"One of Donald Trump’s closest allies on Wall Street is a now-struggling German bank.
While many big banks have shunned him, Deutsche Bank AG has been a steadfast financial backer of the Republican presidential candidate’s business interests. Since 1998, the bank has led or participated in loans of at least $2.5 billion to companies affiliated with Mr. Trump, according to a Wall Street Journal analysis of public records and people familiar with the matter.
That doesn’t include at least another $1 billion in loan commitments that Deutsche Bank made to Trump-affiliated entities."
Donald Trump has built his wealth by running a string of fraudulent businesses, financed by Deutsche Bank, leaving behind numerous bankruptcies, angry consumers, and countless lawsuits. Here is a list of just 13 of Donald Trump's failed businesses. I'll just highlight one of his biggest frauds - Trump University - which was nothing more than a multilevel marketing scam:
Also known at the Trump Entrepreneur Initiative, Trump University was a series of wealth-building seminars for which students paid as much as $34,995 for mentorships that would supposedly get them access to Trump's secrets of success. Instead of the hand-picked instructors Trump promised, the seminars were delivered by motivational speakers, often without degrees, and sometimes with criminal records. According to his FEC filings, Trump brought in $11,819 from the Trump Entrepreneur Initiative last year; he's now the subject of two class-action lawsuits in California related to Trump University, and a third suit, for $40 million, brought by New York Attorney General Eric Schneiderman.
Trump's Hausbank, Deutsche Bank, has likewise enriched itself with fraudulent activities. The difference is that Deutsche Bank has actually been convicted of fraud and may now lose its license to manage pension funds in the United States:
Regulators from London to Seoul have sanctioned Deutsche Bank for misdeeds committed over the past decade. The accumulation of crimes has now taken on a life of its own, prompting new inquiries based on previous episodes. The U.S. Labor Department, for instance, is considering whether the German bank’s two recent convictions for fraud in foreign countries should cost it the ability to manage billions of dollars of Americans’ retirement funds.
In a ruling that has gone mostly unreported outside of official filings, the department tentatively denied Deutsche Bank’s (ticker: DB) bid for an exemption from possible money-management restrictions. Because two units in other parts of the bank were convicted of felonies, the money management units have faced curbs on running U.S. pension money. At stake is Deutsche Bank’s official status as a qualified professional asset manager, or QPAM. The QPAM designation allows an asset manager to assume multiple roles in overseeing government-regulated Erisa pension plans, or those covered by the Employee Retirement Income Security Act of 1974. It’s unusual for Labor to deny an application for an exemption, even temporarily.
One other important difference between Trump and Deutsche Bank. Deutsche Bank has been forced to pay $billions$ in penalties and legal fees and its shares have lost more than half their value as the bank plans to lay off tens of thousands of employees.
Donald Trump could potentially be rewarded with the presidency of the United States.