Deutsche Bank was reportedly really worried Trump would default on his loans as president
President Trump's favorite bank apparently doesn't think he's too good with his money.
Deutsche Bank, "Trump's go-to lender for decades," grew very "concerned" that Trump wouldn't repay his $340 million in loans after he was elected, Bloomberg reports. So concerned, sources say, that the bank considered extending his repayment deadlines until after a "potential second term in 2025."
Trump had long had a problem finding banks who'd lend to him after several bankruptcies, Bloomberg notes. But Deutsche Bank kept working with the Trump Organization, providing funds for the Trump International Hotel in Washington, D.C. — one loan reportedly included in the $340 million total. When Trump was elected, though, Deutsche Bank's management board immediately feared he'd default, and stressed over "the public relations disaster they would face if they went after the assets of a sitting president." To avoid that, managers reportedly considered stretching loans with 2023 and 2024 due dates for another year or two.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Deutsche Bank eventually decided against the repayment extension, but did elect to stop working with Trump while he was in office, one source told Bloomberg. And even during the Trump campaign, Deutsche Bank denied a loan request for a similar reason: If Trump defaulted, "Deutsche Bank would have to choose between not collecting on the debt or seizing the assets of the president of the United States," The New York Times reported earlier this month.
Deutsche Bank declined to comment on the story, and the White House didn't respond to requests for comment. Eric Trump, the president's son, called the story "complete nonsense" in an email. Read more at Bloomberg.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Bird flu worries mount as virus found in milk, cows
Speed Read The FDA found traces of the virus in pasteurized grocery store milk
By Peter Weber, The Week US Published
-
Palazzo Durazzo Suites in Genoa: a palatial gem in northern Italy
The Week Recommends Live your Italian dream in this astonishing and recently restored palace in the heart of the city
By Nick Hendry Published
-
Today's political cartoons - April 25, 2024
Cartoons Thursday's cartoons - TikTok in the firing line, protests on campus, and more
By The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published