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by Gage Skidmore via flickr
In 1980, Donald Trump was a favorite of international banks, but now the majority of those who dealt with him refrained from business contacts with the potential candidate for the US presidency. This follows from an investigation conducted by the agency Dow Jones, the results of which were published on Monday. Now Wall Street refrains from financing Mr. Trump's campaign, despite the fact that the banks provide assistance to its competitors. For example, US financial institutions have transferred to Hillary Clinton's election campaign a total of $ 19 million, while Mr. Trump received from them only $ 17.5 thousand. Mostly, his campaign is paid out of his pocket.
Banks started to show such attitude long before Mr. Trump announced his political plans. According to the agency, which refers to both Wall Street open sources and to individuals familiar with the situation, the banks lost interest in Mr. Trump after he began to gradually withdraw from the real estate market at the beginning of the 1990s. In addition, according to one source, the banks do not like "business practices of Mr. Trump." Citigroup, JP Morgan Chase and Morgan Stanley agency are those, which are now completely not working with Mr. Trump, despite the fact that they used to do it before.
However, there is one bank, on which Donald Trump could always count - Deutsche Bank. Since 1998, when the bank first started to cooperate with Mr. Trump and its related companies, Deutsche granted them loans totaling $ 3.5 billion, and this despite the fact that the relationship between the bank and the borrower has not always been rosy. In 2005, being already listed as one of Mr. Trump’s main creditors, Deutsche provided him and a number of other financial companies with a loan of $ 625 million to for construction of 92-story Center Trump International Hotel and Tower in Chicago. According to one of Dow Jones’ sources familiar with the situation, the bank wanted to provide a loan, as one of its services was worth $ 12 million. However, in the 2008 crisis, Mr. Trump could not pay the bank $ 334 million. Deutsche started to demand the payment and got sued by Mr. Trump. He demanded to recognize the economic crisis as a "force majeure", and restructure the debt. The court refused to satisfy Mr. Trump’s claim, but the trial itself forced Deutsche Bank to begin negotiations on debt restructuring, which eventually was paid in 2012.
The scandal did not help normalize relations between Deutsche’s investing division and Mr. Trump. According to one of Dow Jones’ sources, from then onward Tramp became "persona non grata". Nevertheless, this does not bother the division of wealth management, which, in fact, helped Mr. Trump repay the loan of the same bank. As noted in Dow Jones’s publication, the US subsidiary of Deutsche Bank, despite the fact that it is forced "to deal with reputational issues and the falling price of the shares", is a financial institution with perhaps the closest relationship with Donald Trump.
source: wsj.com
Banks started to show such attitude long before Mr. Trump announced his political plans. According to the agency, which refers to both Wall Street open sources and to individuals familiar with the situation, the banks lost interest in Mr. Trump after he began to gradually withdraw from the real estate market at the beginning of the 1990s. In addition, according to one source, the banks do not like "business practices of Mr. Trump." Citigroup, JP Morgan Chase and Morgan Stanley agency are those, which are now completely not working with Mr. Trump, despite the fact that they used to do it before.
However, there is one bank, on which Donald Trump could always count - Deutsche Bank. Since 1998, when the bank first started to cooperate with Mr. Trump and its related companies, Deutsche granted them loans totaling $ 3.5 billion, and this despite the fact that the relationship between the bank and the borrower has not always been rosy. In 2005, being already listed as one of Mr. Trump’s main creditors, Deutsche provided him and a number of other financial companies with a loan of $ 625 million to for construction of 92-story Center Trump International Hotel and Tower in Chicago. According to one of Dow Jones’ sources familiar with the situation, the bank wanted to provide a loan, as one of its services was worth $ 12 million. However, in the 2008 crisis, Mr. Trump could not pay the bank $ 334 million. Deutsche started to demand the payment and got sued by Mr. Trump. He demanded to recognize the economic crisis as a "force majeure", and restructure the debt. The court refused to satisfy Mr. Trump’s claim, but the trial itself forced Deutsche Bank to begin negotiations on debt restructuring, which eventually was paid in 2012.
The scandal did not help normalize relations between Deutsche’s investing division and Mr. Trump. According to one of Dow Jones’ sources, from then onward Tramp became "persona non grata". Nevertheless, this does not bother the division of wealth management, which, in fact, helped Mr. Trump repay the loan of the same bank. As noted in Dow Jones’s publication, the US subsidiary of Deutsche Bank, despite the fact that it is forced "to deal with reputational issues and the falling price of the shares", is a financial institution with perhaps the closest relationship with Donald Trump.
source: wsj.com
