Dems subpoena banks in probe of Trump's finances

Dems subpoena banks in probe of Trump's finances

The only major bank that President Donald Trump has been able to count on for financial backing was among those that were issued subpoenas Monday by House Democrats.

Deutsche Bank is not the only financial institution connected to Trump that has been cooperating with the House panels' probes of his finances.

Kerrie McHugh, a Deutsche Bank spokeswoman, said the bank was engaged in a "productive dialogue" with the two committees.

"We remain committed to providing appropriate information to all authorized investigations in a manner consistent with our legal obligations", they said. Leaders of the two panels stressed the urgency of the inquiries.

While a few of the CEOs acknowledged internal reviews, they revealed little about client activity. Citigroup's Michael Corbat was most cryptic, saying he couldn't comment on any ongoing investigation.

House Financial Services Committee Chairwoman Maxine Waters, D-Calif., said in a separate statement that 'the potential use of the US financial system for illicit purposes is a very serious concern.' She said her committee is looking into those matters, including whether they pertain to Trump. She explained that her committee was "exploring these matters, including as they may involve the president and his associates, as thoroughly as possible pursuant to its oversight authority, and will follow the facts wherever they may lead us".

The Intelligence Committee is more focused on aspects of financial connections or dealings that could suggest potential leverage by foreign entities over Trump, his family or his business. On the back of a four-page summary written by his handpicked attorney general, William Barr, Trump has claimed that he has been "exonerated" of any claims of collusion or other wrongdoing. In the wake of bankruptcies of some of his companies in the 1990s, Trump was shunned by many USA lenders and turned to the German bank for help.

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Schiff has frequently noted that Trump was pursuing a Trump Tower project in Moscow during the presidential campaign.

"Much has been reported about how Deutsche Bank has been a pathway for criminals, kleptocrats and allies of Mr. Putin to move illicit funds out of Russian Federation".

In the memo, Cummings said the subpoena is also based on "corroborating documents" that "raise grave questions about whether the President has been accurate in his financial reporting". Now, the president's lawyers are telling the firm that there could be consequences if they comply with a subpoena from the Democrat-controlled body that expected to be issued on Monday.

During the course of his business career, Trump has reportedly received more than $2 billion in loans from Deutsche Bank.

"The information that could bring down Trump", wrote John Feffer, director of Foreign Policy In Focus, at Common Dreams previous year, "may be somewhere in the Deutsche Bank files".

The transactions Trump conducted with the bank are of interest not just to Democratic lawmakers investigating the president.

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