Deutsche Financial institution gives “Auf Wiedersehen” to the least well-known German-American in historical past
On October 7, 1885, a 16-year-old boy from Kallstadt, a small wine village in what was then Bavaria, boarded a ship in Bremen that went to New York. Like his future grandson, Friedrich Drumpf did everything to avoid military service. The man, who now calls himself Frederick Trump, is headed for the west coast and made a small fortune doing hooch, whore, and hotels before returning home to take a wife. He resumed his inn in New York shortly afterwards, but his wife did not allow herself to be enchanted by the charm of the Big Apple and they moved back to Germany. Unfortunately for the couple and the world, the ex-Drump’s evasion had not gone unnoticed, and Fred and the pregnant Elizabeth were chased out of the country and back to that country.
However, this was not the end of the relationship between the Trump family and the German nation. To the child Elizabeth brought back across the Atlantic was the future Fred Trump, and when the heir to his realm of suburban slums tried to expand its Manhattan holdings, he’d built himself so extravagantly after telling dear old father the Rein had taken off turned to the old country for financing, in particular to Deutsche Bank.
More than 20 years and more than $ 2 billion later, Deutsche Bank is calling for an end to the ties that bind the Trumps to their ancestral home. Apparently, it is enough for any global bank to have financed a coup.
Deutsche Bank, which has been Mr Trump’s main lender for two decades, has decided not to do business with Mr Trump or his company in the future, according to a person familiar with the bank’s thinking. Mr. Trump currently owes Deutsche Bank more than $ 300 million due over the next few years.
The bank has come to the conclusion that, without canceling the debt, there is no way it can get out of the Trump relationship before the loans mature.
The financial farewells came a little closer to home, albeit a few orders of magnitude less significant.
Another long-time financial partner of the Trumps, Signature Bank, is also cutting ties. The bank that helped Mr Trump fund his Florida golf course and of which Ivanka Trump, the president’s daughter, was a former board member, issued a statement calling on Mr Trump to step down as president, “in the best interests of ours Nation and US Americans. “
Susan Turkell, a spokeswoman for the bank, said Signature had decided it “will not do business with members of Congress who voted to disregard the electoral college” in the future. Ms. Turkell said that following the riots, the bank began closing Mr. Trump’s two personal accounts, which were worth approximately $ 5.3 million.
He told you, Forbes.
An urgent settlement for the Trump brand [NYT]
Before: If Deutsche Bank could vote, it would vote for non-customer Joe Biden. Trump Banker does like Bill Barr and retires; Deutsche Bank makes one last deal with Donald Trump