Donald Trump has undoubtedly won the title of the most eccentric president of the United States. Given the amount of accusations, convictions and general displeasure, it is a wonder how he has not been impeached yet. However, this new endeavour might put the last bits of his reputation at stake.
The New York Attorney General started an investigation regarding the financial relationship between the Trump Organization and Deutsche Bank. Reportedly, the major German bank has provided over 2 billion dollars in loans to the American president over the years.
The misconduct of Trump
The story begins in 2004, when Trump first encountered Deutsche Bank. The businessmen went to the real estate department and filed for a loan for his 92-story Trump International Hotel and a Trump Tower in Chicago.
At first sight everything seems fine, but it surely isn’t. When asked about the financial situation, Trump claimed to own a much larger sum of money than he actually had back then. Simply speaking, he lied to the bank about his net worth.
“Mr. Trump told Deutsche Bank his net worth was about $3 billion, but when bank employees reviewed his finances, they concluded he was worth about $788 million, according to documents produced during a lawsuit Mr. Trump brought against the former New York Times journalist Timothy O’Brien,” is mentioned in the investigation files.
The weird thing is that although the bank officials surely suspected something, they didn’t take time to check and verify the information provided by Trump. Instead of that, they kept loaning him massive amounts of money.
In 2010 Trump received a 100-million-dollar loan from the Deutsche Bank to built a resort in Florida. Experts claim that he deliberately increased his net worth by almost 70% in the application in order to get the money.
In 2014 the current US president tried to purchase the popular football team Buffalo Bills. When the NFL demanded the proof that he would have enough finances to conduct the deal, Trump claimed that he owned almost 9 billion dollars, and this all happened through Deutsche Bank once again.
Right now, the authorities are finally starting to see the whole picture and its scale. The investigation has already started. Faking net worth to get such huge loans might result in big problems for both Trump and Deutsche Bank.
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/