Report: Trump carries debt of hundreds of millions of dollars to foreign banks
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Russ Choma and David Corn at Mother Jones:
In his most recent financial disclosure statement, Donald Trump notes he has billions of dollars in assets. But the presumptive GOP nominee also has a tremendous load of debt that includes five loans each over $50 million. (The disclosure form, which presidential candidates must submit, does not compel candidates to reveal the specific amount of any loans that exceed $50 million, and Trump has chosen not to provide details.) Two of those megaloans are held by Deutsche Bank, which is based in Germany but has US subsidiaries. And this prompts a question that no other major American presidential candidate has had to face: What are the implications of the chief executive of the US government being in hock for $100 million (or more) to a foreign entity that has tried to evade laws aimed at curtailing risky financial shenanigans, that was recently caught manipulating markets around the world, and that attempts to influence the US government?
Trump’s disclosure form lists 16 loans from 11 different lenders, totaling at least $335 million, and the aggregate amount is likely much more. Deutsche Bank is clearly his favorite lender, and Trump’s financial empire has become largely dependent on his relationship with this major player on Wall Street and the global markets. The German bank has lent him at least $295 million for two of his signature projects. In 2012, Deutsche provided Trump with $125 million to help him buy Trump National Doral golf course. Last year, it handed Trump a $170 million line of credit for his new hotel project on Pennsylvania Avenue in Washington, DC.
Should Trump move into the White House, four blocks away from his under-construction hotel, he would be its first inhabitant to owe so much to any bank. And in recent years, Deutsche Bank has repeatedly clashed with US regulators. So might it be awkward—if not pose a conflict of interest—for Trump to have to deal with policy matters that could affect this financial behemoth?
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