Financial quid pro quo?
Last comment by Ironside 2 weeks, 4 days ago.

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The following is from International Business Times (www.ibtimes.com). If you believe Trump is looking out for the masses I encourage you to read this. Deutsch Bank was one of many players in the financial meltdown in 2008. And all you folks who complained why no one went to jail or was fined a ton of money, where is your outrage now. (And I am not excusing Obama for his waiver. He simply did not have the vested interest Trump has.)

The banks should pay the fines now!

The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank — which is owed at least $130 million by President Donald Trump and his business empire, and has also been fined for its role in a Russian money laundering scheme.

The waivers were issued in a little-noticed announcement published in the Federal Register during the Christmas holiday week. They come less than two years after then-candidate Trump promised “I'm not going to let Wall Street get away with murder.”

Under laws designed to protect retirement savings, financial firms whose affiliates have been convicted of violating securities statutes are effectively barred from the lucrative business of managing those savings. However, that punishment can be avoided if the firms manage to secure a special exemption from the U.S. Department of Labor, allowing them to keep their status as “qualified professional asset managers.”

In late 2016, the Obama administration extended temporary one-year waivers to five banks — Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. Late last month, the Trump administration issued new, longer waivers for those same banks, granting Citigroup, JPMorgan, and Barclays five-year exemptions. UBS and Deutsche Bank received three-year exemptions.

In the year leading up to the new waiver for Deustche Bank, Trump’s financial relationship with the firm has prompted allegations of a conflict of interest. The bank has not only sought the Labor Department waiver from the administration, it has also faced Justice Department scrutiny and five separate government-appointed independent monitors. Meanwhile, the New York Times recently reported that federal prosecutors subpoenaed Deutsche for “bank records about entities associated with the family company of Jared Kushner, President Trump’s son-in-law and senior adviser.”

All of these interactions with the Trump administration and the federal government are transpiring as Deutsche serves as a key creditor for the president’s businesses.

Deutsche Bank Audit People walk past a Berlin branch of Deutsche Bank on Feb. 9, 2016. Photo: Sean Gallup/Getty Images

Trump owes the German bank at least $130 million in loans, according to the president’s most recent financial disclosure form. Sources have told the Financial Times the total amount of money Trump owes Deutsche is likely around $300 million. The president’s relationship with the bank dates back to the late 1990s, when it was the one major Wall Street bank willing to extend him credit after a series of bankruptcies. In 2016, the Wall Street Journal reported Trump and his companies have received at least $2.5 billion in loans from Deutsche Bank and co-lenders since 1998.

The relationship has had problems. After the financial crash, Trump defaulted on a $640 million loan from the bank. Deutsche brought Trump to court, and the famously litigious real estate mogul countersued for $3 billion in damages, claiming the financial crisis was a “force majeure” event that Deutsche Bank helped create. But the rift was short-lived: the parties settled, the loan was repaid, and Deutsche was soon lending to Trump again.

In December, Bloomberg and others reported the bank had turned over financial records to special prosecutor Robert Mueller after his office subpoenaed the records as part of his investigation into possible collusion between the Trump campaign and Russia during the 2016 election. Trump’s lawyers have called that reporting inaccurate.

“We have confirmed that the news reports that the Special Counsel had subpoenaed financial records relating to the President are false,” Trump attorney Jay Sekulow said in a statement. “No subpoena has been issued or received. We have confirmed this with the bank and other sources.”

Less than three weeks later, the New York Times reported federal prosecutors had subpoenaed Deutsche Bank records related to White House senior adviser and Trump son-in-law Kushner and his vast business holdings. There is no evidence those subpoenas were related to Mueller’s investigation.

The subpoenas come less than a year after Deutsche Bank was fined $425 million by New York State for laundering $10 billion out of Russia.

All five of the banks granted waivers from the Obama and Trump administration were fined for their involvement in the LIBOR scandal that led to $9 billion worth of fines from regulators around the world. Deutsche Bank has paid $3.5 billion for its role in the scandal, more than any other bank. The scandal involved illegally manipulating the London Interbank Offered Rate or LIBOR, which is used to set the cost of borrowing for a variety of financial transactions.

In 2015, Deutsche Bank pled guilty in the U.S. to wire fraud for its role in the scandal. Less than two years later, in the final hours of the Obama administration, Deutsche Bank agreed to a $7.2 billion settlement with the Justice Department for misleading investors in mortgage-backed securities between 2006 and 2007.


Latest Activity: Jan 25, 2018 at 1:28 PM


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Ironside commented on Tuesday, Jan 30, 2018 at 06:33 AM

Where did you get this fake news from?

spellbound commented on Tuesday, Jan 30, 2018 at 14:27 PM

Ironside...I think the source is cleverly hidden in the first line.

Ironside commented on Tuesday, Jan 30, 2018 at 15:45 PM

No it's not.

Bryant commented on Tuesday, Jan 30, 2018 at 15:48 PM

Yes, Ironside, it is. Look again for the reference to the International Business Times; www.ibtimes.com

spellbound commented on Tuesday, Jan 30, 2018 at 17:30 PM
Ironside commented on Tuesday, Jan 30, 2018 at 18:44 PM

I'll let the readers click on your link and try to find the facts to back up your post. P.S. Who owns and runs International Business Times? This is Fake News.

spellbound commented on Tuesday, Jan 30, 2018 at 21:02 PM

Fake News? Really? That's all you've got? Please explain to me HOW this qualifies as fake news. The authors of the essay appear credible, the on line journal has some gravitas, I realize that Alex Jones doesn't recognize the source, but it appears that you have labeled this as fake news because it doesn't comport with your views.

Ironside commented on Tuesday, Jan 30, 2018 at 23:59 PM

I refer to it as fake news because it has no facts to back up the blog post. Where are the facts, produce the facts?

Bryant commented on Wednesday, Jan 31, 2018 at 13:40 PM

Ironside, I haven't decided whether you are playing the troll or an idiot. "No facts"! Did you miss this? "The waivers were issued in a little-noticed announcement published in the Federal Register during the Christmas holiday week" You think it's fake, go look at the Federal Register for 12/25/2017.

Or perhaps you also missed, "Trump owes the German bank at least $130 million in loans, according to the president’s most recent financial disclosure form".

Everything you do not agree with or reflects badly on the Prez isn't fake. no matter how often nor how loudly you doth protest.

Ironside commented on Wednesday, Jan 31, 2018 at 16:12 PM

Trump has a billion dollar business that takes out loans to build properties all around the world. You want your readers to believe that there is something illegal about getting a loan from a bank. Furthermore, If you get a car loan from your local bank, and the bank is charged with fraud and money laundering, are you part of that illegal bank activity, because you got a car loan from that bank? This is the convoluted argument your trying to pin on Trump. I am simply saying, where are your facts to link Trump to German bank's activity.

Bryant commented on Thursday, Feb 01, 2018 at 15:37 PM

I do not want "my readers" to believe anything. I posted an article from a reputable, world wide source considered neutral in its reporting. You may draw your own conclusions but it is not "fake news".

I choose to believe that everyone of those financial institutions deserve absolutely no waivers and that they need to pay the fines assessed. And I believe the US government needs to collect the money owed by necessary means. The amounts are far less then the damage those financial institutions did to the US and world economy.

Ironside commented on Friday, Feb 02, 2018 at 12:15 PM

You say the article is from a reputable, world wide source considered neutral in its reporting. Well your readers have no way to verify that. The article violates basic journalistic standards. 1. It does not source its statements so the reader can check the facts. 2. It is written as a guilt by association article, that would never pass a good editors examination. It would not be published because it would not meet journalistic standards and would damage the reputation of reputable publication.

We use to have a press that had very high journalistic standards,but left them for partisan political propaganda. We are now left with web sites that have no journalistic standards, which the International Business Times, appears to be. I call it Fake News.

Bryant commented on Friday, Feb 02, 2018 at 15:12 PM

Ironside, you're confusing IBT with Breitbart. You can use Google, can't you? Our President is attacking the leadership of the premier domestic law enforcement agency. Our Senators are silent. As is Rep. Allen. Post all the tripe you wish or attack sources which don't match your outlook but think about a top administration official publicly demeaning his own subordinates. What a masterful example of how not to lead.

Ironside commented on Friday, Feb 02, 2018 at 22:49 PM

The Congress that has Constitutional Oversight responsibility is informing the American People of serious wrong doing in the FBI and DOJ, not Trump. The Memo released today has touched off a political firestorm. The Democrats are acting like the child caught with his hand in the cookie jar. Relax, there is much more to come out that will shed more light on the truth.

But we have digressed from your blog. If you trust Google to find the truth, please share your method with your readers.


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