by Rachel Blevins, Free Thought Project
While Americans celebrated the holidays, President Trump followed in the footsteps of his predecessors by acting in the interest of Wall Street and using the distraction to do something that was not in the best interest of the American people. He pardoned five megabanks for rampant fraud and corruption, which is especially notable because of the amount of money he owes them.
Trump has been using Deutsche Bank since the 1990s, and Financial Times has reported that he now owes the bank at least $130 million in outstanding loans secured in properties in Miami, Chicago, and Washington. However, the report claimed that the actual number is likely much larger at $300 million.
Reports claimed that Deutsche was the only bank willing to lend Trump money after his companies faced multiple bankruptcies. The relationship has continued over the years, and an analysis from the Wall Street Journal claimed that Trump has received at least $2.5 billion in loans from Deutsche Bank over the last 20 years.
There have been concerns about Trump’s ties to the bank becoming a conflict of interest, dating back to the 2016 election, and the evidence to support those concerns is now becoming clear.
During the week of Christmas, the Federal Register announced that the Trump Administration had issued waivers to Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank—all megabanks facing charges of fraud and corruption.
The banks were involved in the LIBOR Scandal, in which they colluded to deliberately depress the rate at which they paid out on investments. By suppressing the London Interbank Offered Rate (LIBOR) at the beginning of an economic crisis in 2007, the megabanks were able to boost their earnings and to give their customers a false sense of security…
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Edited by Mario Milano, 13 January 2018 - 11:44 AM.