Is this why Trump is so afraid of the Deutsche Bank investigation?
Of all the investigations into his questionable behavior, the one that that of Donald Trump hair on fire involves Deutsche Bank. The German lender is reputed to be the only institution to lend money to the former real estate developer as everyone treated him like the outcast he was and probably knows more about his finances than anyone outside of it. Trump organization. Earlier this week, the president, his company and his three eldest children for follow-up Deutsche (and Capital One) in an attempt to block banks from responding to congressional subpoenas, and a new Bloomberg report advice why Trump seems particularly worried that the Germans are telling Democrats everything they know: In addition to decades of information regarding his financial transactions, some people within the company have in fact seen his elusive tax returns.
According to Bloomberg, in 2012 the Trump Organization was attempting to secure loans from the bank for the Trump National Doral Golf Club in Florida and the Trump International Hotel & Tower in Chicago. In the wake of the financial crisis, Trump had defaulted on a bank loan for the Chicago property, and in an absurd move even for him, filed a lawsuit against Deutsche, claiming he caused the global financial crisis and “engaged in predatory loans against him”. (The bank quickly counterattacked, and the matter was eventually settled.) After being burned by the bankruptcy king in the past, Deutsche was initially reluctant to lend the Trump Organization the $ 100 million requested. Ivanka Trump, the reference person on the talks, suggested that his father would guarantee the loans with his personal assets.
This caught Deutsche’s attention, but they insisted they do their due diligence first. And because Trump’s tax returns apparently contain comparable information to the Pentagon Papers, their assessment was done in a slightly unorthodox fashion. According to Bloomberg, the bank sent a team to the office of the chief financial officer of the Trump Organization, Allen Weisselberg, which “allowed bankers to view relevant portions of Trump’s tax returns and take notes.” However, bankers “were not allowed to make copies” of documents to take with them. It’s almost as if the returns contain information that could make Trump look bad!
As Democrats have asked the Internal Revenue Service to turn over the president’s documents, so far their efforts have been rebuffed by a loyal sidekick Steven Mnuchin, who looks set to swallow six years of tax documents before letting lawmakers get their hands on them. As Bloomberg notes, “Even if the IRS does not provide presidential tax returns, House Democrats could obtain key information from the banknotes if their Deutsche Bank subpoena is ultimately successful. “.
Last month a long story from a journalist David Enrich turn on the light on the long and sometimes strained relationship between Trump and the German bank, whose “voracious appetite for risk” resulted in a loan of money to the former real estate developer when no one else on Wall Street would, and by accepting his vast financial lies. For example, in 2004 Trump asked the bank’s commercial real estate group to lend him more than $ 500 million to build his 92-story skyscraper in Chicago; he did, but not before employees concluded that he significantly inflated his net worth and were told he had “worked with people in the construction industry linked to organized crime” . Ten years later, when Trump was trying to buy the Buffalo Bills and had to prove that he could complete a transaction that could exceed $ 1 billion, the bank agreed to guarantee that his net worth was $ 8.7 billion, a figure that his former fixer, Michael Cohen, told lawmakers that was a wild exaggeration.
Thursday, Congress Democrats OK to extend their deadline for Deutsche and Capital One to respond with the requested information until the judge Edgardo Ramos rules on Trump’s costume. Audience is set for May 22, so expect plenty of delirium by then!
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