Trump Deceived Deutsche Bank, Former Exec Testifies – He vastly overstated his wealth to obtain favorable loan deals, prosecutors allege.
by Final_Pomelo_2603
Trump Deceived Deutsche Bank, Former Exec Testifies – He vastly overstated his wealth to obtain favorable loan deals, prosecutors allege.
by Final_Pomelo_2603
26 comments
Lol. Lies to cover their own terror financing asses
It fucking blows my mind how he was able to obtain a loan based on financial statements that included a disclaimer from the accounting firm that compiled them.
So at no point did they ask for any type of proof? Just a firm handshake?
➧ Deutsche Bank’s private wealth unit loaned Trump $48 million — after he had defaulted on his $640 million loan and the bank’s commercial unit didn’t want to lend him any further funds — so that Trump could pay back another unit of Deutsche Bank. “No one has ever seen anything like it,” said David Enrich, finance editor of The New York Times, who is writing a book about the bank and spoke to Trump, Inc.
➧ Deutsche Bank loaned Trump’s company $125 million as part of the overall $150 million purchase of the ailing Doral golf resort in Miami in 2012. The loans’ primary collateral was land and buildings that he paid only $105 million for, county land records show. The apparent favorable terms raise questions about whether the bank’s loan was unusually risky.
➧ To widespread alarm, and at least one protest that Trump would not be able to pay his lease obligations, Deutsche Bank’s private wealth group loaned the Trump Organization an additional $175 million to renovate the Old Post Office Building in Washington and turn it into a luxury hotel.
Like Trump, Deutsche Bank has been scrutinized for its dealings in Russia. The bank paid more than $600 million to regulators in 2017 and agreed to a consent order that cited “serious compliance deficiencies” that “spanned Deutsche Bank’s global empire.” The case focused on “mirror trades,” which Deutsche Bank facilitated between 2011 and 2015. The trades were sham transactions whose sole purpose appeared to be to illicitly convert rubles into pounds and dollars — some $10 billion worth.
A spokesperson said Deutsche Bank has increased its anti-financial-crime staff in recent years and is “committed to cooperating with authorized investigations.” The bank said it has policies in place to address the potential for conflicts of interest, including “special measures with respect to clients that hold public office or perform public functions in the U.S.”
The bank was “laundering money for wealthy Russians and people connected to Putin and the Kremlin in a variety of ways for almost the exact time period that they were doing business with Donald Trump,” Enrich said. “And all of that money through Deutsche Bank was being channeled through the same exact legal entity in the U.S. that was handling the Donald Trump relationship in the U.S. And so there are a lot of coincidences here.”
https://www.wnycstudios.org/podcasts/trumpinc/episodes/trump-inc-trump-deutsche-bank-its-complicated
Germany’s troubled Deutsche Bank faces fines, legal action and the possible prosecution of “senior management” because of its role in a $20bn Russian money-laundering scheme, a confidential internal report seen by the Guardian says.
The bank admits there is a high risk that regulators in the US and UK will take “significant disciplinary action” against it. Deutsche concedes that the scandal has hurt its “global brand” – and is likely to cause “client attrition”, loss of investor confidence and a decline in its market value.
Deutsche Bank was embroiled in a vast money-laundering operation, dubbed the Global Laundromat. Russian criminals with links to the Kremlin, the old KGB and its main successor, the FSB, used the scheme between 2010 and 2014 to move money into the western financial system. The cash involved could total $80bn, detectives believe.
https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme
And then probably paid them back with money from Russia to launder funds for Putin.
yeah, that’s the dude I want handling foreign diplomacy and our national budget.
Ya don’t say, color me shocked.
>Trump and his legal team have largely declined to try to argue the facts of the case.
>…
>When Trump’s attorneys had an opportunity to cross-examine Haigh, they once again didn’t attempt to discredit either Haigh or the documents. Instead, they wheedled out of him an admission that Deutsche Bank had not lost money lending to Trump—even if Trump had deceived the bank when he asked for the loans
“So what if we lied? So what if a poor would be jailed for such a lie? I’m important and can lie for loans!”
Deutsche, apparently, wanted to be deceived.
CTRL+F “Justin Kennedy”
Deutsche Bank is such an embarrassment for Germany.
I can’t quite wrap my head around how this could happen when loans require documents proving those things. Who the hell gives out a loan if the paperwork can’t back it up?
allege? Is presenting hard evidence in court “alleging”. Alleging is what you’re doing before that point.
The thing that people are missing is that Trump isn’t the outlier, this is the norm. He just became a problem too big to ignore. There are TONS of other companies and corporations that are doing this exact same thing. They’re just not bragging about it.
No shit. He literally did that right after he was in court. Inflating the value of Mar a Lago to 1.8 billion *minimum*. That is exactly the kind of shit he’s put on paper. That, or 17-29 million depending on whatever the fuck he needs or doesn’t want to pay in taxes.
“But they were paid on time!” Says the guy not being charged with unpaid loans but being charged with fraud
Part of the blame falls the bank too, they should have done their due diligence.
Deutchbsnk was busted for money laundering if I recall so Trump is really their ideal customer. I think they were also doing alot of stuff with the Russians so it’s hard to take their shock at face value
And the bank never considered checking the obviously wrong numbers?
He said he never gives a personal guarantee.
yet these tools trusted his word about something that was going to be hard to use as collateral.
Everyone on those transactions are sewer biscuit eaters.
Was Kennedy’s, who retired to give Trump another SCOTUS appointment, son involved?
Nice try Deutsche..: you guys fucking knew what you were doing.
They’re shocked!! Shocked, I tell you
You can’t get a mortgage for any amount without a solid paper trail showing income, a limited amount of debt, stable employment, one or two years of tax returns, and where every penny you have came from. Because the federal government regulates the fuck out of mortgage lending. I had to pay for an appraisal to prove the value of a property that I owned out right for a bank to give me a loan with that house as collateral. But this fucker can just say “Yeah that building is worth four gazillion billion dollars” and the bank is like “ok cool.”
They didn’t WANT to deny those loans.
**B-b-but non of teh banks are complaining!!!**
*-Conservatives*
Sounds like Donald’s felony cases are going international