>>> TIME FOR MONEY POWER POLITICS.
POLITICS. WE HAVE KNOWN PRESIDENT TRUMP
HAD AN EXTENSIVE RELATIONSHIP
WITH MY FORMER EMPLOYER,
DEUTSCHE BANK, BUT A NEW
DETAILED EXTRAORDINARY REPORT
FROM THE NEW YORK"NEW YORK TIMES
OUT HOW DEEP THE DECADES OLD
RELATIONSHIP GOES.
RELATIONSHIP GOES. AFTER SPEAKING WITH MANY FORMER
AND CURRENT BOARD MEMBERS AND
EXECUTIVES, THOSE INTERVIEWS
REVEALED THAT NEARLY OVER TWO
DECADES DEUTSCHE BANK’S LEADERS
REPEATEDLY SAW RED FLAGS
SURROUNDING MR. TRUMP.
THERE WAS A DISASTROUS BOND
SALE, A PROMISED LOAN THAT
RELIED ON A BANKER’S FORGED
SIGNATURE, WILD EXAGGERATIONS OF
MR. TRUMP’S WEALTH, ALL OF THIS
COMES AS DEUTSCHE BANK IS
EXPECTED TO START HANDING OVER
COMMUNICATIONS ABOUT PRESIDENT
TRUMP TO CONGRESSIONAL
COMMITTEES ON THE HILL.
DAVID ENRIDGE IS THE FINANCE
EDITOR FOR THE "NEW YORK TIMES."
HE WROTE THIS EXTENSIVE PIECE.
AS A DEUTSCHE BANK ALUMNI, YOU
NAILED IT.
NAILED IT. I KNOW YOU REACHED OUT TO THE
WHITE HOUSE FOR COMMENT, THEY
REFERRED YOU TO THE TRUMP
ORGANIZATION.
ORGANIZATION. AMANDA MILLER DESIGNED TO
COMMENT.
COMMENT. HELP ME UNDERSTAND WHAT DEUTSCHE
BANK HAS TOLD YOU.
IT’S REALLY IMPORTANT FOR PEOPLE
TO UNDERSTAND THE CULTURE OF
DEUTSCHE BANK.
DEUTSCHE BANK. WHEN IT MOVED TO THE UNITED
STATES, IT WAS A DOG TRACK.
THEY TOOK MASSIVE RISK.
THEY WERE DESPERATELY TRYING TO
BUILD THEIR NAME AND BUILD THEIR
BRAND IN THE AMERICAS AND THEY
TOOK WAY MORE RISK THAN THEIR
PEERS DID.
PEERS DID. >> YEAH.
>> YEAH. IT WAS BY DESIGN.
THEY GAVE EMPLOYEES AND
EXECUTIVES A CLEAR MANDATE TO
PUSH THE ENVELOPE AS FAR AS THEY
COULD, MAKE AS MUCH MONEY AS
QUICKLY AS THEY COULD AND DO
WHATEVER IT TAKES TO MAKE A
BUCK.
BUCK. AND IT WAS VERY CLEAR INCENTIVE
STRUCTURE.
STRUCTURE. SO YOU SAW BANKERS DOING EXACTLY
WHAT YOU EXPECT.
AND IN SOME CASES YOU SAW THEM
LENDING TO PEOPLE OR
INSTITUTIONS NO ONE ELSE WOULD
TOUCH.
TOUCH. DONALD TRUMP IS IS A CLASSIC
EXAMPLE OF THAT.
THEY THREW MONEY AT HIM EVEN
WHEN HE DEFAULTED ON THE LOANS,
SUED THE BANK, EVEN WHEN THERE
WERE CLAIMS ABOUT INFLATING HIS
ASSETS.
ASSETS. THEY KEPT THROWING MONEY AT HIM.
>> WHY IS THAT?
LET’S GO TO THE INSTITUTIONAL
SIDE OF THE BANK THAT HAD DONE
THE FAILED BOND SALE.
DONALD TRUMP CAME TO THEM, AFTER
"THE APPRENTICE" AND GROSSLY
INFLATED HIS WORTH AND THEY SAID
SIR YOU’RE NOT WORTH THIS.
HE SAID LOOK AT MY BRAND.
THE BRAND OF "THE APPRENTICE."
AND THE INSTITUTIONAL SIDE SAID
GO FISH.
GO FISH. WHY WOULD THE PRIVATE BANK OPEN
THE DOOR?
THE DOOR? >> WELL, SAME STORY.
THEY WERE EAGER TO GROW.
THEY SAW THE PRIVATE BANKING
BUSINESS IN THE U.S., WHICH IS
WHAT CATERS TO REALLY RICH
PEOPLE, THEY SAW A NEED AND THEY
SAW AN ABILITY TO MAKE MONEY OFF
THESE PEOPLE.
THESE PEOPLE. THEY WERE GOING TO GROW IN THE
WAY TO DO THAT, THEY SAID, TO
BANK CLIENTS IN BIGGER WAYS THAN
THEIR COMPETITORS WERE.
AND THAT MEANT THEY WOULD DO BIG
BUSINESS WITH CLIENTS THAT OTHER
INSTITUTIONS WOULD NOT TOUCH,
DONALD TRUMP IS A GREAT EXAMPLE.
>> WAS IT ABOUT HIS BRAND NAME?
HE WASN’T SUPER RICH AND HE WAS
A TERRIBLE RISK ASSESSMENT GIVEN
THAT HE FAILED TO PAY BACK HIS
LOANS.
LOANS. HE SUED THE BANK.
BUT HE WAS A BIG FLASHY NAME.
AND A BANK LIKE DEUTSCHE BANK
DOESN’T HAVE NAMES LIKE THAT.
WE KNOW THERE’S THAT DEUTSCHE
BANK PRO AM IN AUGUST, YOU
DETAIL IT IN THE PIECE.
THEY LOVED HAVING DONALD TRUMP
SHOW UP.
SHOW UP. >> THEY LOVED IT AND DOING
PROMOTIONAL VIDEOS WITH HIM AND
IVANKA.
IVANKA. THEY MILKED THE RELATIONSHIP FOR
ALL IT’S WORTH.
WHEN ROSEMARY’S TEAM COMES IN ON
THE PRIVATE BANKING SIDE, AS FAR
AS WE KNOW, THOSE LOANS HAVE NOT
DEFAULTED.
DEFAULTED. WHAT WE DON’T KNOW FOR SURE
BECAUSE TRUMP IS IN THE WHITE
HOUSE AND WE HAVE NO DISCLOSURES
ABOUT THIS.
ABOUT THIS. THEY PROBABLY DID MAKE MONEY OFF
THAT.
THAT. THE PROBLEM IS WHILE THEY’RE
EARNING MONEY ON MANAGING HIS
ASSETS AND ON INTEREST RATES ON
THE LOANS, IT’S A HUGE
SELF-INFLICTED, YOU KNOW,
TARNISHING OF THEIR REPUTATION.
DEUTSCHE BANK HAS BECOME
SYNONYMOUS, I THINK, IN THE
UNITED STATES WITH MONEY
LAUNDERING FOR RUSSIANS AN
LENDING TO DONALD TRUMP.
>> AFTER PRESIDENT TRUMP WON,
HOW DID DEUTSCHE BANK HANDLE ALL
THIS?
THIS? >> PANIC.
>> PANIC. AND THE FIRST THING THEY DID WAS
ASSESS A REPORT, A NUMBER OF
REPORTS, ACTUALLY, ON HOW THEY
GOT INTO THE MESS.
IT TURNS OUT PEOPLE AT THE BOARD
LEVEL AND SOME OF THE SENIOR
EXECUTIVES AREN’T
EXECUTIVES AREN’T EXECUTIVES HADN’T REALIZED
DONALD TRUMP WAS A MAJOR CLIENT.
>> EVEN THOUGH THEY WERE MAKING
PROMOTIONAL VIDEOS WITH HIM.
HE WAS THERE SWINGING A GOLF
CLUB?
CLUB? >> THERE’S A CERTAIN AMOUNT OF
WILLFUL IGNORANCE, I THINK,
HERE.
HERE. I THINK IT’S A TESTAMENT TO THE
FACT THAT THE BANK’S TOP
EXECUTIVES WAS CHANGING THIS.
THE BANK WAS IN THE FINANCIAL
MESS.
MESS. THEY WERE ON THEIR THIRD OR
FOURTH CEO IN PROBABLY FIVE
YEARS.
YEARS. THERE WAS A LOT OF CONFUSION.
ALSO, LOOK, THEY WERE SO SEAGER
TO BE DOING THE BUSINESS THEY
LOOKED THE OTHER WAY.
YOU KNOW, YOU PUT YOUR BLINDERS
ON AND YOU DON’T SEE WHAT YOU
DON’T WANT TO SEE AND YOU KEEP
DOING THINGS THAT MAKE MONEY.
>> PORTIONS OF THE BANK WERE.
SORT OF THAT RICH BURNS SIDE OF
THE HOUSE SAID NO THANKS AND
ROSEMARY SAID COME ON IN.
PART OF THE CLOUD WE’VE HEARD
SINCE PRESIDENT TRUMP WON HAS
BEEN TIES TO RUSSIA.
DO YOU FIND ANY DIRECT LINKS?
SOMETHING THAT STANDS OUT ABOUT
DEUTSCHE AS OPPOSED TO OTHER
GLOBAL BANKS, AFTER THE CRISIS
IN RUSSIA IN THE ’90s, THE ONLY
BANK THAT STAYED IN RUSSIA WAS
DEUTSCHE BANK.
DEUTSCHE BANK. THE CHAIRMAN JOSEPH ACKERMAN HAD
TIES TO THE BANK OF CYPRESS
WHERE PAUL MANAFORT LAUNDERED
MONEY, WHERE WILL BURR ROSS, I
BELIEVE, WAS A BOARD MEMBER
>> WILBUR ROSS WAS A PART OWNER
ALONG WITH A RUSSIAN OL’ GARAGE.
I HAVE NOT FOUND ANY EVIDENCE,
ANY DIRECT EVIDENCE THAT
DEUTSCHE BANK IT HAS BEEN A
VEHICLE FOR RUSSIAN MONEY TO
DONALD TRUMP.
DONALD TRUMP. I’VE TALKED TO A LOT OF PEOPLE
AND I THINK IF THAT WAS OBVIOUS
TO MOST EXECUTIVES, I WOULD KNOW
ABOUT IT.
ABOUT IT. I’VE TALKED TO SO MANY OF THEM.
ON THE OTHER HAND, I,
UNFORTUNATELY, DON’T HAVE
SUBPOENA POWER.
SUBPOENA POWER. AND CONGRESS DOES.
AND THEY’RE ABOUT TO USE THAT
SUBPOENA POWER.
SUBPOENA POWER. THE NEW YORK ATTORNEY GENERAL
DOES AND USING THAT SUBPOENA
POWER ON DEUTSCHE BANK.
IT WOULDN’T SURPRISE ME IF
THERE’S MORE TO BE FOUND HERE.
I HAVEN’T FOUND ANY EVIDENCE.
>> BASED ON YOUR REPORTING, IS
THERE ANYTHING HERE THAT WOULD
POINT TO THE RELATIONSHIP BEING
ILLEGAL?
ILLEGAL? BECAUSE, AT THIS POINT, YOU
COULD SAY IT’S SLEAZY, IT DIDN’T
MAKE SENSE, THEY TOOK TOO MUCH
RISK.
RISK. ALL OF THOSE BEING THE CASE
WOULD POINT TO DEUTSCHE BANK’S
STOCK AND THE PERFORMANCE
THEY’VE HAD SINCE THE CRISIS,
WHICH HAS BEEN DISASTROUS.
RIGHT.
RIGHT. THEY TOOK WAY TOO MUCH RISK
BEFORE THE CRISIS AND THEY HAVE
FAILED EVER SINCE.
BUT AS FAR AS CRIMINAL WRONG
DOING, IS THERE ANYTHING YOU
HAVE REPORTED?
HAVE REPORTED? >> YOU KNOW, I’M NOT A LAWYER
AND I SHOULD BE CAREFUL IN WHAT
I SAY, BUT THE -- I KNOW THAT
WHAT CONGRESS AND WHAT THE NEW
YORK ATTORNEY GENERAL ARE
INVESTIGATING IS AMONG OTHER
THINGS EVIDENCE OF BANK FRAUD.
SO THEY’RE LOOKING FOR EVIDENCE
AMONG OTHER THINGS THAT DONALD
TRUMP INFLATED HIS ASSETS, LIED
ABOUT HIS WEALTH IN ORDER TO GET
LOANS FROM DEUTSCHE BANK.
AND UNDER CERTAIN CIRCUMSTANCES
THAT CAN BE A CRIME AND THAT’S
ONE OF THE THINGS THAT
PROSECUTORS IN NEW YORK, AT
LEAST, ARE INVESTIGATING.
>> AND THE QUESTION WILL BE WHY