Deutsche Bank just said it has tax returns tied to a Trump probe. Here's what we know about Trump's ties to Deutsche Bank.
- Deutsche Bank confirmed to a US court on Tuesday that it has tax returns related to an investigation of Donald Trump - though whether it was his personal fillings, company, or family returns remains unclear as documents were redacted.
- Trump broke years of custom in refusing to reveal his tax returns for public scrutiny as a presidential candidate.
- Deutsche Bank has had a long relationship with Trump, lending him millions over a span of 30 years.
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Deutsche Bank confirmed to a US court on Tuesday in a letter that it has tax returns tied to Donald Trump after a congressional subpoena.Citing a letter Deutsche Bank sent to a federal appeals court, the Financial Times wrote that the German lender refused to say whether the returns were Trump's or if they were related to his family, or the Trump organization. Advertisement
Trump broke years of custom in refusing to reveal his tax returns for public scrutiny as a presidential candidate.
"The bank has in its possession tax returns (in either draft or as-filed form) responsive to the subpoenas for [redacted]," the Financial Times cited the letter as saying. Deutsche Bank reportedly said in the letter that it also had documents "related to parties not named in the subpoenas but who may constitute 'immediate family' within the definition provided in the subpoenas."Trump has tried to legally halt any documents relating to he or his family being revealed by both the German bank and the American Bank Capital One Financial. Trump lawyers have been appealing a House of Representatives ruling that declined to block a subpoena of the documents.
Deutsche Bank defended redacting the letter, saying that American law stops banks from revealing personal financial information to third parties, according to the Financial Times.Business Insider has reached out to Deutsche Bank for comment.
Here's what we know about Trump's ties to Deutsche BankDeutsche Bank has had a long relationship with Trump, lending him millions over a span of 30 years.Advertisement
- The New York Times on Wednesday, citing unnamed bank officials, said that Deutsche Bank is in possession of "far more detailed financial data" on Trump's businesses than his tax returns. "Congressional investigators believe those documents could be more helpful than the tax returns to understanding Mr. Trump's web of businesses and sources of his money," the Times wrote.
- Deutsche Bank along with six other banks gave congress thousands of documents that related to Trump and possible ties to Russia.
- JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, and Wells Fargo were among the banks that gave documents to the same House Financial Services Committee as well as the House Intelligence Committee who were probing if there was a potential foreign influence on Trump and his family.
- In March, the Times reported that Trump had received around $2 billion in loans from the German bank. His relationship with the bank goes back to the 1990s.
- The Financial Times reported earlier this year that Trump's debt to the bank stands around $300 million, having helped him finance Trump International hotel and tower in Chicago, the Old Post Office in Washington and Trump national Doral in Miami.
- Trump sued the bank in 2008, just days before a loan to build Trump International Hotel and Tower in Chicago was due to the bank, claiming that the Deutsche bank played a major part in the financial crash.
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