Deutsche Bank Loaned Donald Trump More Than $2 Billion Despite Poor Credit
Deutsche Bank loaned President Donald Trump more than $2 billion over several decades while he was a real estate mogul, it was reported Monday.
The New York Times reported the news after interviewing more than 20 Deutsche Bank officials.
Multiple congressional committees and New York’s attorney general are currently investigating Trump’s ties to the financial institution and alleged money laundering operations. The Times said Trump often lied about his wealth in order to obtain loans from the bank.
In one particular instance, Trump reportedly claimed to have a net worth of $3 billion, when in reality he owned $788 million. The former Apprentice star was at that time seeking a loan for a skyscraper in Chicago.
With Deutsche Bank and Trump, something was weird.
But somehow they kept managing to shove more money his way. pic.twitter.com/nY6hy8dOZR
— Maddow Blog (@MaddowBlog) March 19, 2019
Deutsche Bank ultimately loaned Trump more than $500 million for that project in 2005.
In 2010, Trump applied for yet another loan at the German bank to purchase the Doral Golf Resort and Spa in Miami for $100 million.
Trump’s former personal lawyer Michael Cohen revealed in his congressional testimony last month that his former client often intentionally lied about the true value of his assets for economic benefit.
Deutsche Bank also claimed that in 2014, Trump exaggerated his wealth as part of an attempt to obtain a loan in order to purchase the Buffalo Bills of the NFL.
“Mr. Trump told Deutsche Bank his net worth was about $3 billion, but when bank employees reviewed his finances, they concluded he was worth about $788 million, according to documents produced during a lawsuit”https://t.co/WCujdjyG0O via @nytimes
— John Harwood (@JohnJHarwood) March 19, 2019
Many of Trump’s businesses, including the Trump Organization and the now-defunct Trump Foundation, have become the subject of investigations in recent months due to alleged illegal practices. Despite all this, House Speaker Rep. Nancy Pelosi (D-Calif.) recently said she does not believe impeaching Trump is “worth it” unless there’s bipartisan support because it would simply divide the country further.