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I have a few stray thoughts on @DeutscheBank and @realDonaldTrump in the wake of yesterday's story about the Chicago debacle.
Warning: This thread raises many more questions than it answers. There is still *so much* we don't know about Trump's finances. https://www.nytimes.com/2020/10/27/business/trump-chicago-taxes.html
Warning: This thread raises many more questions than it answers. There is still *so much* we don't know about Trump's finances. https://www.nytimes.com/2020/10/27/business/trump-chicago-taxes.html
1. Why did DB release collateral on a Trump loan the day after the 2016 election?
It might be coincidence.
But recall that DB swung into cleanup mode post-election. It sold a big Russian loan. It banned staff from publicly saying “Trump.” It considered modifying Trump’s loans.
It might be coincidence.
But recall that DB swung into cleanup mode post-election. It sold a big Russian loan. It banned staff from publicly saying “Trump.” It considered modifying Trump’s loans.
What makes this even weirder: DB on 11/9/16 released more collateral than it had to. Trump had repaid $24M; DB released $56M.
I’m told this was a *clerical error* that DB corrected. But it adds to the impression that this was part of the bank's effort to get distance from Trump.
I’m told this was a *clerical error* that DB corrected. But it adds to the impression that this was part of the bank's effort to get distance from Trump.
2. It’s easy to forget that the DOJ has been criminally investigating DB for Russian money-laundering since the Obama era. That case had been close to completion in 2016. It's gone quiet under Trump, to the pleasant surprise of DB execs.
Why?
Why?
There's another investigation.
We reported in August that Trump's personal banker, Rosemary Vrablic, bought an apartment in 2013 from a Kushner-linked company.
DB opened an investigation, which I'm told is ongoing after nearly 3 months.
Again: Why? https://www.nytimes.com/2020/08/02/business/kushner-deutsche-trump-rosemary-vrablic.html
We reported in August that Trump's personal banker, Rosemary Vrablic, bought an apartment in 2013 from a Kushner-linked company.
DB opened an investigation, which I'm told is ongoing after nearly 3 months.
Again: Why? https://www.nytimes.com/2020/08/02/business/kushner-deutsche-trump-rosemary-vrablic.html
3. Chicago Unit Acquisition LLC. This is a Trump-owned company that in 2012 lent >$50M to Trump at a relatively high interest rate.
Why would Trump lend money to himself? Many reporters (including @russchoma @Fahrenthold @susannecraig) have been puzzling over this for years.
Why would Trump lend money to himself? Many reporters (including @russchoma @Fahrenthold @susannecraig) have been puzzling over this for years.
One theory I have is that Trump was using this LLC to acquire units in his Chicago building (as the name implies). But why then would the LLC be lending to Trump?
@MotherJones has written that maybe Trump used it to buy debt and avoid taxes. Not impossible.
@MotherJones has written that maybe Trump used it to buy debt and avoid taxes. Not impossible.
It's crazy that 4+ years after Trump first disclosed this loan, we still don’t know the reason for it – or even its size. For all we know, it could be $1B.
Bottom line: Despite best efforts of many reporters and investigators, Trump's finances remain largely impenetrable.
Ugh.
Bottom line: Despite best efforts of many reporters and investigators, Trump's finances remain largely impenetrable.
Ugh.
