Donald Trump has taken to Twitter to lash out at media claims that only Deutsche Bank would consistently lend him money.

By David Walker

Posted on May 22, 2019

US President Donald Trump has angrily defended his personal creditworthiness, after claims about Deutsche Bank’s dealings with him and his associates.

The New York Times reported that the German-based bank ignored red flags by its staff regarding possible illegal transactions within the Trump organisation.

The newspaper said Deutsche employees had recommended that “multiple transactions involving legal entities controlled by Donald J Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog”.

Deutsche executives had rejected the recommendations, it said, in what employees called “part of a pattern of the bank’s executives rejecting valid reports to protect relationships with lucrative clients”.

Trump took to Twitter on Monday 21 May to condemn the story by what he regularly calls “The Failing New York Times” [sic].

He appeared to object particularly to the story’s claim that Deutsche was “the only mainstream financial institution consistently willing to do business with the real estate developer”.

Trump has used Deutsche since the 1990s, and reportedly owed it US$300 million.

The paper and other media outlets “keep writing phony stories about how I didn’t use many banks because they didn’t want to do business with me,” he tweeted. “Wrong! It is because I didn’t need money. Very old fashioned, but true. When you don’t need or want money, you don’t need or want banks.”

Trump said “banks had always been available to me, they want to make money”. “There was always plenty of money around and banks to choose from,” he tweeted.

He also alleged that “Mainstream Media” was “corrupt and deranged” and that “fake news” was “the true enemy of the people”.

The story’s author and The New York Times Finance Editor, David Enrich, rejected Trump’s claims, saying Deutsche alone among major banks had been willing to lend to Trump for 20 years “because of his pattern of defaults and the bank’s hunger for growth in the US”.

Enrich plans to publish a book next year that examines the bank’s relationship with Trump.

The presidential tweets also followed a US judge’s rejection of Trump’s claim that Congress was overstepping its authority. US district judge Amit Mehta refused to block a Congressional oversight committee’s subpoena of the president’s financial records from his accounting firm.

Meanwhile, the House Committee on Ways and Means also wants to subpoena Trump’s tax returns, while Trump has sued Deutsche to prevent it from handing over further financial records to the House Intelligence and Financial Services committees.

All these documents would shed light on Trump’s business income and wealth.

Trump’s finances are coming under new scrutiny in the wake of the Mueller Report and the Democrats’ success at the 2018 elections, which gave them a majority in the House of Representatives.