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Sketchy merger for Trump’s favorite foreign bank might hurt one country’s economy

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President Donald Trump’s favorite lender, Deutsche Bank, might be in trouble after years of sketchy business practices.

A recent Bloomberg report explained that after Deutsche Bank AG decided not to take over Commerzbank AG, both companies are searching for alternatives to solve their “pathetic returns.”

Benefits of the merger would not offset “additional execution risks, restructuring costs and capital requirements,” the company decided, according to two Bloomberg opinion columnists. They noted that from the beginning the merger looked like a risky and expensive idea that wouldn’t fix the “structural inefficiencies in German banking.” At the same time, it revealed the trading activities of the bank and sub-par profits from lending.

It’s unclear if most loans were as problematic as Trump’s, but the president was caught using grossly inflated appraisals for his properties to put up as collateral. In one case, Trump claimed his building was ten stories taller than it actually was, something the bank’s assessor could have verified by looking up at the building. In another, Trump grossly embellished the size of his winery.

In most cases, bank employees would be sent to verify the claims, but if that happened in this case, it wasn’t reflected in Trump’s financial documents. If other major customers got the same treatment, it could explain the company’s problem with anemic profits.

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“After multiple attempts at a reboot in recent years, Deutsche Bank will probably need to do the next stage of the restructuring on its own,” Bloomberg reported.

Huge job cuts (as high as 30,000 employees) added to the fears chief regulators had about the merger.

“While Germany may have full employment, and job losses in finance may attract less sympathy than other industries, the deal couldn’t work without unions on board and they were vigorously opposed at both banks,” the report explained.

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Meanwhile, back in the United States, Deutsche Bank is dealing with subpoenas for one of their biggest clients.


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Former Trump communications aide admits to hiring prostitutes

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President Donald Trump's former communications aide Jason Miller admitted to hiring prostitutes in 2015 and 2017, an exclusive report revealed Tuesday.

Mediaite broke the news that Miller had hired "multiple" prostitutes for sexual acts at massage parlors. The comments were part of a videotaped deposition, and Miller confessed that he was using the sexual services as recently as "a few months ago" from the deposition he gave on May 30.

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Trump believes white nationalism is a winning strategy — because Fox News tells him so

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Donald Trump thinks white nationalism is going to win him the 2020 election. This much is clear. Trump's racist Twitter rant on Sunday — in which he suggested that four nonwhite congresswomen, three of whom were born in the United States, are "originally" from somewhere else and should therefore "go back" — might have seemed at first like a spontaneous eruption of racist rage from the simmering bigot in the White House.

Soon, however, it became clear that this was strategic. Trump thinks it's a winning move to echo the claims of David Duke and other white nationalists who believe the United States is for white people. He justified his racism by saying that "many people agree with me," and by continuing to rave on Twitter about how the real purveyors of "racist hatred" are those who look askance at his embracing the rhetoric of Stormfront and the KKK.

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Judge boots Roger Stone off all major social media platforms in expansion of gag order

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Trump ally Roger Stone, who is due to be tried on multiple charges ranging from obstruction of justice to witness tampering later this year, got slapped this week with an expanded gag order that barred him from using all major social media platforms.

The Washington Post reports that Judge Amy Berman Jackson increased the scope of Stone's gag order and ordered him to stop communicating publicly through Twitter, Facebook and Instagram.

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