Bank Lent Trump $2 Billion Despite His False Statements & Bankruptcies

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The German bank with a history of money laundering lent President Donald Trump over $2 billion when he could not obtain loans from other sources.

And according to the New York Times, the loans were made by Deutsche Bank even after they confirmed that Trump had completed false financial statements and lied about his net worth during the loan application process.

The money was used by Trump in his real estate development business.

The Times published its bombshell report late Monday night that was based on interviews with over 20 top Deutsche Bank officials who had been involved in the Trump loans. The officials said that even though they identified many business-related “red flags” when dealing with Trump, they kept lending him more money. The loans were against bank policies and no other borrower would have obtained loans in such circumstances, the bank officials disclosed.

The Times special report describes in great detail the history between Trump and Deutsche Bank. In attempting to secure loans from the bank, Trump often inflated his net worth, the report says.

When Trump was trying to get a loan from the bank to build a skyscraper in Chicago in 2005, he reportedly said his net worth was $3 billion. The bank, however, did their own investigation and concluded that he was worth about one-fourth of that, or under $800 million.

But they still agreed to lend Trump more than $500 million for the Chicago project despite his lies and despite his history of bankruptcy filings.

Trump in 2010 also went to Deutsche Bank to apply for a loan when he was trying to buy the Doral Golf Resort and Spa in Miami for $100 million. The bank concluded that Trump was significantly exaggerating his wealth, as their records showed that he had overvalued his real estate assets by up to 70 percent.

Again, they made the loan to Trump despite his falsified financial records, and despite the fact that making the loan in such a situation was against bank policy. It is also possible that the loan was in violation of multiple banking laws.

Deutsche Bank also reportedly determined that Trump falsified his financial statements and inflated his net worth in 2014 when he was trying to secure a loan to make a bid for the Buffalo Bills football team.

Deutsche Bank and Donald Trump Are Both Under Investigation for Illegal Activities, Including Money Laundering

Last November police searched the offices of all the members of Deutsche Bank’s board as part of an investigation into money laundering allegations linked to Russia and the Panama Papers, German investigators are looking into the activities of Deutsche Bank employees alleged to have helped clients set up offshore firms to launder money.

In January, House Intelligence Committee Chairman Adam Schiff and Financial Services Committee Chairman Maxine Waters jointly announced they had requested documents from Deutsche Bank and that they were beginning formal investigations into Donald Trump’s relationship with the German bank.

Schiff later said that there were “credible reports of money laundering and financial compromise” related to Trump business interests. “We are going to be looking at the issue of possible money laundering by the Trump Organization, and Deutsche Bank is one obvious place to start,” Schiff added.

Water also has announced that her committee is investigating Trump for money laundering.

Trump’s dealings with Deutsche Bank are also under investigation by the New York Attorney General’s office for possible violations of multiple state financial and banking laws.

Deutsche Bank for many years has been rumored to be the favorite bank used by Russian oligarchs. Germany’s largest bank has also paid billions of dollars in fines to settle allegations of money laundering and other crimes.

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Leo Vidal

I am a lifelong Democrat with a passion for social justice and progressive issues. I have degrees in writing, economics and law from the University of Iowa.