Business
Longtime Lender Deutsche Bank Ditches Trump
With the President’s days in office numbered, Deutsche Bank ditches Trump and his allies over the January 6 Capitol riot. The bank, Trump’s primary business lender, joins a growing list of banks that announced they will suspend donations from their political action committees (PACs). These major financial institutions include JPMorgan Chase, Goldman Sachs, Citigroup, and Morgan Stanley. In addition, companies such as Walmart, Marriott International, Coca-Cola, AT&T, and General also said they are suspending political donations.
RELATED: Stocks Rally Despite Impeachment News
Deutsche Bank
According to Reuters, Deutsche Bank sought to end its relationship with Trump and his companies since November last year. The bank began feeling restless from the continuous stream of negative publicity. The President owes the bank around $340 million in three loans, payable in 2023 and 2024. After his term ends later this month, Trump will have to rely on his businesses to repay these loans or roll them with another lender. Deutsche Bank will not refinance his loans, given the bank’s anxiety to cut ties.
Trump’s relationship with Deutsche Bank began when he was a famous rich guy / real estate developer. A series of bankruptcies 30 years ago left lenders at a loss, with Deutsche one of the few willing to stick with Trump. When he shifted his focus to politics, he asked Deutsche for a loan during the 201 primaries. The bank refused, as it hadn’t foreseen his foray into politics. Deutsche then spent the next four years trying to cut its ties. One option is to send his loans to other institutions, However, it will require the President to sign off on the deal.
Other Banks Distancing Themselves As Well
Other financial institutions joined the movement. New York bank-firm Signature Bank announced they are closing two of Trump’s personal accounts, which reportedly contains $5.3 million. A signature spokesperson confirmed that they will stop transacting “with any members of Congress who voted to disregard the Electoral College.” The New York Times first reported news of the two lenders stepping away from the president. In addition, Trump maintains accounts at both JPMorgan and Capital One, both of which declined to comment.
Earlier this week, investment firm Citi said they will stop all federal contributions for the time being. Citi said it “will not support candidates who do not respect the rule of law.” She added, “We support engaging with our political leaders even when we disagree, and our PAC is an important tool for that engagement.” Meanwhile, JPMorgan announced they will similarly stop donating to politicians for the next six months. JPMorgan said that “There will be plenty of time for campaigning later.”
What Happens To Trump’s Properties?
With more firms ditching Trump and his allies, his business properties may find themselves in new territory. During the last four years, various businesses, and international agencies often checked in at Trump Hotels. Michael D'Antonio, a Trump biographer, said that once Trump steps down, “It could be that the opposite will be true now. Anyone going to DC on business would be crazy to stay at the Trump hotel unless all their business is with the Republican National Committee.”
At the same time, his properties will offer some sort of security. Deutsche Bank historically never lost on loans to Trump. If ever Trump defaults, the bank can seize his golf courses and hotels secured by the mortgages. If the total value is too low for his loan balances, Deutsche Bank can go after Trump. The President personally guaranteed the loans to his companies.
Watch the CNBC TV news video reporting on Deutsche Bank and Signature Bank cutting ties with the Trump family:
Loading ...What happens to President Donald Trump once he steps down from the White House? Are more firms ditching Trump until then? Tell us what you think will happen to the President by leaving your comments below.
15 Comments
You people have no shame or morals
President Trump is by far the best President this Country has ever had
President Trump has made many troubling mistakes during his term and the worst was invoking people to go to the capital. At the same time, others knew this was going to happen yet took no kind of preventative measures. It is as if they others wanted this to happen! And you; the media, are more to blame than anyone. You don’t report news any more. News is suppose to be unbias yet you have made this another entertainment/talk show event. You do nothing but find a negative and add gas to the fire (so to speak) so the conflict continues to grow and you have more to speculate about. All I want are facts. NOT YOUR OPINIONS. I have my own opinions.
Since after Truman there have been good presidents and bad presidents. I can honestly say that JFK was the best and he was surely loved by many Americans. Good dont share your opinions and stay in your closet like many persons do. Like my grandfather used to say, Nadie se va de este mundo, sin pagar lo que debes. “No one leaves this earth without paying what you owe”. I always say that before anyone starts accusing another person, look at yourself first!!!!!!!!!
I think the president would be best serve if he left quietly but then in his retirement staying staying contact with his supporters if at possible by doing speaking engagements. I suspects he really doesn’t want another run at the President. I could be wrong, but there has to be someone out there that can carry on his policies which by that time Biden/Harris have destroyed. It will take some body strong energetic and very much eager to c1arry on and get the country back on track.
Listen to his speech again
President Trump did not incite any violence I am soo disgusted with cruel and I hate the word Stupid but I will use it now
President Trump never lied about anything he may have embellished but never on anything important
President Trump has done more for the US than any other President in my life time and I am 73
President Trump has been targeted from day one All these squirrels and evil pple that pretend to love America are selling us out to CHINA wake up America The evil doers are gonna come after US just like the President Its all around us open your eyes what about the GOOD young pple and our Grandchildren??????
Get rid of Nancy Pelosi, and Chuck.. the true crooks of this nation.. by the way this rioters that rioters that broke into the capitol were not trump supporters.. but Democrats.. to make trump look bad.. a Democratic stunt..
We need him to stay politically involved!!!! He has set a good course for America to uncover many discretions in our government and their dealings around the world! He is so smart and informed about the things that the average person has only scratched the surface on! What is going on is very troubling and we need Trump!
So tired of all these people blaming Trump for everything! All I can say is all you Republicans that are voting to impeach beware your time is limited! WE THE PEOPLE are tired of all the pussies that won’t fight for US! BUT they didn’t do anything to pimple face Pelosi and the goon squad when they attacked the capital and people! The war is coming and they will be in shit.
Our President and his amazing family will be fine and will flourish GOOD always reigns over evil
I pray and hope the Trumps s put all the big tech co out of business I pray He gets China for what they did to the world And I would love to see a MAGA Party
Trump has been the best president America has seen in a long time and I to am hoping for a MAGA Party because without Trump the Republican Party is done financially I believe , They have crossed the line this week
LOCK HIM UP before he can go bankrupt again. The people that keep sending him money need to be examined. Send the money to someone who deserves it.
President Trump is following the people who want a Replubic ,I tell him ,He does not tell me! We are not a true democracy where the majority rules but we are a Republic with a lawful constitution to follow . tis is the reason for the electoral college ,not majority vote rule!
Trump fulfilled all his campaign promises! Tell me who else did that?! He has told us the TRUTH, but WE do not want the truth…We want Democrats! Biden bill take our money & amazingly Trump did NOT! He was honest and if he used little loopholes to get passed what he had wanted…Well then, what taxpayer has not!!!!
Donald Trump never filed bankruptcy. Some of his businesses failed but his businesses are not him.