The Daily The Bank That Kept Saying Yes to Trump
May 23, 2019
David Enrich, finance editor and author of 'Dark Towers', dives into Deutsche Bank's tumultuous relationship with Donald Trump, revealing how the bank lent the president over $2 billion while others refused him. The discussion uncovers the bank’s willingness to overlook Trump's credit risks and highlights financial dealings orchestrated by Jared Kushner. Enrich also explores the evolving dynamics during Trump's presidency, exposing the risks and repercussions for both Trump and Deutsche Bank amid increasing political scrutiny.
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Deutsche Bank's Early History
- Deutsche Bank, founded in 1870, initially focused on supporting German companies' global expansion, primarily financing infrastructure projects.
- However, during the Nazi era, the bank's role shifted to financing the Nazi military machine, including Auschwitz.
Deutsche Bank's Post-War Transformation
- After WWII, Deutsche Bank played a key role in rebuilding Europe but later shifted its focus to chasing Wall Street riches.
- This led them to aggressively expand into new U.S. businesses, including stock and bond trading, M&A, and commercial real estate.
Deutsche Bank's Entry into Wall Street
- Unknown on Wall Street, Deutsche Bank employees even mispronounced the bank's name as "douche bank."
- To gain recognition, the bank adopted a high-risk strategy, targeting clients deemed too risky by other financial institutions.
