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Deutsche Bank joins company to break ties with Donald Trump | Deutsche Bank

Deutsche Bank has become the newest big company to break its ties with Donald Trump, and the company that has supported the Trump Organization for 20 years has reportedly announced that it will no longer deal with the shameful president.

The New York Times reported a move by German banks following a deadly attack on the US Capitol on Wednesday by a mob of Trump supporters. The number of companies that break their relationship with Trump is now turning into an avalanche.

Deutsche Bank was Trump’s most important lender. The Trump organization, led by his two eldest sons, owes banks an unpaid loan of approximately $ 340 million. After a series of bankruptcies in the 1990s, it was the only bank willing to give money to Trump.

This relationship has overcome various scandals. In 2008, Trump sued the bank’s real estate division after failing to repay the $ 40 million used to fund the construction of the Trump International Hotel and Tower in Chicago. He accused Germany of co-causing the financial crisis and demanded $ 3 billion in compensation.

Instead of abandoning him as a customer, the German private wealth department intervened and lent him more money to repay his existing debt. Deutsche resisted efforts by Democrats in the House of Representatives and the Senate to explain his relationship with Trump and determine whether a bank or group in the Russian state had assumed part of his debt.

But last week’s bloody events and the looming threat of the second impeachment court seem to have finally persuaded the German manager to end his relationship with Trump. A German spokesperson refused to elaborate on Tuesday and told the Guardian that he would “refrain from commenting.”

It is unclear if the decision will extend to other members of the Trump family. The president’s daughter Ivanka Trump and son-in-law Jared Kushner are both German clients.

For the past few days, Twitter and Facebook have removed Trump from the platform and Trump’s Twitter account has been completely suspended. Leading companies such as Coca-Cola, Marriott Hotel Chain, AT & T, Wal-Mart and General Motors have announced that they will stop making political contributions.

The two companies said the November elections were fraudulent and would no longer give money to Republican representatives who promoted Trump’s false claim that Trump had “winned.” In the past, we have donated to candidates from both parties.

Some of the largest US banks have said they will also stop donating from political action committees. They include JPMorgan Chase, Goldman Sachs, Citigroup and Morgan Stanley. Deutsche has been tired of negative publicity as it has been trying to end its relationship with Trump since November, according to Reuters.

“We are proud of our Constitution and support those who support the will of the people and who seek to ensure that a change of power takes place,” said the United States of Germany. Business manager Christina Riley wrote last week on LinkedIn.

Signature Bank, another major lender of Trump, said it would close his two personal accounts, which held a total of $ 5.3 million in deposits. The Bank of New York has previously funded Trump’s Florida Golf Course. Ivanka Trump was sitting on the board.

The bank asked Trump to resign. “We have witnessed the US President refraining from encouraging riots and calling on the National Guard to protect Congress in carrying out its mission,” he said in a statement.

“At this point, we believe that the proper action to ensure a change of power is the resignation of the President of the United States in the best interests of our country and the American people.”

On Sunday, the Professional Golfers’ Association of America announced that it would not hold a championship at Trump’s New Jersey Golf Club in May 2022. The decision to abandon transactions with the Trump organization reportedly “eradicated” Trump.

“It is clear that conducting the PGA Championship at Trump Bedminster could adversely affect the PGA of America brand and jeopardize PGA’s ability to offer many programs and sustain mission life. “It’s now,” said Jim Richardson. The president said in a video statement.

The Trump Organization said on Sunday: “We have a great partnership with the Professional Golfers’ Association of America and are very disappointed with their decision. This is a breach of a binding contract and they do not have the right to terminate the contract. “

The decision not to use Trump’s resorts to host the second of four major tournaments on the tour calendar emphasized the golf resort portfolio and was a huge loss for the president who spent a lot of time on the course during his stay. It was an office.

Deutsche Bank joins company to break ties with Donald Trump | Deutsche Bank

Source link Deutsche Bank joins company to break ties with Donald Trump | Deutsche Bank

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