President Donald Trump sought — and was denied — a loan worth tens of millions during the 2016 presidential campaign, The New York Times reported Saturday.
Trump is a purported billionaire, but has refused to release his tax returns, so the degree of his wealth remains in doubt.
During the campaign, the newspaper said he “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 Organization’s roster of high-end properties,” The Times explained. “To finance his business’s 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.'”
Due to his reputation for declaring bankruptcy and defaulting on debt, American banks had largely refrained from extending him credit.
Officials at Deutsche Bank worried Trump’s “divisive campaign” made the loan risky, according to three sources.
“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,” The Times explained.
House Intelligence Committee Chair Adam Schiff and Finance Committee Chair Maxine Waters have both said they will investigate Deutsch Bank’s loans to Trump.
Deutsch Bank has reportedly loaned the Trump Organization more than $2.5 billion over 17 years.