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Title: Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions
Source:
International Business Times
URL Source: http://www.ibtimes.com/political-ca ... banks-including-deutsche-which
Published: Jan 9, 2018
Author: David Sirota AND Josh Keefe
Post Date: 2018-01-11 08:31:31 by Deckard
Keywords: None
Views: 5144
Comments: 33
The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank — which is owed at least $130 million by President Donald Trump and his business empire, and has also been fined for its role in a Russian money laundering scheme. The waivers were issued in a little-noticed announcement published in the Federal Register during the Christmas holiday week. They come less than two years after then-candidate Trump promised “I'm not going to let Wall Street get away with murder.” Under laws designed to protect retirement savings, financial firms whose affiliates have been convicted of violating securities statutes are effectively barred from the lucrative business of managing those savings. However, that punishment can be avoided if the firms manage to secure a special exemption from the U.S. Department of Labor, allowing them to keep their status as “qualified professional asset managers.” In late 2016, the Obama administration extended temporary one-year waivers to five banks — Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. Late last month, the Trump administration issued new, longer waivers for those same banks, granting Citigroup, JPMorgan, and Barclays five-year exemptions. UBS and Deutsche Bank received three-year exemptions. In the year leading up to the new waiver for Deustche Bank, Trump’s financial relationship with the firm has prompted allegations of a conflict of interest. The bank has not only sought the Labor Department waiver from the administration, it has also faced Justice Department scrutiny and five separate government-appointed independent monitors. Meanwhile, the New York Times recently reported that federal prosecutors subpoenaed Deutsche for “bank records about entities associated with the family company of Jared Kushner, President Trump’s son-in-law and senior adviser.” All of these interactions with the Trump administration and the federal government are transpiring as Deutsche serves as a key creditor for the president’s businesses. Trump owes the German bank at least $130 million in loans, according to the president’s most recent financial disclosure form. Sources have told the Financial Times the total amount of money Trump owes Deutsche is likely around $300 million. The president’s relationship with the bank dates back to the late 1990s, when it was the one major Wall Street bank willing to extend him credit after a series of bankruptcies. In 2016, the Wall Street Journal reported Trump and his companies have received at least $2.5 billion in loans from Deutsche Bank and co-lenders since 1998. The relationship has had problems. After the financial crash, Trump defaulted on a $640 million loan from the bank. Deutsche brought Trump to court, and the famously litigious real estate mogul countersued for $3 billion in damages, claiming the financial crisis was a “force majeure” event that Deutsche Bank helped create. But the rift was short-lived: the parties settled, the loan was repaid, and Deutsche was soon lending to Trump again. In December, Bloomberg and others reported the bank had turned over financial records to special prosecutor Robert Mueller after his office subpoenaed the records as part of his investigation into possible collusion between the Trump campaign and Russia during the 2016 election. Trump’s lawyers have called that reporting inaccurate. “We have confirmed that the news reports that the Special Counsel had subpoenaed financial records relating to the President are false,” Trump attorney Jay Sekulow said in a statement. “No subpoena has been issued or received. We have confirmed this with the bank and other sources.” Less than three weeks later, the New York Times reported federal prosecutors had subpoenaed Deutsche Bank records related to White House senior adviser and Trump son-in-law Kushner and his vast business holdings. There is no evidence those subpoenas were related to Mueller’s investigation. The subpoenas come less than a year after Deutsche Bank was fined $425 million by New York State for laundering $10 billion out of Russia. All five of the banks granted waivers from the Obama and Trump administration were fined for their involvement in the LIBOR scandal that led to $9 billion worth of fines from regulators around the world. Deutsche Bank has paid $3.5 billion for its role in the scandal, more than any other bank. The scandal involved illegally manipulating the London Interbank Offered Rate or LIBOR, which is used to set the cost of borrowing for a variety of financial transactions. In 2015, Deutsche Bank pled guilty in the U.S. to wire fraud for its role in the scandal. Less than two years later, in the final hours of the Obama administration, Deutsche Bank agreed to a $7.2 billion settlement with the Justice Department for misleading investors in mortgage-backed securities between 2006 and 2007.
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#1. To: Deckard, Belize Bank, buckeroo (#0)
The Marxist swine! Trump figures that they need at least 3 year extensions. Too BIG to fail!
Does this count as another broken campaign promise, or is it just Trump just "refining his stance"?
There is NO waiver of punishment. The waivers are for a specific thing necessary to benefit millions of ordinary folks and their retirement plans. BTW....the Trump administration struck a tougher posture than did the Obama administration on two of the banks, Deutsche Bank and UBS. If you have contradictory information....then let’s have it. Otherwise, don’t bother me.
If you have contradictory information....then let’s have it. Otherwise, don’t bother me. Lying Gatlin! Obama only gave them all a 1 year extension. Trump gave those two banks 3 year extensions. He gave the other three banks 5 year extensions. Trump is very much the weakling banker lackey. Sad to say, but that worthless Kenyan is tougher and more pro-American than el Donaldo. This is posted in the article, and also I quoted Obama's 1 year extension in my post #1. Read the truth, if you can handle it, blind liar. Once again, for the lying moron trumptard Gatlin.... Late last month, the Trump administration issued new, longer waivers for those same banks, granting Citigroup, JPMorgan, and Barclays five-year exemptions. UBS and Deutsche Bank received three-year exemptions.
Late last month, the Trump administration issued new, longer waivers for those same banks, granting Citigroup, JPMorgan, and Barclays five-year exemptions. UBS and Deutsche Bank received three-year exemptions. THAT PORTION IS TRUE. BUT … The headline is a lie and the article is misleading yellow journalism by presenting only partial facts….just enough facts to dupe the you ignorant bastards who have nothing in mind except to discredit Trump. The main question the article neglected to answer was WHAT were the waivers for? Only the retirement funds, right? The secondary question is why were the waivers required and granted? The second thing not mentioned was that the extended temporary one-year waiver was only part of the Obama plan….the second part of Obama’s plan was to extend an IMPORTANT and NECESSARY portion of waivers to all banks by another five years. Trump knows the banks HAD to have the extension to save pension funds for MILLIONS of people. He extended the waiver on the retirement plans for the same reason Obama was going to have to for another five years. It is IMPOSSIBLE to liquidate BILLIONS and BILLIONS and BILLIONS of dollars in MILLIONS and MILLIONS of retire plans. IT IS IMPOSSIBLE TO DO SO. The banks still had to pay the fines and Deutsche Bank paid the most….$3.5 Billion. Deutsche Band and UBS only got a three-year waiver on the retirement instead of the five-year waiver on the retirement plans the other received. WHY? That is not stated anywhere. You obviously don’t know enough about the situation to intelligently discuss it. The only thing you do is take a couple of sentences out of the misleading article….quote them, and believe them because that’s ALL the information the article presents to you. REMEMBER, the key questions: The waivers were not blanket waivers from PUNISHMENT as the article suggests….what were the waivers for and why were they absolutely necessary? If you want to discuss that, then “I’m Your Huckleberry.” If you don’t have enough information to intelligently discuss what is actually going on with the waivers….then go learn about them and get back to me.
#14. To: Gatlin, Obama apologist (#8)
I'm not answering ANY of the ridiculous questions in your defense of Obama's extensions for, the banks which have already been found GUILTY in a court of law! Do your own research into why you worship Obama, and love the fact that President Trump is extending his disgraceful actions MUCH longer. .
Top • Page Up • Full Thread • Page Down • Bottom/LatestIn late 2016, the Obama administration extended temporary one-year waivers to five banks — Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank
#2. To: hondo68, Gatlin, A K A Stone (#1)
The waivers were issued in a little-noticed announcement published in the Federal Register during the Christmas holiday week. They come less than two years after then-candidate Trump promised “I'm not going to let Wall Street get away with murder.”
#4. To: Deckard, Pimp for Yellow Journalism, A K A Stone (#2)
The waivers were issued in a little-noticed announcement published in the Federal Register during the Christmas holiday week. They come less than two years after then-candidate Trump promised “I'm not going to let Wall Street get away with murder.”
Bullshit on the “little-noticed” announcement. This notification published in the Federal Register is the normal source for notification and there was nothing special about it so as to make it necessary to have 50-foot inflatable King Kong atop the Empire State Building with loud speakers, radio microphones or TV cameras sounding out a clarion call. There are literally hundreds, and maybe even thousands, of reporters who scour the Federal Register constantly throughout the day and nothing ever goes unnoticed....this so OBVIOUSLY did not. There was no intent to try and make it go unnoticed. It was posted during Christmas time....because that was when it happened. Does this count as another broken campaign promise, or is it just Trump just "refining his stance"?
This counts for NOTHING....the action is insignificant. Well, this does count as yet another trashy yellow journalism article you have once again become a party to with the sole purpose of attempting to defame and discredit Trump. Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions
The title is a nefarious lie making it sound flagrantly wicked and impious as though the convicted banks are getting away with No punishments when in fact the banks have collectively paid billions....BILLIONS....of dollars as punishment prescribe by law.
#5. To: Gatlin, compulsive liar (#4)
(Edited)
BTW....the Trump administration struck a tougher posture than did the Obama administration on two of the banks, Deutsche Bank and UBS.
In late 2016, the Obama administration extended temporary one-year waivers to five banks — Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank.
Pull your head out tater tard, and STOP with the lying please! No one believes you anyway.
#8. To: hondo68, Deckard, A K A Stone (#5)
In late 2016, the Obama administration extended temporary one-year waivers to five banks — Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank.
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