Donald Trump’s debt problem is two fold. The first is a money problem: he’s so deeply in debt to various banks around the world that the billions he’s been documented owing to these banks may well exceed the value of his assets — which would mean he’s broke. The second is a perception problem: his financial debt to Russia, combined with allegations that Russia is blackmailing him, and his oddly pro-Russia political policies, create a perception problem. Now it turns out these two problems may be the same thing.
One of the institutions to which Donald Trump is deeply in debt is Germany’s Deutsche Bank. The bank has a rocky history over the past decade of high risk investments and financial instability which mirror those of Trump’s own finances. At last count, Trump owed Deutsche Bank and its subsidiaries a combined $1.3 billion. It never made sense why the bank in question, which has been struggling financially, would have loaned so much money to Trump — who has a long history of not repaying his debts.
In fact the loan from Deutsche Bank is almost certainly one of the primary reasons Trump hasn’t fallen into personal bankruptcy over the past seven years, after American banks stopped loaning him money. And now according to the Independent, it turns out the German bank in question has been busted for running a Russian money laundering scheme.
The money laundering scheme in question involved Deutsche Bank clients illegally moving more than $10 billion out of Russia and into New York among other places. Nothing has yet been publicly disclosed about the identities of these clients, whom they were working with in Russia, or their motives. But the first thing that comes to mind is the possibility that the money which Deutsche Bank loaned to Donald Trump may have illegally come from Moscow.
This is crucial because, while Trump’s massive debts to banks in places like Germany and China have been well documented, there is no definitive evidence that Russian banks have been loaning money to Trump. Donald Trump Jr bragged awhile back that money was pouring into the Trump Organization from Russia, but despite that admission, Russian banks have made a point of covering up whatever money they’ve been putting in Trump’s pocket, and how they’ve been doing it.
And so a German bank inexplicably put more than a billion dollars into Donald Trump’s pocket, even though it’s been struggling financially, and he’s long been known for not repaying his debts to the point that other banks long ago stopped keeping him afloat. It never made sense why Deutsche Bank would have taken such a risk it couldn’t afford. Except now it turns out Deutsche Bank was secretly funneling money from Russia to New York. It’s not proof, but it’s one hell of a new perception problem for Trump.
For years, Donald Trump has used a powerful tool when dealing with bankers: his personal guarantee.
Now that guarantee — employed to extract better terms on hundreds of millions of dollars of loans to the Trump Organization — is at the center of a delicate loan-restructuring discussion at Deutsche Bank AG, which is under investigation on several fronts by the U.S. Department of Justice.
The bank is trying to restructure some of Trump’s roughly $300 million debt as part of an attempt to reduce any conflict of interest between the loan and his presidency, according to a person familiar with the matter. Normally, the removal of a personal pledge might lead to more-stringent terms. But there is little normal about this interaction. Trump’s attorney general will inherit an investigation of Deutsche Bank related to stock trades for rich clients in Russia — where Trump says he plans to improve relations — and may have to deal with a possible multibillion-dollar penalty to the bank related to mortgage-bond investigations.
. . .
The scramble to restructure is the latest chapter in Trump’s fraught relationship with Deutsche Bank, one of the few financial institutions on Wall Street that still does deals with a man long known as a publicity-seeking and unconventional real-estate developer who didn’t hesitate to sue his lender eight years ago.
Deutsche Bank also lends to Trump’s extended family, including his son-in-law Jared Kushner. Weeks before the election, the bank refinanced most of the $370 million of debt against retail spaces Kushner’s company owns in midtown Manhattan.
. . .
Today, the president-elect owes about $300 million to the bank, nearly half of his outstanding debt, according to a July analysis by Bloomberg. That figure includes a $170-million loan Trump took out to finish his hotel in Washington. He also has two mortgages against his Trump National Doral Miami resort and a loan against his tower in Chicago. All four debts come due in 2023 and 2024. Garten said the Chicago loan no longer has Trump’s personal guarantee because the project has been completed.
No doubt about it. The so-called president is a petulant child with the emotional maturity of a sixth grader.
Courtesy of the Daily Mail:
Donald Trump erupted into a ‘ballistic’ Oval Office tirade against his senior staff for failing to fight off Sessions’ recusal amid Russia links and told Priebus and Bannon they weren’t flying on Air Force One to Florida, before storming out, reports have claimed.
The president was seemingly expecting a celebratory week following his praised speech to Congress on Tuesday but after a fresh round of Russia allegations, Trump was furious over the ‘mini disaster’ according to multiple accounts.
He was allegedly especially upset over Attorney General Jeff Sessions’ decision to recuse himself from all FBI investigations regarding Russia on Thursday and took it out on his senior staff the next day.
In his ‘ballistic’ rant, Trump gave his aides a verbal lashing and told chief of staff Reince Priebus and chief strategist Stephen Bannon they wouldn’t be accompanying him on Air Force One to Florida, before storming out on Friday.
In less than 24 hours after his blow out with staff, Trump released a series of tweets that accused Obama of authorizing a wiretapping on Trump Tower right before the election and called it ‘McCarthyism’.
Trump gets his feeling hurt, raises hell with his staff, then storms out, jumps on Air Force One, flies to Mar-A-Largo AT TAXPAYER EXPENSE, to play golf all weekend.
So-called President Trump’s Week 6 — golfing, again.
Alex Oronov, organizer of Russia-Ukraine blackmail plan sent to Donald Trump, dies suspiciously
Yet another key figure in the Trump-Russia scandal has suddenly dropped dead. A meeting was organized between Donald Trump’s attorney Michael Cohen, Russian mafia figure Felix Sater, and Ukrainian traitor Andrii Artemenko. They crafted a Kremlin-backed plan which involved Trump using Russian blackmail to oust the president of the Ukraine. That plan was delivered to Michael Flynn’s just before he resigned. The meeting was organized by Alex Oronov – and now he’s dead.
Alex Oronov was the father in law of Michael Cohen’s brother, making them extended family.
Oronov did business in the Ukraine and was connected to Artemenko. It was Artemenko who angrily announced today in an extended Russian-language rant on his Facebook page that Oronov has died. And while he doesn’t say specifically how Oronov died, he directly blames the New York Times article which first exposed the secret plan for causing his death. In other words, he’s vaguely suggesting that Oronov was murdered (perhaps by Vladimir Putin and the Kremlin) as a result of having been publicly exposed.
Talking Points Memo has more details on the death of Alex Oronov, who died two days ago. This makes him at least the fourth Trump-Russia conspirator to die during the scandal. In all, seven prominent Russian operatives have died since the scandal began. Palmer Report has been documenting a running list.
Sergei Krivov died at the Russian consulate in New York on election day with his skull bashed in. Oleg Erovinkin, a former KGB agent who contributed intel to the Trump-Russia dossier, was found dead in the back of a car. Sergei Mikhailov, another Russian intel agent, was dragged out of a meeting with a bag on his head.
**** See our full list of Russian operatives who have died during the Trump-Russia scandal for the full rundown.
This is the first entry on the blog “Donald Trump’s Bullshit.” In case you can’t guess from the title, the purpose of this blog is to catalog the bullshit that spews forth 24/7 from the so-called President Trump.