Money laundering wasn't enough to scare off Deutsche Bank, but poking the leviathan of
the "real deep state" apparently was.
Deutsche Bank became the latest large company to cut ties with Donald Trump, with the firm that has propped up the Trump Organization for two decades reportedly announcing it would no longer do business with the disgraced president.
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“We are proud of our constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” Christina Riley, the head of Deutsche’s US operations, wrote last week on LinkedIn.
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Deutsche Bank has been Trump’s most important lender. The Trump Organization, fronted by his two older sons, owes the bank about $340m in outstanding loans. After a series of bankruptcies in the 1990s, it was the only bank willing to give Trump money.
Guardian
They can probably write off that debt, because he won't be repaying it.
In 2008, Trump sued the bank’s real estate division after he defaulted on a $40m repayment, used to fund the construction of the Trump International Hotel and Tower in Chicago. He accused Deutsche of co-causing the financial crisis and demanded $3bn in compensation.
Instead of dumping him as a client, Deutsche’s private wealth division stepped in and loaned him more money to pay off the existing debt. Deutsche has resisted efforts by Democrats in the House and Senate to explain its relationship with Trump – and to clarify if Russian state banks or entities underwrote some of his debts.
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It is unclear if the decision extends to other members of the Trump family. The president’s daughter Ivanka Trump and son-in-law Jared Kushner are both Deutsche clients.
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Another of Trump’s key lenders, Signature Bank, said it was closing his two personal accounts, which held a combined $5.3m in deposits. The New York bank has previously financed Trump’s Florida golf course. Ivanka Trump sat on its board.
The bank called on Trump to quit. “We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty,” it said in a statement.
“At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people”.
...but hey, do what you want...you will anyway.
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