Why is Trump desperately trying to hide his history with Deutsche Bank?
On Monday, the New York Times reported that staffers at Deutsche Bank flagged multiple incidents of suspicious activity involving the accounts of President Donald Trump and Jared Kushner. But higher-ups ignored their warnings and continued doing business with Trump and Kushner.
In a CNN segment, journalist and political commentator John Avlon laid out the long history between President Trump and Deutsche Bank, which lent him billions of dollars despite his propensity for losing money.
"For all of you out there who were denied a mortgage despite a good credit score and liquidity, just because the big banks were running scared after the financial crisis of 2008? Do we have a story for you," Avlon says. "Because one very big bank has stuck by one very controversial client for decades, through thick and thin -- mostly thin, extending him 2.5 billion in loans, when other banks wouldn't give him the time of day."
Avlon points out that as Trump racked up debt in the 1990s, U.S. based financial institutions largely avoided him. But seeking a foothold in the U.S., Deutsche Bank lent him massive amounts of cash despite all of the red flags. That backfired on them after the financial crisis when Trump tried to wiggle out of contracts with the bank.
Of course, Trump has pledged to block Deutsche Bank executives from testifying before Congress.
"Why is Trump trying so hard to keep all this hidden?" Avlon wonders. He points to the president's reaction to the original New York Times story that revealed most banks didn't want to do business with him. Trump railed against the Times report in a tweet storm, denying that he'd had trouble finding other financial institutions to invest in him.
"If you believe that, I have a low-interest loan to sell you," Avlon concludes.
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