Democrats Seek To Have Deutsche Bank Make Disclosures On Trump

Congressional Democrats sitting on the committee that is looking into whether there was a collusion between Russia and the presidential campaign of U.S. President Donald Trump are asking for more information from the Frankfurt, Germany-based lender Deutsche Bank.

In a letter that was sent to John Cryan, the chief executive officer of Deutsche U.S., five Democratic legislators requested for results arising from internal reviews that the bank had done on issues relating to Russia. One of the issues was the scandal referred to as ‘mirror trading’ where $10 billion was siphoned out of Russia via a collusion between Deutsche Bank’s branches in Moscow and London. The scheme saw Deutsche Bank pay fines totaling approximately $630 million. The other issue was the personal accounts that members of the Trump family had at the bank.

“It is critical that you provide this Committee with the information necessary to assess the scope, findings and conclusions of your internal reviews,” states the letter.

Money laundering

Among the materials that are being sought by the committee include memos, records, correspondence documents or other communication that relate to loans made out to Trump or his family.

According to Representative Maxine Walters, Deutsche Bank lacks the controls that are necessary to deal with cases of money laundering. The legislators also make mention of past practices which have led to fines being levied on Deutsche Bank. News reports which had been anonymously sourced and which claimed that the bank was investigating whether the loans to either Trump or members of his family bore guarantees from the Russian government were also cited by the Democratic legislators.

According to the letter, the Democratic legislators also found it curious that when Trump had been rebuffed by other financial institutions following a succession of bankruptcies, Deutsche Bank still lent to him even after the bank had been sued by the U.S. president after defaulting on a loan given earlier. As per the letter Trump’s companies now owe Deutsche Bank about $340 million.

No Republican support

The letter which has been published on the website of the Financial Services Committee however lacks the support of the Republicans. It also appears that the committee has no powers to force Deutsche Bank into providing the information requested. However, the committee can subpoena the documents though this would require the cooperation of legislators from both political parties. Currently the Republicans are the majority in the committee since they also control the House.

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