Democrats seek Deutsche Bank to prepare documents on Trump family loans

25.05.2017 / 07:20

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Democratic lawmakers asked Deutsche Bank AG to hand over its findings on two politically charged matters -- its banking on behalf of now-President Donald Trump and trades from the bank’s Moscow operation that helped move some $10 billion out of Russia.

The lawmakers asked whether the bank’s loans to Trump, made years before the New York developer ran for president, “were guaranteed by the Russian government, or were in any way connected to Russia.” A copy of the letter sent to the bank was reviewed by Bloomberg News.

The same group of Democrats demanded in March that Hensarling hold a hearing to explore the bank’s conduct in the Russian mirror-trading scandal, as part of an effort to ensure that the Justice Department investigation wasn’t influenced by the lender’s relationship with Trump. No hearing has been scheduled.

The mirror-trading scheme allowed some of the bank’s wealthy clients in Moscow to convert rubles into western currency through the simultaneous purchase and sale of publicly traded shares, investigators have found.

The Democrats cited Deutsche Bank’s previous compliance failures, which have resulted in more than $6 billion in fines and penalties to U.S. regulators since 2015. Along with the internal review of the Russian stock-trading scheme, they are seeking any internal correspondence and communications related to loans extended to Trump and his immediate family members. The bank has made more than $300 million in loans to Trump, for the Doral golf resort in Florida, a Washington, D.C., hotel and a Chicago tower..

Bloomberg has reported that the bank’s loans to Trump were structured as “recourse” loans, which, in the case of default, would allow the bank to go after Trump’s own assets..

Source: Bloomberg Pro Terminal

Jr Trader Ivan Ivanov

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Democrats seek Deutsche Bank to prepare documents on Trump family loans

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