Getting Warmer: Dems in Congress Ask Deutsche Bank for Info on Loan to Trump and Russian 'Mirror Trading' Scandal
Ranking Member of the House Financial Services Committee Rep. Maxine Waters (D-CA) authored a letter with four other Democrats asking Frankfurt-based lender Deutsche Bank for documents regarding the 2011 Russian mirror trading scandal, as well as personal accounts of the Trump family.
"What is troubling is that the Bank, to our knowledge, has thus far refused to disclose or publicly comment on the results of either of its internal reviews," read the letter to John Cryan, Chief Executive Officer of Deutsche Bank, AG. "As a result, there is no transparency regarding who participated in, or benefited from, the Russian mirror trading scheme that allowed $10 billion to flow out of Russia."
"Likewise, Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia," the committee added.
According to disclosures, Deutsch has lent upwards of $300 million to finance Trump properties, including the Doral golf club in Florida, and hotels in Washington, D.C., and Chicago. The Democrats also noted the controversy surrounding the bank's $6 billion compliance failure and its continued fallout even after a $7.2 deal made with the U.S. Department of Justice last year over toxic mortgages.
"We're hearing from them that they want to know how to perhaps cooperate with us," Waters told CNBC on Thursday. "Because we're saying—we're making claims about the fact that Deutsche Bank has some involvement with Mr. Trump in guaranteeing loans, they... are dealing with him when no other banks will deal with him because he has filed bankruptcy, he has all this debt..."