Deutsche Bank Handing Over Trump’s Financial Records To New York Attorney General
Deutsche Bank, the bank that saved Donald Trump's crumbling real estate empire when no one else would, will soon provide financial records of its dealings with Trump to New York State's Attorney General Letitia James.
The German bank is providing the information in response to a subpoena for documents related to loans made to Trump and his business, according to sources cited by media. James last month issued subpoenas for records tied to funding for several Trump Organization projects.
Trump's businesses have borrowed more than $300 million from Deutsche to finance Trump's Florida golf course and hotels in Chicago and Washington from 2012 to 2015.
James opened a civil probe after Trump's former lawyer Michael Cohen testified to Congress in a public hearing Trump had inflated his assets. Cohen presented copies of financial statements provided to Deutsche Bank to support his claim.
Sources said Deutsche Bank is in the process of turning over documents, including emails and loan documents, related to components of the Trump Organization. These include the Trump International Hotel in Washington, DC; the Trump National Doral Miami; the Trump International Hotel and Tower in Chicago and the unsuccessful effort to buy the NFL's Buffalo Bills.
The Trump Organization consists of 500 business firms. Trump is either the sole or principal owner of these firms. The Trump Organization has interests in real estate development, property management, brokerage, and sales and marketing, among others.
Media reports said Deutsche Bank officials considered extending repayment dates on loans the bank had made to Trump before he became president. The bank was concerned about the political and public relations fallout from trying to collect a mammoth overdue debt from a sitting U.S. president.
Deutsche Bank president John Cryan is said to have been worried Trump might default on these loans after he was elected president that they considered extending the repayment dates.
The Trump Organization has some $340 million in outstanding loans due in 2023 and 2024. It owes Deutsche Bank $125 million spent on the Trump National Doral Miami resort. This loan is due in 2023. There's also a $200 million loan the Trump Organization spent on two buildings in Washington and Chicago. This loan is due in 2024.
Trump had a long-term business relationship with Deutsche Bank. He had sought financing from the German bank in 2016 for a golf course in Scotland. Deutsche Bank refused Trump's loan over concerns about having to seize assets from a sitting president if he defaulted.