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.
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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.
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