Deutsche Bank Loaned Donald Trump Billions

  • Deutsche Bank Loaned Donald Trump Billions

Deutsche Bank Loaned Donald Trump Billions

Amid investigations by two congressional committees and the NY attorney general, Deutsche Bank officials have sought to downplay the bank's ties to President Donald Trump.

In response, Deutsche Bank spokeswoman Kerrie McHugh told the Times that "we remain committed to cooperating with authorized investigations". The outlet alleges that Deutsche Bank's loans to Trump totalled $2 billion, also reporting that Trump could be lying about his net worth and assets.

"Even before Deutsche Bank entered the picture, Donald Trump had developed a well-earned reputation for defaulting on loans and saddling his banks with hundreds of millions of dollars in losses", Enrich said.

In turn, the bank used Trump's celebrity to attract other clients to build its investment business. In 2010, the bank concluded that he was inflating some of his assets by up to 70 percent, yet still gave him a $100 million loan to buy the Doral Golf Resort and Spa in Miami.

"There's a lot of evidence, having spoken to dozens of people inside the bank who are involved with these loans, that Trump was a serial exaggerator when it came to how much he was worth", Enrich said.

According to the newspaper, the list of these contacts at Deutsche Bank also includes Mike Offit, whom the outlet describes as Trump's "first point man" and who assisted Trump in receiving credit to renovate 40 Wall Street and construct a tower near the United Nations headquarters in NY in the late 1990s. According to the newspaper, she is expected to testify in Congress.

The White House referred questions to the Trump Organization, which declined to comment.