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Deutsche Bank among the few major financial institutions willing to lend him money. Banking regulators are reviewing hundreds of millions in loans to Mr. Trump’s businesses through Deutsche Bank. Deutsche Bank has been in contact with federal investigators about the Trump accounts. The bank is expecting to provide information to the special counsel overseeing the investigation into Trump campaign’s ties to Russia. Deutsche Bank has also lent money to Jared Kushner.
Deutsche Bank recently landed in legal trouble for laundering money for Russian entities — paying more than $600 million in penalties to New York and British regulators. New York regulators recently requested information related to three loans Deutsche Bank provided Mr. Trump. Mr. Trump sued the bank in 2008 to delay paying back an earlier loan. Trump had a loan default that spurred the 2008 litigation.
The size of the Trump loans — totaling about $300 million — is unusual by Wall Street standards. Kushner Companies received a $285 million loan from Deutsche Bank last year. Mr. Trump received a loan from Deutsche Bank’s wealth management unit to pay the debt he owed the bank’s real estate division.
The German bank has a host of Russian connections. Soon after Trump took office the bank settled allegations that it helped Russian investors launder as much as $10 billion through its branches in Moscow, London and New York. In May the Federal Reserve reached its own settlement with the bank over the money laundering violations.
Deutsche Bank also had a “cooperation agreement” with the Russian state-owned bank, Vnesheconombank, which has been swept up in the investigation into Russian interference in the presidential election. And it had ties to VTB Bank, a far larger Russian bank facing sanctions in the United States and the European Union.
www.nytimes.com/2017/07/19/business/big-german-bank-key-to-trumps-finances-faces-new-scrutiny.html
Deutsche Bank recently landed in legal trouble for laundering money for Russian entities — paying more than $600 million in penalties to New York and British regulators. New York regulators recently requested information related to three loans Deutsche Bank provided Mr. Trump. Mr. Trump sued the bank in 2008 to delay paying back an earlier loan. Trump had a loan default that spurred the 2008 litigation.
The size of the Trump loans — totaling about $300 million — is unusual by Wall Street standards. Kushner Companies received a $285 million loan from Deutsche Bank last year. Mr. Trump received a loan from Deutsche Bank’s wealth management unit to pay the debt he owed the bank’s real estate division.
The German bank has a host of Russian connections. Soon after Trump took office the bank settled allegations that it helped Russian investors launder as much as $10 billion through its branches in Moscow, London and New York. In May the Federal Reserve reached its own settlement with the bank over the money laundering violations.
Deutsche Bank also had a “cooperation agreement” with the Russian state-owned bank, Vnesheconombank, which has been swept up in the investigation into Russian interference in the presidential election. And it had ties to VTB Bank, a far larger Russian bank facing sanctions in the United States and the European Union.
www.nytimes.com/2017/07/19/business/big-german-bank-key-to-trumps-finances-faces-new-scrutiny.html
