The relationship has survived various scandals

Written by

Ophelia Benson

in

Even Deutsche Bank has booted him.

Deutsche Bank became the latest large company to cut ties with Donald Trump, with the firm that has propped up the Trump Organization for two decades reportedly announcing it would no longer do business with the disgraced president.

…

The relationship has survived various scandals. In 2008, Trump sued the bank’s real estate division after he defaulted on a $40m repayment, used to fund the construction of the Trump International Hotel and Tower in Chicago. He accused Deutsche of co-causing the financial crisis and demanded $3bn in compensation.

Instead of dumping him as a client, Deutsche’s private wealth division stepped in and loaned him more money to pay off the existing debt. Deutsche has resisted efforts by Democrats in the House and Senate to explain its relationship with Trump – and to clarify if Russian state banks or entities underwrote some of his debts.

Totally normal business practice. “Oh you’re too broke to pay us back? Well in that case we’ll loan you more money – you can pay us out of that.”

But that was then. Now, astonished by his bad behavior, they have ushered him to the door.

Comments

8 responses to “The relationship has survived various scandals”

  1. Dave Ricks Avatar
    Dave Ricks

    NBC News also reported

    Signature Bank said it was closing two personal accounts in which the president held about $5 million.

    “Signature Bank began the process to close President Trump’s personal accounts,” company spokesperson Susan Turkell said in a statement. “Signature Bank pledges it will not do business in the future with any members of Congress who voted to disregard the Electoral College.” [emphasis mine]

    The bank also posted a statement on its website calling for Trump to resign.

    Their statement

    STATEMENT IN RESPONSE TO THE JANUARY 6TH CAPITOL RIOTS AND CURRENT UNREST

    We have never before commented on any political matter and hope to never do so again. However, as Americans we are deeply, deeply saddened by the rioting and insurrection which took place in the most sacred of American institutions, our United States Capitol.

    To witness a rioter sitting in the presiding chair of the U.S. Senate and our elected representatives being told to seek cover under their seats is appalling and an insult to the Republic. We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty.

    At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people.

  2. Acolyte of Sagan Avatar
    Acolyte of Sagan

    I hope that ‘no more business’ only means that they will no longer lend money to Trump, and not that they are literally ‘cutting ties’, a phrase which could suggest that the bank would rather walk away than try to recoup what he owes them. It will be a fucking travesty if his debts were to be written off as a direct result of his treason.

  3. Omar Avatar
    Omar

    It will be a fucking travesty if his debts were to be written off as a direct result of his treason.

    Signature Bank’s shareholders might have an opinion on that. But my spies tell me that Melania might also need a complete new wardrobe and a villa of her own in St Tropez, in which she could patiently and devotedly wait for The Donald to get sprung from whatever hoosegow, jug, clink or slammer they might finish up deciding to send him to.

  4. iknklast Avatar
    iknklast

    I think they should send him to St. Helena.

  5. Dave Ricks Avatar
    Dave Ricks

    To be clear, Trump owes money to Deutsche Bank, not to Signature Bank, because US banks have not lent money to Trump since his 6 US business bankruptcies. (You might read he filed for business bankruptcy 4 times, because 3 were filed around the same time, in 1992.)

    New Yorkers figured out Trump’s act was bullshit in the 1980s (when I read about him in Spy magazine), then US banks figured it out (in the 1990s), and finally Deutsche figured it out. Took them long enough.

  6. Ophelia Benson Avatar
    Ophelia Benson

    New Yorkers were laughing at Trump in the 1980s.

    Fran Lebowitz was on Fresh Air yesterday and she said he was a joke in New York. That’s certainly how I remember it.

  7. Omar Avatar
    Omar

    And right on cue:

    How me-me-me-Melania turned herself into the real victim of attack on the Capitol.

    by Arwa Mahdawi

    .

    https://www.theguardian.com/commentisfree/2021/jan/12/how-me-me-me-melania-trump-turned-herself-into-the-real-victim-of-attack-on-the-capitol

  8. Athel Cornish-Bowden Avatar
    Athel Cornish-Bowden

    Arwa Mahdawi has become one of my favourite columnists at the Guardian. I’m not sure how sound she is on the trans question, but she’s as sound as can be ion the the Trump question.

More posts