House Democrats are launching an investigation of Germany’s largest bank — Deutsche Bank — to learn why it, and not other banks, has lent President Trump hundreds of millions of dollars for his hotels and other property developments.
Democrats on the House Financial Services and Intelligence Committees, reports Politico, “have been staffing up for their probes into the bank and Trump’s Russia ties.”
Deutsche Bank was fined $425 million by the New York State Dept. of Financial Services in 2017 for allegedly helping launder $10 billion for Russia, and it is under ongoing investigation by both New York State and the U.S. Justice Department for possible sanctions violations involving Russia and Ukraine, according to Wikipedia.
“There’s a heightened need to look into anything that could compromise the president or the country, particularly if it’s not being investigated elsewhere,” Rep Adam Schiff (D-CA) told Politico. Schiff, chairman of the Intelligence Committee, added that he does not know if special counsel Robert Mueller has sought information from or about the bank.
It was reported last week that “in the midst of his 2016 presidential campaign, Trump sought out Deutsche Bank for a loan” to support his Scottish golf courses, reports Mother Jones, describing the German bank as “one of the last lenders in the world willing to deal with him.”
But according to the New York Times, that time Deutsche Bank’s CEO said no.
Reps. Schiff and Maxine Waters (D-CA), chairwoman of the Financial Services Committee, have agreed to work together on the investigation, Politico says, adding that “For Schiff, Deutsche Bank is a starting point as his committee investigates possible money laundering by the Trump Organization.
“Waters, who has called for the president’s impeachment, has said her inquiry into the ‘Trump money trail’ would also start with the bank.”
Politico says a Deutsche Bank spokesperson declined to comment, and the Trump Organization did not respond to its request.
