Trump pardons the swamp
Posted: Sat Jan 13, 2018 8:53 pm
While Americans celebrated the holidays, President Trump followed in the footsteps of his predecessors by acting in the interest of Wall Street and using the distraction to do something that was not in the best interest of the American people. He pardoned five megabanks for rampant fraud and corruption, which is especially notable because of the amount of money he owes them.
Trump has been using Deutsche Bank since the 1990s, and Financial Times has reported that he now owes the bank at least $130 million in outstanding loans secured in properties in Miami, Chicago, and Washington. However, the report claimed that the actual number is likely much larger at $300 million.
Reports claimed that Deutsche was the only bank willing to lend Trump money after his companies faced multiple bankruptcies. The relationship has continued over the years, and an analysis from the Wall Street Journal claimed that Trump has received at least $2.5 billion in loans from Deutsche Bank over the last 20 years.
There have been concerns about Trump’s ties to the bank becoming a conflict of interest, dating back to the 2016 election, and the evidence to support those concerns is now becoming clear.
Not surprisingly, the latest decision to pardon the banks comes in stark contrast to one of Trump’s most applauded campaign promises—that he would finally stand up against Wall Street and demand that the most powerful banks be held accountable to the public.
“I’m not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us. We’re going to tax Wall Street,” Trump said during a campaign rally in January 2016.
Trump has been using Deutsche Bank since the 1990s, and Financial Times has reported that he now owes the bank at least $130 million in outstanding loans secured in properties in Miami, Chicago, and Washington. However, the report claimed that the actual number is likely much larger at $300 million.
Reports claimed that Deutsche was the only bank willing to lend Trump money after his companies faced multiple bankruptcies. The relationship has continued over the years, and an analysis from the Wall Street Journal claimed that Trump has received at least $2.5 billion in loans from Deutsche Bank over the last 20 years.
There have been concerns about Trump’s ties to the bank becoming a conflict of interest, dating back to the 2016 election, and the evidence to support those concerns is now becoming clear.
Not surprisingly, the latest decision to pardon the banks comes in stark contrast to one of Trump’s most applauded campaign promises—that he would finally stand up against Wall Street and demand that the most powerful banks be held accountable to the public.
“I’m not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us. We’re going to tax Wall Street,” Trump said during a campaign rally in January 2016.
