New report claims Trump received around $2 billion in loans from Deutsche Bank

President Donald Trump listens during a briefing on drug trafficking at the southern border in the Roosevelt Room of the White House, Wednesday, March 13, 2019, in Washington. Trump said during the event the U.S. is issuing an emergency order grounding all Boeing 737 Max 8 and Max 9 aircraft

  • President Donald Trump was loaned more than a cumulative $2
    billion over several decades by Deutsche Bank, according to a new
    report from The New York Times published on Monday.
  • The Times spoke to more than 20 people who who either currently
    or previously worked as executives for Deutsche Bank, giving a
    broader look at the scope of the relationship.
  • The report highlighted the business relationship between
    Deutsche Bank and Trump, as investigations are being conducted by
    two committees in Congress and the New York attorney general.
  • Here’s what we learned.

Deutsche Bank cumulatively loaned Donald Trump more than $2
billion over two decades when he was in real estate, according to a
new report from
The New York Times
.

While Trump’s relationship with Deutsche Bank — which dates
back to the 1990s — is not entirely revelatory, The Times spoke
to more than 20 people who who either currently or previously
worked as executives for Deutsche Bank, giving a broader look at
the scope of the relationship.

The bank was one of the few on Wall Street that would take a
risk with Trump following his casino bankruptcies,
The Times reported in 2016 ahead of that year’s presidential
election
. (“Several bankers on Wall Street say they are simply
not willing to take on what they almost uniformly referred to as
‘Donald risk,'” The Times Susanne Craig reported.)

Deutsche Bank, however, was trying to make inroads into Wall
Street by taking on clients that other banks would not work with,
according to the Financial
Times
. Through their ongoing business, Trump owes
Deutsche Bank around $300 million
, the Financial Time reported
in 2017.

The New York Times’ Monday night report highlighted the business
relationship between Deutsche Bank and Trump, as investigations are
being conducted by two committees in Congress and the New York
attorney general.

Here’s what we learned:

  • Trump worked with the investment-banking division (including
    the commercial real-estate unit) and private-banking division.
  • He continued to get loans from the bank as recently as 2015,
    when a $170 million loan was underwritten for the transformation of
    the Old Post Office building in Washington, DC.
  • Trump continued to be loaned money despite his relationship
    souring with investment-banking executives: He filed a lawsuit
    against the bank
    in 2008 before part of a loan
    he took out to build Trump
    International Hotel and Tower in Chicago was due, claiming the
    financial collapse that year was an act of God.
  • One section of the investment-banking unit ended its
    relationship with Trump in 2004, after Trump Hotels & Casino
    Resorts defaulted on bonds.
  • Trump’s son-in-law, Jared Kushner, introduced him to Rosemary
    Vrablic, a private banker with Deutsche Bank.
  • Working with Vrablic, Trump secured funds to purchase Doral
    Golf Resort and Spa, and another $48 million for Chicago’s Trump
    International Hotel and Tower.
  • The $48 million personal loan would be used to pay back the
    investment-banking loan. “Even by Wall Street standards, borrowing
    money from one part of a bank to pay off a loan from another
    division within the same bank was an extraordinary act of financial
    chutzpah,” The Times called the decision.
  • Trump inflated his net worth on several occasions. He once said
    he was worth around $3 billion, but the bank said it was more like
    $788 million — yet Deutsche Bank continued to work with him.

Deutsche Bank is not without its own issues with US regulators
unrelated to Trump,
The Hill reports
. In a statement to The Times, a spokeswoman
said, “We remain committed to cooperating with authorized
investigations.” Business Insider contacted the White House,
Deutsche Bank, and the Trump Organization for comment.

Read
the full report at The New York Times »

SEE ALSO: Mueller
reportedly subpoenaed Deutsche Bank for information on Trump and
his family, Trump lawyer denies


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Source: FS – All – Economy – News
New report claims Trump received around billion in loans from Deutsche Bank