There are five banks that have gotten temporary reprieve to run businesses that would have been closed after convictions for criminal activity. One of the banks was a lender to Donald Trump. Waivers from punishment were granted to Deutsche Bank and four others from the Labor Department so they can continue to manage individual retirement accounts and pension funds for three more years.
President Trump still has loans with Deutsche Bank that were originally three hundred million dollars. The waivers from the administration are continuing government policy previously in place from Obama’s administration. After convictions in 2015 for worldwide manipulation of key interest rates the administration granted deferred prosecution. The initial waiver was for five years instead the granted three years, there was not any special treatment for Deutsche Bank.
Several divisions of a number of banks avoided some punishments by agreeing to have prosecution deferred. International Business Times and the Wall Street Journal previously reported on the waivers. The handing of Deutsche Bank, based out of Frankfurt is getting scrutinized because of its role in President Trump’s business, and is also getting attention from federal investigators and prosecutors.
According to Handelsblatt, a german business newspaper, Deutsche Bank was subpoenaed by Robert Mueller, a special prosecutor, asking for records to aid the investigation into allegations of Trump winning the U.S. presidential election in 2016 was in part due to help by Russia. Trump’s lawyer has denied the subpoena while the bank has declined to comment. Jared Kushner used to run the family real estate company that Deusche is a large lender to. Kushner is the son in law and senior advisor to Donald Trump.
Kushner Cos. affiliates were lent almost three hundred million dollars by Deutsche Bank during 2016 as loan refinancing for one used to purchase retail floors in the Manhattan New York Times building. Unnamed sources were cited by the New York Times stating that Brooklyn federal prosecutors had requested Kushner Cos. records from Deutsche Bank. The bank was one of few that would take a chance on lending to Trump after the disasters in business he suffered during the 1990s.