Deutsche Bank, President Trump, Dodge Bank discussed on Morning Edition


Loans over the years dating back far before he was president congressional investigators have asked Deutsche Bank to turn over the president's carefully guarded financial records, but his lawyers have filed suit to block the subpoenas. NPR's lucian. Kim has the backstory from Berlin. President Trump doesn't like to reveal the details of how he does business. But when he was still on the campaign trail he gave a little bit away. It's called opium. I do that all the time invisible other people's money. There's nothing like doing things with other people's money because it takes the risk a lot of that OPM came from Deutsche Bank, which kept lending Trump money, even after he defaulted on a loan, even after he sued the Bank, claiming it was responsible for his failure to pay his debts. It might seem like bath. Alling behavior for such a venerable institution. Dutch Bank was founded in Berlin. In eighteen seventy. I've come to its former headquarters, which were housed here in a complex of massive stone buildings symbolized, solidity, and the proximity to power after World War Two, the Bank relocated to Frankfurt in west Germany in the nineteen nineties, the Bank started taking on evermore risk as it went logo. There was nothing solid, nothing professional about that Bank. That's Dirk loves author of bad Bank. The rise and fall of Deutsche Bank lending to Donald Trump was only one of many questionable moves Deutsche Bank bought up mortgage backed securities was dangerously exposed when the global financial crisis hit in two thousand eight this still comes as a shortfall of Germans, I think it's hard to understand for people brought how big this Bank was and how important it was for the mindset. It's like Mercedes full costs. That's such a Bank is for, you know, finance business in Germany, but Dirk lob says this image of a bastion of financial prudence didn't reflect. The changes taking place on paper, the head, quote of budget banks Frankford. But in the mid nineties, the Paula really shifted to London and New York. That's when Dutch banks started aggressively competing with Wall Street banks, that was also when American banks, which had been burned by Trump's defaults on casino loans stopped lending to him German journalist Ingo twosies says Dutch banks doing business with Trump as a price of getting into the game Bank wasn't Bouches be Bank that had to deal with B Klein's. And in that time Donald Trump and shebang needed one another. So it was kind of a symbiotic relationship this month. Trump tweeted, it was fake news at banks wouldn't lend to him. He said he didn't need the money. But don't you Bank did take risks that more established Wall Street players, wouldn't Drik lobs says the banks leadership in Frankfurt had lost control the investment bankers, in London in the York, wouldn't we listen to the? The bosses and framework. That's why it was British and American regulators who stepped in since two thousand three they've ordered Deutsche Bank to pay penalties for selling toxic mortgages, manipulating interest rates, and laundering ten billion dollars of Russian money has promised to clean up its act with better internal controls and reduced exposure to derivatives. In a statement to NPR DOJ Bank, spokeswoman said, the Bank has increased its anti-financial crime, staff and enhanced controls and takes compliance with anti money, laundering laws, very seriously, but yard Schick, a former German lawmaker who now campaigns against financial crime, says Donncha lacks a clear strategy defy buses someday super. He says it's business model for the future is still open that perhaps it should said a more modest goal of just being a big European Bank author, Dirk lob says, it's too late for reform, the reputation of dodge van is damaged for good Germany in November dozens of German law. Forcement officers, raided the bank's Frankfurt headquarters in a money laundering probe last week as the Bank held its annual shareholders meeting stock price hidden, all time low, if dodge Bank turns over records of its dealings with Donald Trump. There may be more.

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