US House Democrats seek info from Deutsche Bank on Trump accounts

John cryan deutsche trump loans

Congressional Democrats investigating alleged ties between President Donald Trump's political campaign and Russian Federation are seeking information from Deutsche Bank. A copy of the letter sent to the bank was reviewed by Bloomberg News.

The lawmakers asked whether the bank's loans to Trump, made years before the NY developer ran for president, "were guaranteed by the Russian government, or were in any way connected to Russia".

USA -traded shares of Deutsche Bank fell 2 percent in morning trade.

"At a time when almost all other financial institutions refused to lend to Trump after his businesses repeatedly declared bankruptcy, Deutsche Bank continued to do so-even after the President sued the Bank and defaulted on a prior loan from the Bank - to the point where his companies now owe your institution an estimated $340 million", the letter said.

Bloomberg pointed out that as the minority party in Congress, the Democrats would not have the power to force Deutsche Bank to make any disclosures. Hensarling's office didn't immediately respond to a request for comment.

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In a letter to Deutsche Bank CEO John Cryan, Democratic members of Congress cited the bank's "pattern of involvement in money laundering schemes with primarily Russian participation" and its "unconventional relationship" with Trump. No hearing has been scheduled.

In the letter, seen by Business Insider, the Congressional committee asks for information "regarding its 2011 Russian mirror trading scandal and the other regarding its review of the personal accounts of President Donald Trump and his family members held at the Bank".

Mirror trading involved buying stocks, for example, in Moscow in rubles, with related parties selling the same stocks shortly thereafter through a bank's London branch.

United States lawmakers have demanded documents from German banking giant Deutsche Bank detailing its ties with President Donald Trump and his dealings with Russian Federation.

The Democrats cited Deutsche Bank's previous compliance failures, which have resulted in more than $6 billion in fines and penalties to US regulators since 2015. It requests a response by June 2.

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