a federal appeals courtsustained subpoenas issued by congressional committees to the German bank for Trump’s financial records. Come June, the supreme court will probably rule on the enforceability of those demands together with other cases concerning Trump’s tax returns – just in time for political convention season. In other words, Deutsche remains relevant to the 2020 elections.

In Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction, David Enrich delivers a master class in financial sleuthing. The New York Times’ financial editor follows the money, plows through paper and talks to dozens of people in the bank’s ecosystem. There are names, places and computer files. This is a first-rate read.

Dark Towers traces the bank’s arc from founding through the second world war to the present, excavates and analyzes Trump’s relationship with his lender of last resort, and lays out the ties that bind Justin Kennedy, son of retired supreme court justice Anthony Kennedy, to the Trump family. In case anyone forgot, Brett Kavanaugh clerked for Kennedy père, who interceded with Trump on Kavanaugh’s behalf.

Deutsche and its subsidiaries have faced an array of criminal and civil charges in the US and UK

Like a discordant melody that haunts disturbing lyrics, Dark Towers is woven with the life and the 2014 suicide of Bill Broeksmit, a former Deutsche executive. Broeksmit witnessed the bank’s growth, decline and brushes with the law. His death imparts to Enrich’s book an air of mystery, crystalizing Deutsche’s descent and woes. The bank weighed on Broeksmit to the end.

He left an electronic paper trail. Val Broeksmit, his troubled son, found “detailed information about what was going on deep inside the bank”.

According to Enrich, there “were minutes of board meetings. Financial plans. Indecipherable spreadsheets. Password-protected presentations. And evidence of his father’s misery.”

In one email, the elder Broeksmit wrote: “Hard to know how banks keep track of the hundreds of billions of dollars flowing through their pipes every day.”

Sadly, Broeksmit’s death is not the only notable Deutsche suicide. Also in 2014, Charlie Gambino, an in-house bank lawyer, hanged himself at his home in Bay Ridge, Brooklyn. At the time, Gambino was attempting to navigate Deutsche through its Libor rate-fixing nightmare.

This past November, Tom Bowers, a banker who worked on Trump’s account, killed himself. Bowers was an Enrich source with firsthand knowledge of the bank’s $640m loan on Trump International Hotel & Tower, Chicago.

Deutsche and its subsidiaries have faced an array of criminal and civil charges in the US and UK. Money laundering, Russia and rate-fixing played outsized roles. After the Guardian reported on Dark Towers, Deutsche issued a semi-oblique confession: “While elements of the narrative seem to be exaggerated to fit into a storyline, we have long acknowledged and sought to learn from our historical shortcomings.”

After learning that trumps history with deutsche bank special counsel had subpoenaed Deutsche’s records, Trump reportedly wanted Robert Mueller fired

Going back in time, Deutsche was formed in 1870. It financed German industry. Think regional, not global. Along the way, it found the time to bankroll the Nazis and provide construction finance for Auschwitz.

With the fall of the Soviet Union it looked east – as would the 45th president – for new markets and opportunities. Among other things, the nexus between Deutsche, Trump and VTB, a Kremlin-favored bank, left House Democrats and Enrich puzzled. The author posits: “Perhaps this was more than a coincidence.”

According to the Mueller report, in the midst of Trump’s bid for the Republican nomination Felix Sater, a Trump crony and former convict, repeatedly attempted to arrange for Michael Cohen, Trump’s now-imprisoned personal lawyer, and “candidate Trump, as representatives of the Trump Organization, to travel to Russia to meet with Russian government officials and possible financing partners”.

In a 19 December 2015 email, Sater wrote: “Invitations & Visas will be issued this week by VTB Bank to discuss financing for Trump Tower Moscow. Politically neither Putin’s office nor Ministry of Foreign Affairs [can] issue invite, so they are inviting commercially/business.”

Dark Towers provides no conclusive evidence that Trump’s funding originated in Russia. Executives denied such ties, Trump Moscow was not built and the redacted Mueller report lacks any mention of Deutsche even as it contains multiple references to VTB. Then again, in December 2017, after learning that the special counsel had subpoenaed Deutsche’s records, Trump reportedly wanted Mueller fired.

It would be generous to say that when it comes to Trump, where the truth lies is a mystery. Throughout the impeachment proceedings, Trump denied he had dispatched Rudy Giuliani to Ukraine to dig for dirt on the Biden family. After acquittal by the Senate, the president admitted it to Geraldo Rivera.

As for Trump’s bet on Kennedy and Kavanaugh, it appears to have paid off. In last summer’s much-awaited census case, Kavanaugh voted that the commerce department decision to add a “citizenship” question was subject to only minimal judicial review. The fact that the government had been less than forthcoming failed to sway either of Trump’s appointees to the highest court.

With the Deutsche Bank subpoena headed for resolution in a matter of months, we may see history repeat itself. Regardless, Dark Towers is an excellent primer for what may well await.

trumps history with deutsche bank

5 Replies to “Trumps history with deutsche bank”

  1. The address fields are not accepting more characters to enter the new address details. What can i do to update my address online?

  2. Yes Mene activation ke liye branch choose Kiya tha kyonki atm choose karane par ( Aapke account par not active any ATM ) error show ho Raha tha. Please my problem Ka solution bataye. Kya me temporary user ID ko lock Karke dubara registration karu ya temporary user ID ko savat deactivate hone wait kru. Punh registration kaise kare jisse nayi temporary user ID aur Password prapat Kiya ja ske jisse me login Karke inb facility prapta Kar sku. Please immediately help me and notify me. Regards.

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