PANIC

Deutsche Bank Discussed Extending Trump’s Loan Repayments Until After Second Term: Bloomberg

Executives at Deutsche Bank became so concerned that Donald Trump’s company might default on about $340 million of loans after Trump won the presidential election in 2016 that they discussed extending repayment dates until after the end of a potential second term in 2025, Bloomberg News reports. The bank’s management board reportedly feared a public-relations disaster if it was forced to pursue debt and assets from a sitting president. The bank ultimately decided against the plan and instead chose not to do any new business with Trump while he remains president. Deutsche had been Trump’s preferred lender for many years—many other banks stopped doing business with him because of repeated bankruptcies. Trump’s son Eric sharply denied Bloomberg’s story as “complete nonsense,” claiming the Trump Organization is “one of the most under-leveraged real-estate companies in the country.” The outstanding Deutsche Bank debt includes $125 million for the Trump National Doral Miami resort, which matures in 2023, as well as $170 million for the Trump International Hotel in Washington and another loan against a Chicago tower, both of which come due in 2024.