We recently learned that President Trump has lost $70 million on the Trump International Hotel. In 2018, Deutsche Bank gave him a six-year deferral on payment of a $170 million loan for that same hotel. In 2017, the state of New York and the UK won a $630 million lawsuit against Deutsche Bank for laundering Russian money. Under President Obama, the federal government started its own lawsuit; it was estimated that the fine could top $1 billion. But under Trump, it was settled for $85 million in 2018. Was there a quid pro quo?
Trump and many of his associates have had quite a few such questionable relationships with Deutsche Bank. Just look at the three amigos: Wilbur Ross, the king of bankruptcies; Trump, the king of fraud and lawsuits; and Steven Mnuchin, the king of foreclosures. These three form a trifecta of questionable behavior. If their actions are not criminal, they should be. Each has robbed people, not with a gun but with a fountain pen.
We need to reform our laws involving bankruptcies, market manipulation, foundations and tax exemptions. These are some of the ways the 0.1% steal from the rest of us.
Michael Garing
North Huntingdon