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By Deepa Bharath | [email protected] | Orange County Register Bishop Kevin Vann leads a Eucharistic procession in and around Christ Cathedral on Tuesday May 23, 2017, following the signing of a construction contact. Christ Cathedral construction is set to begin June 1 . (Photo by Ana Venegas, Orange County Register/SCNG) Bishop Kevin Vann, left, and John Rochford, right, president and COO of Snyder Langston, signed a construction contract for work on the Christ Cathedral sanctuary, Tuesday, May 23, 2017. (Photo by Ana Venegas, Orange County Register/SCNG) Bishop Kevin Vann, left, and John Rochford, right, president and COO of Snyder Langston shake hands after signing a construction contract for work in the Christ Cathedral sanctuary. The signing was followed by a Eucharistic procession around the sanctuary which included school children from Christ Cathedral Academy who were celebrating their First Communion. (Photo by Ana Venegas, Orange County Register/SCNG) A Eucharistic procession circles Christ Cathedral on Tuesday May 23, 2017, following the signing of a construction contract between Bishop Kevin Vann and Snyder Langston, an Irvine-based construction company. Construction is set to begin in June 1. (Photo by Ana Venegas, Orange County Register/SCNG) A Eucharistic procession circles Christ Cathedral on Tuesday May 23, 2017, following the signing of a construction contract between Bishop Kevin Vann and Snyder Langston, an Irvine-based construction company. (Photo by Ana Venegas, Orange County Register/SCNG) Bishop Kevin Vann leads the Eucharistic procession on Tuesday May 23, 2017, following the signing of a construction contract between the diocese and Snyder Langston, an Irvine-based construction company, at Christ Cathedral. (Photo by Ana Venegas, Orange County Register/SCNG) Children from Christ Cathedral Academy celebrating their First Communion join in a Eucharistic procession at Christ Cathedral on Tuesday May 23, 2017. (Photo by Ana Venegas, Orange County Register/SCNG) Children from Christ Cathedral Academy join in a Eucharistic procession at Christ Cathedral on Tuesday May 23, 2017, with Bishop Kevin Vann.
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The bank, in turn, counter-sued, demanding that Trump pay back the $40 million he had personally guaranteed on the loan. The dispute lingered in court for several years before finally being settled. Oddly, Trump subsequently worked out four new hefty loans with Deutsche Bank: one for that Chicago tower; two loans totaling $125 million to finance his purchase of the Doral National golf course in Miami; and a $170 million loan for renovating Trump’s new hotel in Washington, DC. The loan for the Washington hotel was issued in August 2015, a couple months after Trump entered the presidential race. “At a time when nearly 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 Democratic lawmakers stated in their letter to Deutsche Bank. “Only with full disclosure can the American public determine the extent of the President’s financial ties to Russia and any impact such ties may have on his policy decisions.” Last fall, a Deutsche Bank spokeswoman confirmed to Mother Jones that all of Trump’s loans from Deutsche Bank came from its “private bank,” a division that caters to high net-worth individuals who typically maintain large personal or brokerage accounts with the bank. According to Trump’s personal financial disclosure, he had at least two brokerage accounts with Deutsche Bank. Additionally, a failed concrete manufacturing business started by Donald Trump Jr. received a loan from Deutsche Bank, and Jared Kushner and his mother jointly have a loan from Deutsche Bank. (Trump eventually purchased from Deutsche Bank the loan it had made to his son’s failed business.) In the letter, the House Democrats also asked for the bank’s records regarding a 2011 internal investigation of its “mirror trading” operation in Moscow. According to a New Yorker report last summer, between 2011 and 2015, Deutsche Bank employees in Moscow used a complicated trading procedure to help move as much as $10 billion out of Russia, possibly to help wealthy Russians evade sanctions imposed on the Putin regime.
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