House Democrats ask Deutsche Bank for Info on Trump’s Russian ties

Deutsche Bank (NYSE: DB) has now become involved in the current investigation by the Congressional Democrats on the alleged ties between President Donald Trump and Russia. Democrats on a U.S. of House Representatives panel wants the bank to provide information on if any accounts connected to the president are linked to Russia. On Tuesday, five Democrats on the U.S. House Financial Services Committee sent a letter to Deutsche Bank U.S. CEO John Cryan, seeking details of the internal reviews to determine if Trump’s loans for his real estate business were backed by the Russian government. The letter states "whether loans Deutsche Bank made to President Trump were guaranteed by the Russian Government, or were in any way connected to Russia."

"It is critical that you provide this Committee with the information necessary to assess the scope, findings and conclusions of your internal reviews," the letter states.

According to CNBC, the internal reviews the bank conducted, involved a “mirror trading” scandal which Deutsche already paid $630 million in fines and the personal Trump family accounts at the bank. The “mirror trading” scandal allowed $10 billon to flow out of Russia. According to MotherJones.com, the bank’s review which has not been made public did not find a link to Russia. The Democrats want to see the review and make sure.

The Democrats have requested the documents from the bank but the bank does not have to hand over the information. The committee can also subpoena the documents but needs the Republicans who have majority of the panel. No Republicans have signed on to the document request.

According to MotherJones.com, Trump currently owes more than $714 million to several banks. Deutsche Bank is his biggest lender and has provided the president at least $364 million in financing. On MotherJones.com they have a chart showing the banks that the current president owes money. Alongside Deutsche Bank he also owes $282 million to Ladder Capital.

TheHill.com, reported that the Deutsche Bank was fined $156.6 million last month by the Federal Reserve for “unsafe foreign exchange trading practices as well as lacking other necessary safeguards. Deutsche Bank paid a record of $2.5 billion in fines in 2015 to settle American and British government charges that it conspired to manipulate market rates for their benefit.

 The Deutsche Bank has till June 2 to respond to the Democrats’ letter. As news unfolded of the bank’s involvement in the investigation its shares went down early Wednesday 1.77% to 18.91 a share.

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