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Seems suspiciously young for a pencil pusher to retire. There are professional athletes who haven’t retired at age 60.
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Vrablic lives on Park Avenue, New York, in a duplex apartment formerly owned by Phillip R. Bennett, sentenced to 16 years in prison in 2008 for financial fraud.[2]
a sign of things to come?
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The fact that this is just happening now suggests that the higher-ups at Deutsche Bank still considered Trump to be a worthwhile client to have until he lost the election. They could have cleaned house years ago.
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Now I want a mash-up of Chun the Unavoidable and Funes the Memorious.
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This is one of those stories that I think only the tip of the iceberg ever made it to print.
So many questions. Starting with why these people ever gave Trump money in the first place, why? How well did they know their customer? Did he have dirt on them, did his pals have dirt on them? Were there kickbacks? They just believed the fraudulent documents with no due diligence? Were they suckered? Just incompetent?
I’m also curious if at the end of the day did Deutsche Bank make money off of Trump? Was it a net gain or a net loss for them?
So many questions. I hope in the future the answers start coming out when they start talking to reduce their sentences.
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Most major Western banks stopped lending him money more than a decade ago, seeing him for the deadbeat and con artist he is. The only two that continued to take his business were Deutsche Bank and Wells Fargo (the subject of numerous posts here for its shady behaviour).
In the financial services industry both banks have been known for years for internal management dysfunction and corruption that led them into (relative to the other banks) distressed business circumstances. Desperate organisations do desperate things, and keeping this high-profile grifter on as a client despite his sordid reputation is one of them.
You can count on it. His primary method seems to be to sell his cronies and enablers real estate at far below fair market value. He also used his supposed charitable foundation as a conduit. I’m sure the various investigators will be going through Rosemary Vrablic’s and Dominic Scalzi’s financial histories with a fine-toothed comb.
That remains to be seen. The bank has probably seen some interest payments and fees on the three loans, but they may never see the $340-million in principal that comes due in 2022. DB is not his only creditor, and while he’s frantically selling off properties it’s not going to be enough to pay anyone in full. The only way he does that is if Putin’s tame banking oligarchs keep covering him and/or if the rubes who donate to him continue doing so (this is one of the main reasons he can’t admit his election defeat). Another possibility is that his sleazeball in-laws the Kushners bail him out, but they’ll wait until he’s at the end of his tether to get the best terms.* DB has been hoping to unload the loans in the secondary market but hasn’t found any suckers yet.
[* my prediction is that, under a sham merger, the Kushners will take over his real estate operation and brand for pennies on the dollar and then close out all the Western loans. That will free him up to be the public face of a Russian-funded right-wing media operation which will allow him to keep up appearances as a “billionaire”. The two dimwit sons will end up working for the Kushners. Ivanka will try to build a woo-peddling empire targetting conservative women.]
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NYT has a stunning series of articles about Trump’s relationship with Deutsche Bank and vice versa.
I wish Trumpers would drop the scales from their eyes and read this sort of thing. He is no more for the “little man” than Ghenghis Khan was.
He was and is a liar and a cheat even on small petty stuff.
His word is not his bond and if he can let someone else take a financial fall, he does.
IF DB is publicly traded, I for one would sell any stock and soon. I suspect a very large house of cards may be about to tumble.
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It appears if they call in the debt, he’ll be okay. He’s raised over $1B to “dispute the election results.”
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Are we supposed to take it that Trump is about welch on his debt to Deutsche? One would think that if they expected to get paid or any meaningful payout from Trump, Vrablic would be needed.
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Unless DB was just the conduit for money laundering. In that case, they would have made their cut regardless of the direction the money flowed.
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If she did that, Biden should pardon her for it.
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In Putin’s Russia, you can still fall out the window of a basement apartment.
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