Without this deferral, the hotel may have needed to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing steep losses. Mr. Trump did not publicly disclose this significant benefit from a foreign bank while he was President. — House Oversight Committee
Without this deferral, the hotel may have needed to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing steep losses. Mr. Trump did not publicly disclose this significant benefit from a foreign bank while he was President. — House Oversight Committee
Trump received 'undisclosed preferential treatment' on a $170 million loan from Deutsche Bank for his DC hotel, House Oversight Committee says
  • Deutsche Bank gave Trump "undisclosed preferential treatment" on a $170 million loan for his DC hotel, the House Oversight Committee said.
  • The German bank allowed Trump to delay making principal payments on the loan, the committee said.
  • "Trump did not publicly disclose this significant benefit from a foreign bank while he was President," the committee said.
The committee's findings are based on documents obtained from the General Services Administration (GSA), a sprawling agency that helps keep the federal government running.

The documents show Deutsche Bank in 2018 provided Trump a "significant financial benefit" by permitting him to delay making principal payments on the loan for a six-year period, the committee said in a statement.

"Without this deferral, the hotel may have needed to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing steep losses. Mr. Trump did not publicly disclose this significant benefit from a foreign bank while he was President," the committee said.

... The committee said that Trump "grossly exaggerated" the financial status of the hotel with "misleading" disclosures, and seemingly hid "potential conflicts of interest stemming not just from his ownership of this failing business but also from his roles as the hotel's lender and the guarantor of its third-party loans."


The Trump hotel in the nation's capital is located in the federally owned Old Post Office Pavilion, and the GSA manages the lease. The House Oversight Committee said the GSA failed to comply with its investigation into the hotel during the Trump era, but "finally" produced a "subset of requested documents" in July.

Committee chairwoman Carolyn Maloney and subcommittee on government operations chairman Gerald Connolly sent a letter to the GSA requesting additional information.

"The documents provided by GSA raise new and troubling questions about former President Trump's lease with GSA and the agency's ability to manage the former President's conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant," the letter stated.

Collectively, the documents show "that far from being a successful investment, the Trump Hotel was a failing business saddled by debt that required bailouts from President Trump's other businesses," the letter went on to say.

... Trump's refusal to divest himself from his business empire while president raised myriad conflict of interest concerns. The former president broke from his predecessors by not placing his assets in a blind trust, and scoffed at calls to distance himself from his businesses.

In 2019, Trump called the emoluments clause "phony" as legal experts accused him of violating it.

The foreign emoluments clause is enshrined in Article I, Section 9, Paragraph 8 of the US Constitution. The provision prohibits public officials from receiving gifts or cash from foreign governments without congressional approval.

It states: "No Person holding any Office of Profit or Trust under [the United States], shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State."

... Additionally, there's a domestic emoluments clause that bars the president from receiving money from the US government other than an annual salary.

It states: "The President shall, at stated Times, receive for his Services, a Compensation, which shall neither be increased nor diminished during the Period for which he shall have been elected, and he shall not receive within that Period any other Emolument from the United States, or any of them."
Read the full article: https://www.businessinsider.com/trump-received-preferential-treatment-on-loan-from-deutsche-bank-house-oversight-2021-10