No wonder POtuS is having a meltdown. I just read that NY article re: Deutschbank. WOW.

[catbyte]

He told them he's worth $2B+. Deutschbank can only prove $788M, and I find even that hard to believe.

Link to tweet

This is the inside story of how Deutsche Bank officials – including 2 CEOs – were so eager to do business with @realDonaldTrump that they ignored years of internal warnings about the risks.

Based on interviews with 20+ bank execs w/ direct knowledge. https://www.nytimes.com/2019/03/18/business/trump-deutsche-bank.html …

Here's the Thread Reader unroll:

https://threadreaderapp.com/thread/1107772988714336262.html

NYT article:

https://www.nytimes.com/2019/03/18/business/trump-deutsche-bank.html

[Girard442]

1. One of the things you notice about the NYT article...

...is that something is missing. It's like we're looking at this massive edifice and we know something big is holding it up and we can't see it -- but you know it's gotta be there. {cough} Rubles {cough}

[lagomorph777]

4. Roubles, Roubles, when will you be mine?

Trump's theme song for decades. Putin found a way to supply Trump with money, and for Trump to supply Putin with Kompromat. The link is Deutsche Bank.

[dawg day]

31. And Deutsche Bank has long been accused of laundering money

They probably realized staying on Trump's right side would help with that portion of their business.

[yortsed snacilbuper]

36. ditto

[riverine]

2. Trump and 20 million other Americans lied on their loan apps so

this won't go anywhere.

UNLESS, money laundering can be proven.

[Major Nikon]

3. Lying on a loan application is bank fraud

If any such loans were tied to any of Trump's bankruptcies he could be facing prosecution for other crimes as well.

[riverine]

7. Yes, it is part of bank fraud.

but the loan is performing so "fraud" would be quickly dismissed.

[leftynyc]

12. Not sure who they think they're fooling

The ignore button comes in handy.

[blugbox]

24. Would it really? That would be disappointing

Pharma Bro got nailed for defrauding investors, even though he ended up making them money in the long run, correct?

[SayItLoud]

20. C A S I N O's $ laundering admitted and only a friggin fine paid. tRUMP

didn't want the Feds digging any deeper. We all know how tight he is with his own $ .

[RobinA]

35. They Knew

it was fraud but lent him the money anyway. Trump’s Willing Lenders. A pox on both their houses.

[Squinch]

10. Gosh. That statement doesn't make me suspicious at all.

Another new "nothing to see here" poster. How nice.

[karynnj]

15. 20 million Americans lied on their loan applications?

Please provide ANY justification of this statement. I have not gotten a mortgage or any other kind of loan for over a decade, but the questions are pretty straight forward and you need proof for all claims of assets and income. For most Americans, that is not complicated.

[pandr32]

21. Yes, I want to know a source for this outrageous claim as well

Not only did we need to verify everything, but had to send in updated information upon request.

[LuvNewcastle]

42. Yep, they practically give you a rectal exam at my bank.

Unless someone was helping me on the inside, there's no way I could have committed fraud and gotten away with it.

[pandr32]

54. Agreed

[thesquanderer]

22. It's not as bad as it was before the subprime collapse, but it's still significant

https://www.cnbc.com/2018/10/03/mortgage-fraud-is-getting-worse-as-more-people-lie-about-their-income.html

I'm guessing that 20 million was just a figure pulled out of the air and not meant to be taken literally. But there are over 10 million applications made each year. If 1% have fraud, that's over a million people lying on their applications over 10 years (though that could also include cases of the same individual lying multiple times).

[SWBTATTReg]

23. I agree ... this is rather pushing the envelope of believable claims, 20 million, especially...

after the 2008 market collapse? Yeah, right. I'm with you, provide any justification of this number...

[riverine]

49. See reply #48 - NY Times link

I back up the statement.

[crazytown]

17. Inflating assets by 70% on a $140 million loan?

That’s not everyday stuff.

[Hekate]

25. I think I won't be going to you for loan/legal advice. Your numbers sound inflated...

...just like Trump's. 20 million grifters getting away with fraud? Hmmm.

[asiliveandbreathe]

32. Prove it!!!!! Sounds like t rump himself...prove it!!! - BS....n/t

Questionable comment fur shur….

[red dog 1]

37. "20 million Americans lied on their loan apps"?

Do you have a source for that?

[riverine]

48. Absolutely - the New York Times. This should NOT be a controversial statement.

The F.B.I. warned in September 2004 that mortgage fraud was “epidemic” and predicted that it would cause an “economic crisis.” In 2006, the mortgage industry’s own anti-fraud experts warned that liar’s loans had a fraud incidence of 90 percent because they were “an open invitation to fraudsters.” The lenders reacted to the warning by greatly increasing the number of liar’s loans.

Credit Suisse reported in early 2007 that 49 percent of new mortgage originations in 2006 were liar’s loans. That means that more than a million fraudulent loans were being made each year and that liar’s loans were causing the bubble to hyper-inflate. Federal regulators and the Securities and Exchange Commission also could have stopped liar’s loans and toxic derivatives supposedly backed by liar’s loans. But the Bush administration appointed senior anti-regulators who did not believe that fraud could be a serious problem, so the regulators refused to act.

https://www.nytimes.com/roomfordebate/2011/01/30/was-the-financial-crisis-avoidable/when-liars-loans-flourish

A million PER YEAR (1995-2007) were "made" and at least twice as many more applications were submitted.

Liar Loans FUELED the bubble. Mortgage companies rubber stamped the loans so they could resell them. This is not controversial at all.

[FBaggins]

52. The Times said nothing of the sort

An Op-Ed badly misstated an industry warning and then extrapolated it to the entire industry (without foundation). Then, even though it was a wild-guess number for the peak of the bubble-inflating period, you assumed that it was the standard over a 20-year period and just multiplied by 20 - rather than assuming that (like all other bubbles), the number grew exponentially.

That's quite a long shot from the NYTimes saying that 20 million households lied on their mortgage applications.

[red dog 1]

53. Thanks for that

Back around 2006, I signed a re-finance loan application with one of those crooked mortgage brokers, (a man & wife), who came out to my house and even brought a small copy machine with them.

The next day, I called a San Francisco radio station's "Consumer Help Line"
and told them what had happened, and they said they'd "get back to me"

About an hour later, I got a call from the female loan broker, who said:
"You called the media?"

"Yes," I said.

"What do you want to do?" she said.

"I'd like you to tear up the papers, I don't want that loan," I replied.

She said, "OK" and did just that.

The funny thing was that the woman who called her from the radio station was merely trying to get more facts.
But just getting a phone call from a big city radio station was enough to scare the crooked loan broker into tearing up the papers I had signed the previous day.

[Hugin]

5. "Deutschbank can only prove $788M"

Interesting figure... It is almost exactly the amount I came up with a couple of years ago.

Coincidentally, it is nearly the bare bones value of his original Rump Tower. As far as I can tell, Old Yeller's only "asset". Which, is probably now and always has been leveraged for at least Five to One.

Which at 5 to 1 is, coincidentally, the $5.7 Billion figure he keeps throwing around as the cost of his Big Dumb Wall. Think about that for a minute.

I was trying to rough number how he could jet around at will in a full sized jet. The annual maintenance costs alone are in the $10s of Millions.

It's simple. His income does not come close to matching his liabilities. Even if you add in his tendency to stiff the help.

So, where's the rest of the High Maintenance Mussollini's per diem coming from?

[erronis]

19. We all tend to think of putine and his oligarchs, however much may come from others

that needed the services of a quick and discreet landromat. Think any US and European plutocrats. Think of other crime families.

[Hermit-The-Prog]

39. he parked that big jet until RNC and the campaign started paying him

Would fit his 'style' that he used his campaign to keep afloat.

(Minor nit: you misspelled "Assolini" ).

[watoos]

6. We already knew that Trump wasn't a billionaire.

He lost a law suit where it was shown he wasn't a billionaire.

[Moostache]

14. I am Jack's total lack of surprise...

What I want to know is WHY...

Why is he allowed to live a lavish, "billionaire-esque" lifestyle with such low assets and poor credit history?
Why is he allowed to flaunt the law so brazenly with clear obstruction of justice almost DAILY?
Why is he allowed to admit to sexual assault and brush it off as "locker room talk" (on a fucking BUS)?

Why is this shit gibbon allowed to lie, project, lie some more and NEVER face consequences?

Why?

He needs to face the full weight of justice for all his crimes. He needs to die in prison, disgraced further than he already is and locked away from his family forevermore. He needs to fend off prison gangs - especially those organized around race and violent retribution. He needs to feel the sting of a harsh prison mattress and low thread count, even threadbare sheets.

He needs to face justice for a life of lies, theft, graft and far worse.
He needs to go down and stay down for the count.

Karmic balance demands its pounds of flesh in his case...

[notdarkyet]

26. Who gets to borrow a couple billion with no assets? I want some .

[smirkymonkey]

28. +1000

[red dog 1]

38. + 1

[Dave Starsky]

55. You have just laid out what I never could have said.

Although I desperately wanted to. Thank you for that.

We live in a country that has an economy based on bullshit. That bullshit is being stretched to the very limit. We all grow up with the rules, and we are all told to follow them. Those rules do not apply at the very top. We are finding this out noe as a fact. I want those same rules applied to the people at the top. I want them punished.

[Stuart G]

8. This is it...Why Trump is melting down. Basically proves his lies about Trump's net worth.

That is it...It also questions his Deutsche Bank relationships. Trump knew this article was coming in the NY Times, and that is why he has melted down.

[karynnj]

16. Remember that he said early on that his personal finances were "off limits"

In fact, they aren't.

[notdarkyet]

27. He wishes. He tried.

[Jarqui]

33. I think it is worse than that

They're going to figure out a bunch of his assets were acquired by illegal means.

If he's devaluing his assets to pay less taxes, that's tax evasion.
If he's laundering Russian money through Deutsche Bank ... that's bad news for him and his family. Why else would Deutsche Bank knowingly look the other way on him inflating his assets on loan applications, forging a signature on approval papers, getting a Deutsche Bank loan to pay a Deutsche Bank loan, defaulting a number of times on Deutsche Bank loans, letting him counter sue them for his losses when the market dived, etc. No bank tolerates that in the normal course of business.

He's up to no good somehow and Deutsche Bank knew it. All that is left is for the authorities to figure out are the specifics - of even a part of it to get a conviction. Rudy Guiliani can play semantics with collusion or obstruction but like Manafort, Cohen and Al Capone found out: fraud, tax evasion & money laundering are not so easily explained away because the financial transactions make them black and white.

[Ponietz]

9. Each time I hear of Deutsche Bank I remember Justice Anthony Kennedy's abrupt retirement

and learning a day or two later that his son, Justin Kennedy, was Assolini’s banker. FFS, I wish the FBI would make more arrests already.

[Peace06]

11. Ponietz

Agree 100%. You know IQ45 is involved in that sudden retirement somehow. Wish we knew more.

[calimary]

13. Bookmarking.

MOST interesting! I want to give this some time.

[Kurt V.]

18. Better late than never. ugh

Kurt Eichenwald
@kurteichenwald
·
14h
...I know there's more in Times story, but that is the part I keep seeing online and on social media. And its so frustrating how much stuff is reported these days as "Exclusive!'' when it was in Newsweek pre-election, but ignored because it wasn't about her emails or Dr. Oz.

[emulatorloo]

30. +1. Eichenwald did excellent reporting on Trump pre-election

And it was ignored

[Hermit-The-Prog]

40. Eichenwald reported even in the face of attacks

2016-10-07:
How Donald Trump Supporters Attack Journalists

Several links to other Eichenwald articles in the above.

[emulatorloo]

45. Yes I remember that. Shameful

[RGTIndy]

29. Deutsche Bank is a Russian laundromat

My guess is they were "eager" to do business with Trump because of those ties, not because of Trump himself.

[Rabrrrrrr]

34. And how many loans were really just money laundering between Donald and Russia,

or Donald and Putin, or fuckall whatever other criminal organizations the shit is tied into.

[red dog 1]

41. Kick for exposure

[shanti]

43. Rachel killed it last night

with her expose about Deutsche Bank and Chump. It was mind-boggling how Deutsche would change their mind constantly about whether to give him money or not, even with his proven track record. Is everyone high up there compromised??

[ancianita]

44. The New Yorker opened up the long history of Deutsche Bank's M.O. a few years ago.

https://www.newyorker.com/magazine/2016/08/29/deutsche-banks-10-billion-scandal


It's the kind of globalist club reveal that makes a Big Deal about the current context of Mueller's investigation.

More important, I think, is its possible, if distant connection to the emoluments case before the Richmond, Virginia-based 4th U.S. Circuit Court of Appeals. If emoluments prosecutors need to prove "harm," without being constitutionally seen as inherently damaging to the integrity of the office of the president, and therefore the country, then any future businessman-as-president may be able continue the appearance of propriety while living the high life above the law.

https://www.newyorker.com/business/currency/deutsche-bank-mirror-trades-and-more-russian-threads

[Honeycombe8]

46. "Aside from his history of defaults, he was an attractive borrower."

"Aside from his history of defaults, he was an attractive borrower." That's what Deutsche Bank thought of Trump, after giving him many loans, and being asked for yet another (for $100 Million). Even though Trump had filed several bankruptcies, screwing creditors out of hundreds of millions of dollars, and even suing Deutsche Bank once over a loan that he wasn't going to repay because of the recession!

Can you imagine any bank telling YOU that except for all those loans you haven't paid in the past, things look pretty good for this new loan you want?!?

It gets better. Trump THEN asks for a second loan from another division. He's going to use THAT loan to pay on another loan in another division that he owes Deutsche Bank. And the Deutsche execs actually APPROVE all that. This time, though, at least there were a few people @ Deutsche who had the good sense to recommend against it. The Deutsche Bank CEO signed off on it.

Trump has walked away with hundreds of millions of what he calls "OPM" (other people's money). And STILL got loans for hundreds of millions of dollars.

Unbelievable.

[Amaryllis]

47. And what about the Kavenaugh/ Anthony Kennedy connection?

"Over the next few years, the commercial real estate group, with Mr. Kennedy now in a senior role, kept lending to Mr. Trump, including to buy the General Motors building in Manhattan. Occasionally, Justice Kennedy stopped by Deutsche Bank’s offices to say hello to the team, executives recalled."

How does this all play in? Anyone remember the particulars better than I do? If I recall, it was like Kennedy in effect chose K to be his replacement. Just how thick is this plot line?

[True Blue American]

50. Germany Trying To Clean Up.

https://www.cnbc.com/2019/03/19/deutsche-bank-commerzbank-germany-is-forcing-a-marriage-that-may-not-work.html

https://www.cnbc.com/2019/03/19/deutsche-bank-commerzbank-germany-is-forcing-a-marriage-that-may-not-work.html

[Doodley]

51. Is there an election law broken here too?

He claimed he was worth 10 billion in his financial disclosure to the FEC. And he used that figure as a boast to claim he was a great businessman and therefore qualified to handle things like the national debt and growing the economy. Surely, there's a law here that applies.