President Trump has a long history with Deutsche Bank — one that the bank didn't want scrutinized after he was elected in 2016, The New York Times reports.
More than 20 current and former executives and board members told the Times that despite Deutsche Bank saying Trump was not a top priority, it's just not true. Beginning in the late 1990s, Deutsche Bank gave Trump loans despite his business bankruptcies and knowing he overinflated his net worth and the worth of his real estate assets. At the time, the German bank wanted to make a name for itself on Wall Street, so it worked with clients deemed risky by other entities, a former employee told the Times.
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.
One managing director, Rosemary Vrablic — who'd helped get Trump more than $300 million in loans — tried to get Trump a loan in early 2016 for his golf course in Turnberry, Scotland, the Times reports. An executive, Jacques Brand, opposed the loan because of Trump's divisive rhetoric, Vrablic appealed, and top executives were aghast that the bank was considering lending him money during the campaign, ending the transaction in March.
After Trump's election, Deutsche Bank commissioned reports to figure out how the bank became so entwined with him, and employees were told they couldn't even say "Trump" in public, the Times reports. All told, Trump is believed to have received more than $2 billion from the investment banking and private banking arms. The New York state attorney general and congressional committees are now investigating the relationship between Trump and Deutsche Bank. You can read more about the various loans Trump managed to secure at The New York Times.
-
Political cartoons for November 1Cartoons Saturday's political cartoons include insurance premiums, early voting in NYC, and more
-
Salted caramel and chocolate tart recipeThe Week Recommends Delicious dessert can be made with any biscuits you fancy
-
Meet Ireland’s new socialist presidentIn the Spotlight Landslide victory of former barrister and ‘outsider’ Catherine Connolly could ‘mark a turning point’ in anti-establishment politics
-
Argentinian beef is at the center of American farmers’ woesThe Explainer ‘It feels like a slap in the face to rural America,’ said one farmer
-
Will latest Russian sanctions finally break Putin’s resolve?Today's Big Question New restrictions have been described as a ‘punch to the gut of Moscow’s war economy’
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
China’s rare earth controlsThe Explainer Beijing has shocked Washington with export restrictions on minerals used in most electronics
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
The struggles of Aston Martin: burning cash not rubberIn the Spotlight The car manufacturer, famous for its association with the James Bond franchise, is ‘running out of road’
-
Why are beef prices rising? And how is politics involved?Today's Big Question Drought, tariffs and consumer demand all play a role
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
