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If Trump doesn't need banks, why does he keep asking them for loans?

Added 05-20-19 10:59:02am EST - “The president is once again trying to rewrite his own financial history.” - Thinkprogress.org


Posted By TheNewsCommenter: From Thinkprogress.org: “If Trump doesn’t need banks, why does he keep asking them for loans?”. Below is an excerpt from the article.

President Donald Trump’s Twitter feed lit up again Monday morning as he attempted to counter The New York Times’ latest reporting on his financial history, which involved claims about his accounts with German financial services company Deutsche Bank. Along with failing to materially rebut the Times’ piece, however, the president indulged in a tidy bit of revising of his financial history.

According to the Times, Deutsche Bank’s computer systems noticed possible illicit activity in both the president’s account as well as that of his son-in-law and presidential adviser, Jared Kushner. But when bank employees filed official reports on that suspicious activity, executives at Deutsche Bank allegedly ignored their concerns and failed to report them to the government.

For example, the system flagged numerous transactions from Kushner Companies to Russian individuals. Federal regulators had ordered Deutsche Bank to be more rigorous about reporting suspicious transactions specifically because it had been caught laundering billions of dollars for Russians. Though employees produced a suspicious activity report, anti-money laundering experts never reviewed the report, and executives chose not to report it to the government.

Trump’s concerns Monday morning, however, had little to do with these suspicious transactions. Instead, he took issue with the Times’ implication that Deutsche Bank was the only bank willing to do business with him because of his poor financial record.

“The Failing New York Times (it will pass away when I leave office in 6 years), and others of the Fake News Media, keep writing phony stories about how I didn’t use many banks because they didn’t want to do business with me,” he tweeted. “WRONG! It is because I didn’t need money. Very old fashioned, but true. When you don’t need or want money, you don’t need or want banks. Banks have always been available to me, they want to make money.”


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