On Wednesday, while most were preoccupied by Attorney General William Barr’s hearing before the Senate Judiciary Committee, it appears another one of Donald Trump’s scandals was also worthy of some attention, as Deutsche Bank has reportedly agreed to turn over not only Donald Trump’s banking and loan records to the House Intelligence Committee and House Financial Services Committee, but also portions of his personal and business tax returns.
According to the New York Times report: “The rich trove of records held by Deutsche Bank includes internal corporate documents, descriptions of the value of Mr. Trump’s assets, and portions of his personal and business tax returns. The subpoena, issued April 15, casts a wide net for documents related to Mr. Trump’s businesses and other entities, including family trusts.
But bank officials have nonetheless compiled reams of materials to hand over. Included in those documents are multiple pages from each of Mr. Trump’s annual federal tax returns, which the bank received before lending him hundreds of millions of dollars for the Doral golf resort in Florida and the Old Post Office hotel project in Washington, according to current and former bank employees.”
This is a significant development. While it’s normal for a lending institution to request tax returns when making a lending decision, it’s not always a given that they retain those copies. Nevertheless, now we know that Deutsche Bank did, and is willing to turn them over to Congress.
Also, we now have a better understanding as to why Donald Trump recently filed suit against the financial institution. While he had ample time to do so based on House Financial Services Committee Chair Maxine Waters’ announcement on MSNBC weeks ago, indicating the that Deutsche Bank had already begun turning over some of Trump’s financial records, perhaps it was the New York Times that prompted the official action.