Donald Trump is said to have a net worth of about $1.6 billion according to Forbes. And with many of his businesses and buildings being world renowned, there is little doubt that his assets range in the billions. That said, numerous questions have been raised as to how he has been able to acquire such wealth, although he has publicly stated that credit from banks has been one of the main strategies behind this.
And now, a new report compiled by Newsweek has emerged, looking at his past relationship with Deutsche Bank, which dates back to more than a decade ago. In 2008, a letter from the bank was apparently sent to the Supreme Court in New York, regarding one of its troublesome clients, Donald Trump. He had apparently borrowed some $640 million to build a hotel a few years before, but had defaulted. $330 million was unpaid, and the bank was seeking $40 million to be sent immediately, plus interest and legal fees stemming from the case.
Trump, however, counter-sued, blaming the bank for playing a part in events leading to the worldwide economic turmoil. The lawsuit also sort damages related to this, totaling $3 billion. What happened after this was unexpected. Instead of cutting ties with him, the bank lent him more money. As Newsweek reported, he apparently got credit from the private wealth division of the bank, enough to cover the loan he had borrowed from its real estate team. He also got an additional sum of approximately $50 million.
At about that time, Deutsche bank was suspected to be involved in money laundering activity involving Russian financial institutions and oligarchs. VTB, a Russian state-owned bank was tied to this and apparently responsible for up to 80 percent of the bank’s revenue and profits. Few people could understand what was going on, according to Christopher Barter, who was Goldman Sachs Moscow CEO.
Thousands of “mirrored” transactions were taking place, involving entities buying stocks through Deutsche Bank Moscow in rubles and almost instantaneously, “different” parties selling the same in Germany through the bank, but buying in dollars. Lending “loans” and defaulting was another strategy used to launder rubles into dollars.
According to former MI6 chief, Richard Dearlove, it was during this period that Trump borrowed money from the Russians. This is as reported by The Independent. However, he has yet to prove his statement.