USA Florida — Deutsche Banks Cut Links with Trump

  • BankUnited Inc. announced that it has closed two accounts where the businessman had deposited $5.1 million, and stressed that he does not have any outstanding credits.
  • The Professional Bank, based in the same state, had already announced in the last few days that it stopped having commercial relations with Trump.
  • Trump has at least three mortgages - of more than $300 million - with Deutsche Bank, his main lender over the past few years.

Two banks in the state of Florida have decided to follow the example of Deutsche Bank and cut commercial relations with US businessman and former President Donald Trump, who is currently under investigation for suspected tax fraud. 

U.S. President Donald Trump walks on the South Lawn of the White House before boarding Marine One in Washington, D.C., U.S., on Wednesday, Jan. 20, 2021.U.S. President Donald Trump arrives in his motorcade along Southern Boulevard on his way to Mar-a-Lago in Palm Beach on Wednesday, Jan. 20, 2021.

In Florida, where Trump retired this week after leaving the White House, BankUnited Inc. announced that it has closed two accounts where the businessman had deposited $ 5.1 million, and stressed that he does not have any outstanding credits.

The Professional Bank, based in the same state, had already announced in the last few days that it stopped having commercial relations with Trump, who had obtained from this bank in 2018 a credit of  $11.2 million to buy a piece of land adjacent to the tourist resort of Mar -a-Lago in Palm Beach.

Trump also had a current account in the same bank of more than $5 million until recently.

The removal of Florida banks follows the decision of Deutsche Bank, reported by the New York Times, to cut ties with the businessman.

Trump’s relations with Deutsche Bank were in focus in the latest testimony from Michael Cohen, the businessman’s former personal lawyer, last week in an investigation by the New York attorney’s office over the Trump Organization.

Cohen, who collaborates with the investigation as a whistle blower, examined documents from the Trump Organization, the outgoing president’s business holding company, at the request of prosecutors, and was asked about details of the institution’s structure, according to court sources cited by the AP.

Trump has at least three mortgages – of more than $300 million – with Deutsche Bank, his main lender over the past few years.

According to Forbes magazine, over the next three years Trump has debts to maturity of around $1,000 million, related to loans taken out to build the tower of the Avenue of the Americas in New York ($285 million), Trump International Washington hotel ($170 million), a skyscraper in San Francisco ($162 million) and the Trump National Coral Miami hotel and golf course ($125 million), among others.

The value of Trump’s assets is estimated by Forbes at $3,660 million.

In addition to being affected by the tourism and real estate crisis, due to the pandemic, business with Trump has also become, in the wake of the attack on the Capitol, undesirable for sports organizations such as the Professional Golf Association, which canceled the 2022 Trump event National Golf Club Bedminster in New Jersey.

U.S. President Donald Trump arrives in his motorcade along Southern Boulevard on his way to Mar-a-Lago in Palm Beach on Wednesday, Jan. 20, 2021.

In New York, the City Council terminated a $17 million contract with the Trump Organization to manage some infrastructure, including a golf course.

At the same time, some of the biggest American brands such as AT&T, Mastercard, American Express, Marriott, Dow, Morgan Stanley or Blue Cross Blue Shield have also suspended the delivery of donations to congressmen who supported Trump during the invasion of the Capitol.

Before Congress, Michael Cohen said that Trump often inflated the value of his assets in transactions with financiers or potential business partners, and that he deflated them for tax purposes.

Trump has called into question the impartiality of the investigations of Vance and James, both from the Democratic party, calling them “witch hunts.”

[bsa_pro_ad_space id=4]

Vincent Ferdinand

News reporting is my thing. My view of what is happening in our world is colored by my love of history and how the past influences events taking place in the present time.  I like reading politics and writing articles. It was said by Geoffrey C. Ward, "Journalism is merely history's first draft." Everyone who writes about what is happening today is indeed, writing a small part of our history.

Leave a Reply