Friday, December 23, 2016

Today's LOL

For years, Donald Trump has used a powerful tool when dealing with bankers: his personal guarantee.

No, really. Someone wrote that

Trump’s attorney general will inherit an investigation of Deutsche Bank related to stock trades for rich clients in Russia -- where Trump says he plans to improve relations -- and may have to deal with a possible multibillion-dollar penalty to the bank related to mortgage-bond investigations .

Not the Russians again.

Deutsche Bank also lends to Trump’s extended family, including his son-in-law Jared Kushner. Weeks before the election, the bank refinanced most of the $370 million of debt against retail spaces Kushner’s company owns in midtown Manhattan.

Three hundred million here. Three hundred seventy million there. It adds up.

Trump’s dealings with Wall Street stretch back decades to his attempt to build an Atlantic City casino empire. That badly timed push forced him to renegotiate with creditors when he couldn’t pay back billions of dollars in loans. His major backers in that era included Citbank, Chase Manhattan Bank and Bankers Trust -- a bank that was acquired by Deutsche Bank in 1999 -- and the debacle left a trail of angry lenders.

Probably fewer than the trail of angry voters there'll be in 4 years.

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