For President Donald Trump this might not be the best of times after losing the November 2020 elections Vice President Joe Biden, as the Deutsche Bank of Germany has said it might seize the assets of the embattled president over debts owed to it and negative publicity it gets for its association with the Trump organisations.
According to moguldom.com, Donald Trump’s debts are catching up to him. One of his major creditors, Deutsche Bank, wants its money — and it wants it after Trump leaves office. If he doesn’t pay up, the German bank may seize his assets, Reuters reported.
Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president’s umbrella group for his hundreds of investments in real estate, brands and other businesses.
Trump’s two sons oversee the group, according to and a senior bank source and filings made in July by Trump to the U.S. Office of Government Ethics. There are three loans in all, made against Trump properties, and they start coming due in two years. The loans are current on payments and personally guaranteed by the president, according to bank officials.
The bank first started lending Trump money in the late 1990s. Over the years, it has lent Trump more than $2 billion. Deutsche Bank was one of few financial firms willing to do business with Trump after a series of bankruptcies and defaults in the ’90s, Truth Out reported.
The bank lent Trump hundreds of millions even after he sued it for predatory lending practices and fought for forgiveness for his unpaid debt, according to The New York Times.
Yet Deutsche Bank is seeking to end its relationship with Trump after the U.S. elections. It is “tired” of the negative publicity stemming from the relationship, three senior bank officials with direct knowledge of the matter told Reuters.
Trump would, in essence, be defunded.
Democratic Sen. Elizabeth Warren, a member of the Senate Banking Committee, called for an investigation into Deutsche Bank over its money laundering controls. She also wanted details from the lender about its relationship with Trump and his family.
“You bet I’m going to continue to fight for accountability and strong enforcement of our banking laws, especially for giant institutions like Deutsche Bank,” Warren said.
When questioned about his huge debts, Trump shrugged them off during an NBC News town-hall event in October. He said his reported total debt of $421 million represented only a “tiny percentage” of his worth.
Deutsche Bank declined to comment to the media, as did the Trump Organization and the White House.