Special counsel Robert Mueller reportedly subpoenaed Deutsche Bank for President Donald Trump’s account information, and the accounts of his family and business associates. Deutsche Bank declined to comment, citing privacy laws, but did say the bank “takes its legal obligations seriously and remains committed to cooperating with authorized investigations into this matter.”
The board chairman of Deutsche Bank, Paul Achleitner, called for an internal investigation into the bank’s accounts, as part of a broad effort to prevent suspicious monetary transactions. The bank has very good reason for doing so: Deutsche Bank has a history linking it to criminal activity. The bank was ordered to pay $630 million in penalties because it was involved in a $10 billion Russian money-laundering scheme in January 2017.
The ongoing investigation found that Jared Kushner’s family accounts also have a history of “suspicious transactions.”
Deutsche Bank has handed over evidence of these transactions to BaFin, which is the German equivalent of the FDIC. According to Manager Magazin, “Achleitner’s internal detectives were embarrassed to deliver their interim report regarding real estate tycoon Kushner to the financial regulator BaFin.”
First Son-in-Law Jared Kushner is also, albeit inexplicably, President Trump’s Senior White House Advisor. Deutsche Bank has a long history of doing business with Donald Trump, Trump Organization, and the Kushner family.
Back in November 2008, an attorney for Deutsche Bank wrote a letter to the Supreme Court of New York about $640 million that Donald Trump had borrowed in 2005. The loan was supposed to fund construction of a new hotel in Chicago. Trump had defaulted on his payment… while still owing $330 million. Deutsche Bank was seeking an immediate $40 million payment, in addition legal fees.
As tends to be the case with Teflon Don, he filed a countersuit and claimed that Deutsche was partially responsible for the 2008 crash Therefore, his lawyers argued argued, he wasn’t obliged to pay back the money. Remarkably, Team Trump claimed that Deutsche Bank actually owed him roughly $3 billion.
In light of more recent findings, the banking giant is worried about what the evidence will do to the bank’s reputation.
More than any condemnation by BaFin, Deutsche Bank is concerned about the likelihood that special counsel Robert Mueller will request actual transaction records as part of his special counsel investigation.
Deutsche Bank is right to be concerned with how this impact their reputation, and there shouldn’t be any love lost between Deutsche Bank and the Trump family. So why not just proactively turn it all over to Mueller now?