An explosive New York Times report outlines Deutsche Bank's more than $2 billion in loans to Donald Trump over two decades. Here's what we know so far.
Trump made promises to the reluctant Deutsche bond salesmen tasked with raising buyers for Trump's bonds. Trump reportedly said:"If you get this done, you'll all be my guests at Mar-a-Lago," his private club in Florida. Trump flew about 15 salesmen to the resort on his private plane. A year later, in 2004, Trump Hotels & Casino Resorts defaulted on the bonds.
Trump borrowed money from one part of the Deutsche Bank to pay off a loan from another, in what the Times called"an extraordinary act of financial chutzpah."Bracing for more scrutiny after Trump won the election,Trump inflated his net worth on several occasions. He once said he was worth around $3 billion, but the bank said it was more like $788 million — yet Deutsche Bank continued to work with him.
The New York Times piece adds to other explosive details about the links between Trump and Deutsche Bank in recent years:roughly $360 million to the bank, with about $125 million in two mortgages for one of the president's major Florida golf courses, Trump National Doral. Deutsche Bank has come under fire for inadequate due diligence on its clients, after the bank's involvement in both the Danske Bank and Troika Laundromat money launderingDeutsche Bank, the biggest bank in Germany, was, according to Bloomberg, worried about chasing $340 million in loans from a sitting president so considered
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