The debtor in question: Donald Trump, the future president of the United States.Instead of paying up, the New York real estate mogul countersued, claiming the 2008 crash was a force majeure event—one that Deutsche had helped precipitate.
So far, his team has charged key Trump campaign officials Paul Manafort and Rick Gates with money laundering, as well as other offenses.
He’s also gotten two former advisers, Michael Flynn and George Papadopoulos, to plead guilty to lying to the FBI and cooperate with the probe.
Now, however, Mueller appears to be following the money, trying to determine if Trump has a financial connection to Russia—one that might at least partly explain his behavior.
In December, the German newspaper reported that the special counsel’s office has subpoenaed Deutsche Bank, demanding data and documents related to people or entities tied to the president and those close to him.
In addition to substantial cash, personal investments and various other tangible assets, he maintains substantial interests in numerous extraordinary properties in New York and around the country. There were also casinos and golf courses scattered all over the world.
The same day Trump argued that the Great Recession meant he didn’t need to pay back his debts, he gave an interview to newspaper.
The client had personally guaranteed the loan, but a few years later, the Great Recession devastated the economy, and he defaulted on his payment, with 0 million outstanding.
Deutsche was seeking an immediate million from the client, plus interest, legal fees and costs.
How he did it was bizarre: He paid back Deutsche with a massive lifeline—from Deutsche.
Only this time he eschewed its real estate team—which wanted nothing to do with him—and got a loan from its private wealth division.
I figured it was the bank’s problem, not mine,” Molo quoted him as saying, in connection with unpaid debt.