Deutsche Bank and Trump
Deutsche Bank, Germany's largest bank, has been having a bad month, and that is starting to spill onto Trump's Presidency.
A month ago the Deutsche Bank-Commerzbank merger talks collapsed.
The following day the bank reported troubling losses.
Deutsche Bank’s struggling investment bank slid further in to the red at the start of this year, suffering the second lossmaking quarter in a row as revenue at the division fell twice as fast as costs.
The corporate and investment banking unit, which despite shrinking for years still accounts for more than half of group revenue, generated a pre-tax loss of €88m in the first quarter, compared with €203m in pre-tax profit a year earlier... Analysts on average expected a pre-tax loss of only €15m.
Deutsche Bank has been losing money for years, but now it is getting down to crisis levels. There's been multiple rounds of layoffs, while share prices have hit record lows.
All things considered, is it really that surprising that a failing, corrupt bank is directly linked to Trump?
Deutsche Bank shares were marked 3.16% lower on the session in Frankfurt and trading at an all-time low of €6.63 each by mid-day, with Thursday's AGM looming and the New York Times reporting that bank staff tasked with anti-money laundering responsibilities had flagged suspicious transactions linked to Trump-controlled accounts in 2016 and 2017.
The Times also reported that Deutsche Bank management prevented staff from reporting the concerns to U.S. authorities, with one employee claiming she was fired for red-flagging the moves in and out of accounts tied to the now-defunct Trump Foundation.
Well knock me over with a feather.
I'm shocked that there is gambling going on in this casino!
Naturally Trump's immediate concern was to get to the bottom of the misdeeds at this shady bank.
With his relationship with Deutsche Bank under increasing scrutiny, President Donald Trump, in a move not previously reported, has recently shifted some of his banking business from this global institution to a small and relatively new bank in South Florida. As Democrats in Congress have requested information from Deutsche Bank about its dealings with Trump—the firm has loaned him billions over the years—he appears to have closed his brokerage accounts with the German company and has deposited millions of dollars in the Coral Gables–based Professional Bank, which last year gave Trump an eight-figure loan to buy a property adjacent to his private club Mar-a-Lago.
I gotta say, this doesn't look suspicious at all. Nope. Not a bit.
It's just a coincidence that Trump moved his financial business out of DB right around the time that a federal judge denied Trump's request to block congressional subpoenas to Deutsche Bank for his financial records.
Now, with Trump separated from Deutsche Bank, Trump's Treasury Department is suddenly interested in their criminal doings. I'm confident that they will get to the bottom of things.