Trump Sought a Loan During the 2016 Campaign. Deutsche Bank Said No.
Source: NY Times
Donald J. Trump was burning through cash.
It was early 2016, and he was lending tens of millions of dollars to his presidential campaign and had been spending large sums to expand the Trump Organizations roster of high-end properties.
To finance his businesss growth, Mr. Trump turned to a longtime ally, Deutsche Bank, one of the few banks still willing to lend money to the man who has called himself The King of Debt.
Mr. Trumps loan request, which has not been previously reported, set off a fight that reached the top of the German bank, according to three people familiar with the request. In the end, Deutsche Bank did something unexpected. It said no.
Senior officials at the bank, including its future chief executive, believed that Mr. Trumps divisive candidacy made such a loan too risky, the people said. Among their concerns was that if Mr. Trump won the election and then defaulted, Deutsche Bank would have to choose between not collecting on the debt or seizing the assets of the president of the United States.
Two of the people familiar with the loan request said the Trump Organization had been seeking to borrow against its Miami resort to pay for work on a golf property in Turnberry, Scotland.
A Trump Organization spokeswoman, Amanda Miller, denied that the company had needed outside funding for Turnberry.
Read more: https://www.nytimes.com/2019/02/02/business/trump-deutsche-bank.html?action=click&module=Top+Stories&pgtype=Homepage&fbclid=IwAR0tPX4OL62waqb7_JYCZJNozjgE4Mg9x-DD2hC9FZCLPL0attZbrKOXBq0
I'm wondering if he went to Russia for financial help? That would sure explain a lot.
dalton99a
(81,901 posts)They are totally happy with me, he told The New York Times in March 2016. I do business with them today.
SWBTATTReg
(22,385 posts)agree w/ you CatWomen, in that I am surprised that rump didn't go running to the Russians for a loan first, or, did he and got turned down?
I seem to recall that he's had several one on one meetings w/ Putin without anyone else there from the US. Now perhaps we know what possibly rump was talking about, his personal business vs. that of the US instead...traitor.
Take care...
amywalk
(254 posts)a copy of the notes plus the audio adding to the already substantial amount of kompromat they have on Trump.
NOMOGOP
(87 posts)PeeJ52
(1,588 posts)received his loan from "somewhere"????
LiberalFighter
(51,745 posts)Calista241
(5,586 posts)Turnberry is a very famous course, but does anyone know if theyve made any changes to their facilities in the last couple years?
PeeJ52
(1,588 posts)SergeStorms
(19,208 posts)whether it's true or not is debatable. About 80% of everything that comes out of Trump's Quarter Pounder w/cheese hole are total lies. I'd say the 15 million pound number is far more accurate than the 150-200 million pound number. Trump is now, and has always been, cash poor. He values his name as his greatest asset. Really. He figures the name "Trump" is worth around $3 billion. Really! It isn't worth a steaming pile of crap right now.
videohead5
(2,211 posts)This is probably why we did not get his tax returns.
PeeJ52
(1,588 posts)I doubt it...
Doodley
(9,214 posts)Last edited Sat Feb 2, 2019, 05:32 PM - Edit history (1)
groundloop
(11,553 posts)duforsure
(11,885 posts)After russia sucked him in to enormous loans to keep afloat, and to use for leverage to use against him , and OUR country. He probably owes a lot more than anyone realizes. Con men who are frauds and stupid end up this way often.
iluvtennis
(19,949 posts)trip. Then there is the DC Hotel, etc. He always travels to his properties which means our taxpayer money is going to his organization
TexasBushwhacker
(20,289 posts)Every time they take a "business trip" they require a security detail paid for by John Q Taxpayer. Whenever possible, I'm sure everyone, including Secret Service, stays at a Trump facility and I'm sure they charge rack price. So the more Trump and Melania abd his kids travel, the more money Trump makes. Grifters gotta grift.
iluvtennis
(19,949 posts)DeminPennswoods
(15,312 posts)nt
Duppers
(28,144 posts)SergeStorms
(19,208 posts)is because he values the name "Trump" to be worth $3 billion. Really! How deluded can one person be? After his failed and disgraced presidency is over the name "Trump" won't be worth a steaming pile of cow shit. When the SDNY and New York State Attorney General are finished with this cockroach I hope he's completely broke, that the government has taken everything for back taxes (in bankruptcy he could keep his penthouse, but not so for taxes) and he's living in a cardboard box with nothing but hundreds of his 20ft. long red ties to keep him and Melanie warm. That would warm the cockles of my heart, and my cockles could us a serious warming right now.
yaesu
(8,020 posts)Basically, a "yuge" credit card, I bet the cons been broke for years.
TexasBushwhacker
(20,289 posts)And with depreciation on real estate, he may still not be paying taxes. What a racket.
poli-junkie
(1,013 posts)Why did ol' Wilbur get the Commerce Sec'y patronage?
catbyte
(34,622 posts)jmowreader
(50,640 posts)Their Private Banking arm, which handles high-risk accounts, is the only part of DB that'll loan Trump any money.
Which is why in recent years Trump gets most of his money from Alfa Bank, which is a Russian firm. This is why Trump has an Alfa Bank server in Trump Tower.
TomCADem
(17,391 posts)...who lives his life by using other people's money. He could very well have his own money, but his MO is to get loans to get other folks to put their cash on the line in order to be tied to his brand.
TexasBushwhacker
(20,289 posts)until he sucks the business dry and then declares bankruptcy.
Yo_Mama_Been_Loggin
(108,818 posts)sarcasmo
(23,968 posts)jmowreader
(50,640 posts)Learn the abbreviation OPM. It will serve you well.
It means "other people's money." If it's cheaper to spend OPM and pay interest on it when they give it back than it is to pull money out of an investment, they'll use OPM every time.
Power 2 the People
(2,437 posts)Great question!
IronLionZion
(45,758 posts)Dude is so patriotic that he can't get a loan from an American bank?
And he's so fabulously wealthy that he still needs loans?
TexasBushwhacker
(20,289 posts)CountAllVotes
(20,890 posts)No kidding!
& recommend!
world wide wally
(21,762 posts)I think that is the definition of a Ponzi Scheme
Prof. P.E. Name
(50 posts)1. He had absolutely no way to borrow money from US-based banks
2. D Bank was involved, reportedly, in money laundering from questionable, international sources to developed, dollar-based economies
3. Billionaires do not borrow by posting equity on their own property, that would be the modus operundi of a highly leveraged borrower, ergo, tRump is not a billionaire (BTW, I just revalued my name to $1.5 billion, alas, half of tRumps self-assessment but mine has huge amounts of integrity)
4. D Bank was concerned about collecting on their loan(s) from a defaulting, sitting US President proving he was a high risk
5. Around this same time, the $25 million settlement in the tRump fake University was coming due
6. Fake, pumped-up real estate deals with Russians, allegedly, had been the prime source of money (thanks so much Eric T for verifying that)
7. Pres. Putin-Puppet aint no billionaire,........and neither am I
keithbvadu2
(37,238 posts)Eric Trump: We have all the funding we need out of Russia
https://themoscowproject.org/collusion/eric-trump-funding-need-russia/