Title : Deutsche Bank handing over Trump's financial records as Democrats turn attention away from Mueller
link : Deutsche Bank handing over Trump's financial records as Democrats turn attention away from Mueller
Deutsche Bank handing over Trump's financial records as Democrats turn attention away from Mueller
Deutsche Bank has begun handing over Trump's financial records with them to the House Financial Services Committee as Democrats turn their attention away from Mueller to the president's business deals
- Deutsche Bank hands documents to House Financial Services Committee
- Powerful panel is headed by Democratic House Rep. Maxine Waters
- German bank has been scrutinized for its dealings with Trump over decades
- Deutsche Bank was one of few lenders willing to do business with Trump
- Frankfurt-based lender was also subpoenaed by New York attorney general
- Prompted by Michael Cohen's testimony that President inflated his wealth
- Cohen said Trump lied about value of his company to secure loans with the bank
Deutsche Bank is providing Congress with records about its prior dealings with President Trump, a powerful Democratic lawmaker said on Tuesday.
House Rep. Maxine Waters, the Democrat from California, said that the Frankfurt-based bank is cooperating with the House Financial Services Committee, which she chairs.
Waters is seeking documents from Deutsche Bank related to the millions of dollars in loans that it has extended to Trump and his businesses over the course of several decades, The Hill is reporting.
The congresswoman answered ‘Yes’ when asked on Tuesday if Deutsche Bank started to turn over documents linked to Trump.
House Rep. Maxine Waters (left), the Democrat who chairs the powerful House Financial Services Committee, says her panel has been receiving documents from Deutsche Bank related to its past dealings with President Trump (right)
Waters said she was satisfied with the German bank’s cooperation thus far into all of its Trump-related affairs.
She said her committee would look into ‘everything’ as it relates to Trump’s dealings with the bank.
Deutsche Bank has drawn scrutiny because it was one of the few lenders willing to do business with Trump when others refused to do so.
Deutsche Bank has lent Trump Organization hundreds of millions of dollars for real estate ventures and is one of the few major lenders that has given large amounts of credit to Trump after a string of bankruptcies at his hotel and casino businesses during the 1990s.
Democrats are signaling that they will continue to be aggressive in probing Trump's finances even after Attorney General William Barr informed Congress on Sunday that Special Counsel Robert Mueller found no evidence that the president or his campaign colluded with Russia during the 2016 election.
The House Intelligence Committee, which is headed by Democratic Rep. Adam Schiff, is also probing Trump's financial ties to Deutsche Bank, as is the State of New York.
The New York attorney general’s office is looking into ties between Deutsche Bank and Investors Bank and several Trump Organization projects, the New York Times earlier this month.
Deutsche Bank has drawn scrutiny because it was one of the few lenders willing to do business with Trump when others refused to do so. The bank's headquarters is seen above in Frankfurt, Germany
The attorney general’s office issued subpoenas to the banks, which opens an additional line of inquiry into Deutsche Bank’s dealings with Trump, the newspaper reported, citing one unnamed source.
The newspaper said the new civil investigation into Deutsche was prompted by congressional testimony last month of Trump’s former personal attorney Michael Cohen.
Cohen testified that Trump inflated the stated worth of his assets in financial statements. The former attorney submitted copies of statements he said had been provided to Deutsche.
Investors Bank was subpoenaed for records relating to Trump Park Avenue, a project it had backed, the Times reported.
Cohen handed over internal Trump financial valuations from 2011 through 2013 – including documents he said were used to try to obtain a loan to purchase the Buffalo Bills football team in 2014 - to the House Oversight Committee.
Cohen's valuations show a sudden jump in Trump's self-proclaimed worth, from $4.6billion in 2012 to $8.7billion a year later, when he was angling to buy the team.
'These documents and others were provided to Deutsche Bank on one occasion where I was with them in our attempt to obtain money so that we can put a bid on the Buffalo Bills,' Cohen testified at the House Oversight Committee.
'I believe these numbers are inflated,' the former fixer said of the valuations generally.
The office of New York Attorney General Letitia James, pictured earlier this year, has reportedly subpoenaed Deutsche Bank for documents relating to financing of three Trump hotels and the attempt to secure a loan to buy the Buffalo Bills in 2014
At the time of Cohen's s congressional testimony, experts said a criminal case against Trump appears unlikely for several reasons, and according to the New York Times, the attorney general's investigation is civil - not criminal.
Deutsche Bank has been subpoenaed for 'loan applications, mortgages, lines of credit and other financing transactions in connection with the Trump International Hotel in Washington DC; the Trump National Doral outside Miami; and the Trump International Hotel and Tower in Chicago', the newspaper reported.
The statute of limitations- five years for most federal offenses - could preclude a prosecution.
Trump could theoretically face criminal bank fraud charges if prosecutors could prove Trump intended to deceive with financial statements and that the bank relied on those figures, said John Coffee, a law professor at Columbia University.
The Justice Department, however, has held since 1973 that prosecuting a sitting president is unconstitutional.
The investigation is said to have been prompted by longtime Michael Cohen, Donald Trump's former personal lawyer, testifying before congress that the President routinely 'inflated' valuations of his property empire
Deutsche Bank have reportedly been told to hand over documents relating to the Trump International Hotel and Tower in Chicago, Illinois
Deutsche Bank has been subpoenaed for 'loan applications, mortgages, lines of credit and other financing transactions' in connection with three of Donald Trump's hotels, including the Trump International Hotel in Washington DC
Banks are skeptical of estimates of personal wealth, and Trump was well known for inflating the value of his assets. Trump once admitted in a deposition that his net worth calculations depend partly on 'my own feelings.'
Brand value is part of what accountants call 'goodwill' and is difficult to value. Companies frequently adjust goodwill because their estimates are so flawed.
In 2017, publicly traded companies in the U.S. admitted they overestimated 'goodwill' by $35 billion, according to the advisory firm Duff & Phelps.
While Trump said he could get $4 billion for his brand, Forbes pegged the value at just $125 million two years later.
Trump was one of three known finalists in the bid to purchase the Bills in the summer of 2014 following the death of franchise founder and Hall of Fame owner Ralph Wilson.
He lost out to the owners of the NHL's Buffalo Sabres, Terry and Kim Pegula, who purchased the Bills for $1.4billion. The third group was led by rocker Jon Bon Jovi.
Deutsche Bank was unavailable for comment.
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