According to reports, Deutsche Bank executives wanted to repay the loans of President Donald Trump in order to cut off the bank’s financial ties to him after the U.S. election.
Three unnamed investment bank executives told Reuters that they were tired of the negative publicity surrounding their relationship with the president, which has been the subject of numerous investigations.
They told Reuters, however, that discussions on shifting the $340 million in outstanding Trump loans to a secondary market are not progressing because there is no clear demand from potential buyers, in part due to the debt problems.
The loans will go to the Trump Organization, the president’s umbrella organization, which, according to documents filed with the U.S. Office of Government Ethics in July, includes some 500 business units, and to Reuters.
Two of the officials also told the news agency that the three loans are personally guaranteed by Trump, which could mean that the president could be foreclosed or his assets seized if he is unable to repay or refinance the debt.
However, the recovery of the money will soon become more difficult when he is re-elected as president, so the German is said to wait for the election results before taking any action to recover the loans and end its relationship with Trump, which began in the 1990s.
In August, New York prosecutors subpoenaed Deutsche Bank when they searched for financial documents that Trump had provided to the lender, according to a New York Times report.
Manhattan District Attorney Cyrus Vance, Jr., a Democrat, wanted eight years of access to the president’s personal and corporate tax records.
“This is just a continuation of the witch hunt. This is a Democratic matter,” Trump told White House reporters after the report. “They failed with Mueller. They failed at everything. They failed with Congress. They failed at every stage of the game.”
The following month Trump refuted another Times report that claimed he had paid only $750 in federal income taxes for two years. The Times had said it had seen data on tax revenues that went back more than 20 years.
At the time, Norman Ornstein, a resident researcher at the conservative American Enterprise Institute, tweeted: “If I were a Deutsche Bank executive who had made loans to Trump when no one else did… I would be very, very nervous.
At a White House press conference, Trump called the story “totally bogus news. fabricated, fake.”
Washington Newsday has asked the Trump organization and the White House for comment. Deutsche Bank declined to comment….