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Reaching the carpet of America’s financial world with Donald Trump. Where UBS and Credit Suisse have already settled. That was Deutsche Bank’s plan when it decided to support Trump nearly two decades ago. He, his businesses, and his family members borrowed about $ 2 billion until his presidency in 2016, and thus likely played a major role in the businessman’s entry into the Oval Office.
But while Trump benefited from the relationship, for Deutsche Bank it looks different, as banking expert David Enrich tells the “New York Times.” “It’s very clear that Deutsche Bank managers have had more than enough of Donald Trump.”
Headlines instead of contacts
Instead of opening doors, Trump brought headlines and debt into the relationship. Even the Treasury Committee of the United States Congress was interested in Trump’s dealings with the bank. “Deutsche Bank has close business relationships with the president. You worked with him when no other bank did, ”says Enrich, who has published a book on the subject.
The bank should pay for this now. According to the expert, Trump will have to repay around $ 300 million in loans over the next four years. “He personally answered for most of them,” Enrich says. If Trump can’t pay, the bank can confiscate his property. Theoretically.
Because while Donald Trump was president, he sat on the longest lever in front of the bench. Enrich: “Before that, they were always afraid that the case would arise, that they would get into this situation and have to confiscate assets or property from the President of the United States.”
Trump’s departure doesn’t solve all problems
With Trump’s involuntary departure from the White House, this task becomes less complicated, but it remains arduous. Because the Trump organization owns several properties around the world. They are nice to see from the outside, for example, the black Trump Tower on Fifth Avenue in New York. Inside, however, they are sometimes quite sick, Enrich says.
In any case, the days when celebrities like Michael Jackson, Johnny Carson or Steven Spielberg lived in Trump Tower are long gone. Today, this is best known for a Trump meeting with a Russian lawyer, which was documented in Robert Mueller’s report on Russia. As the “Welt” reported, the 36-year-old building has become a fortress since Trump won the presidency. It is surrounded by concrete barriers and the two main entrances are partially blocked. It was last modernized many years ago. Consequently, the value of the building has fallen drastically, in Monopoly parlance of Paradeplatz on the Thun-Hauptgasse level.
Who wants to buy Trump?
Therefore, it is doubtful that the bank will get your money back. According to David Enrich, Deutsche Bank working groups are already thinking about how to end the specter of this relationship. Insiders tell the “New York Times”: “One idea is to simply resell Trump’s loans.” But there is a problem with this: someone would have to buy them too. (vof)
