United States News
See other United States News Articles
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: 5522
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.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#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"? Haven't been on site for months due to the constant "resistance" posts by these two jerk offs from the DU underground. I'll be sure and come back at the end of the next presidential race to celebrate Trump's second term.
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. 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. Gatslime is the ultimate Trump-Bot. Reminds me a lot of the Bush-Bots after 9/11 who ate Freedom Fries and boycotted the Dixie Chicks. In fact I bet he still believes Bush told the truth about WMDs. Sorry I just don't get all of this blind Trump-Worship. I'd say he's doing a pretty good job on his own. 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.
If, that’s what you want to believe….then go ahead. You have that right. But right now, we are discussing “WAIVERS” and you do need to stay on point. The headline in the article you posted is a LIE and only partial information is presented in the article. That makes your article yellow journalism. Ping me when you have ascertained factual information….as then, we can continue this discussion.
Presenting factual information when a misrepresentation has been made is not blind Trump worship. Again....ping me when you get the facts straight.
Did you expect any less out of the kook? He's been allowed to act like antifa, on forums for so long, he doesn't probably know what a disingenuous asshole he is. I'm the infidel... Allah warned you about. كافر المسلح
Labor Department Grants Banks Multiyear Waivers to Manage Retirement Plans. Without waivers, criminal convictions for market manipulation would have disqualified banks’ asset-management units under U.S. law. Stone, I recommend you delete this thread....I hate to see this lie continue to be perpetuated by these two assholes. Someone reading the headline and not reading the comments probably will believe it.
He's a CNN flunkie... and a past press spokesman for SOCIALIST SANDERS. Right up DickTards alley. I'm the infidel... Allah warned you about. كافر المسلح
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. . Hey - it's only wrong when a Democrat does it. At least that's what Gatlin believes. Some of these Trump-Bots have no principles whatsoever. You CAN’T because the whole article is a misrepresentation….a LIE. You got caught up in prompting a lie, at first….then when I called you on it with facts, defending the lie. Yu made an ass of yourself….but then, that’s nothing new for you and your buddy.
I did diligent research and showed Stone where you posted a flat out LIE.
"Josh Keefe Jan 2 I really don't think we fully appreciate how insane it is that powerful conservatives created Fox News to scare old white people, only to have one of those old white people actually get elected president" He's a self admitted snowflake... and a HUGE POTHEAD activist. DickTard, you always smell of hippie liberal. I'm the infidel... Allah warned you about. كافر المسلح
So you say. Of course Stone is a Trump cultist too so I'm sure he'll go with your bullshit claim that the story is not factual. You still getting a boner watching MMA fights queerbait?
Then the assets should have been turned over to a more trustworthy and law abiding Bank/Management Firm, not what Obama and Trump are doing which is evading the lawful verdict and penalties. Obama is a scofflaw, and by following in his footsteps Trump is too. He's had ample time for his financial officials to turn the accounts over to a responsible bank, and his administration has done nothing. Upping the number of years just adds insult to injury. Trump needs to fire some employees and get some people in there who can and will do the job of forcing these sleazy banks into compliance with the law. Lock 'em up! So you say. Of course Stone is a Trump cultist too so I'm sure he'll go with your bullshit claim that the story is not factual. Stone will do what is right and I have made NO claim....the headline is a FLAT OUT LIE. The waivers DID NOT exclude PUNISHMENT for convicted banks....they WERE CONVICTED and they paid their fines as prescribed by law. That was their punishment and there was NO waiver to that PUNISHMENT. All that happened with the waivers was that: You need to stop grabbing some headline you agree with and busting your ass to post the story on LF. Start FACT CHECKING …
As if that had never been considered. And you as a reincarnated Mayer Amschel Rothschild could show them exactly how to do that, right? LMAO ... But that is beside the point under discussion. What is under discussion and consideration for Stone is that the headline is a FLAT OUT LIE. Furthermore, the article is grossly misleading by presenting only partially factual information in an subtle attempt to paint Trump in a bad picture.
https://youtu.be/Hl05kFaPq14 The baddest man that walks planet earth... at any weight. I'm the infidel... Allah warned you about. كافر المسلح
You're no longer qualified to operate a potato peeler! The only one lying here is you, Obama apologist. Trump needs to get his administration to come down on these outlaw banks like a ton of bricks! You yourself quoted that they're disqualified from asset management under the law. They're not allowed to manage assets due to a conviction. The only reason they're getting away with it now is because of Obama, and now Trump's exemption extensions. Why are you backing Obama and convicted criminal Banks? You're nutz! How much stock do you own in these criminal outfits, more than George Soros? The banks running the retirement funds had NOTHING to do with the crime the banks were convicted of. The headline is a BIG LIE. The U.S. Labor Department, the Security Exchange Commission and many....many....others can see the definitively positive reasons to let these banks continue to own and actively run the retirement funds. It has NOTHING to do with their convictions and it has NOTHING to do with PUNISHMENT. What is there about this that you simply fail to understand? The headline is a BOLD FACE LIE and the article is PURELY AN ANTI-TRUMP HIT PIECE which is trying to make much to do about nothing. Prohibiting the banks from running the retirement accounts for millions of people would solve nothing and only be punishing those people depending on the proper functioning of those retirement accounts for their daily living. You are blinded by your extreme hatred for Trump and unable to think rationally....not that you have been. Spend your time on something important....stop wasting it on trying to defend a LIE. https://www.reuters.com/article/us-banks-forex-settlement-waivers/sec-grants- waivers-to-banks-after-guilty-pleas-idUSKBN0O526720150520 SEC grants waivers to banks after guilty pleas #BUSINESS NEWS - MAY 20, 2015.
Aren't you going overboard there, tater?
And I will own even more on Tuesday when UBS hits my automatic buy perimeters of up at least 1% on the day, up at least a total of 5% over the past 5 days and up 5 days straight in a row. Check it out: Speaking of George Soros, as you did, look who old George hired as his CIO....and especially pay attention to where he hired her from. George Soros tapped Dawn Fitzpatrick from UBS Asset Management to oversee his $25 billion family office, replacing Ted Burdick a year after he stepped into the role, according to people with knowledge of the matter. Fitzpatrick, 46, was global head of equities, multi-asset investing and the O’Connor hedge fund unit at UBS Group AG’s money management arm. She’ll be the first woman to hold the CIO role at Soros Fund Management, which is among the largest family offices in the U.S. /..../
Hey look - Gatlin is as giddy as a schoolgirl because he has the same financial advisor as George Soros! Birds of a feather. Birds of a feather. I'm becoming more and more convinced that Gatlin is wearing his PinkPussyhat while posting! I am so market savvy that I need no financial advisor. This is why I am giddy: Ah, it really is such a WONDERFUL WORLD and I enjoy living ever minute in it....
Nah....this cap I wear:
So shouldn't the headline be, "Trump Administration Extends Obama Administration Waivers"?
In 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.”
“Truth is treason in the empire of lies.” - Ron Paul
Those who most loudly denounce Fake News are typically those most aggressively disseminating it.
#3. To: Deckard, hondo68, OTHER RESISTANCE ASSCLOWNS (#0)
#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.
#6. To: hondo68 (#5)
Once again, for the lying moron trumptard Gatlin....
“Truth is treason in the empire of lies.” - Ron Paul
Those who most loudly denounce Fake News are typically those most aggressively disseminating it.
#7. To: Gatlin (#4)
..attempting to defame and discredit Trump.
“Truth is treason in the empire of lies.” - Ron Paul
Those who most loudly denounce Fake News are typically those most aggressively disseminating it.
#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.
#9. To: Deckard, A K A Stone (#7)
..attempting to defame and discredit Trump. I'd say he's doing a pretty good job on his own.
I’d Say that you are believing too much of the shit you are selectively reading in your dearly beloved cherry picked yellow journalism articles.
#10. To: Deckard, A K A Stone (#6)
(Edited)
Sorry I just don't get all of this blind Trump-Worship.
You should be more sorry that the headline you posted was a lie and the article only contained partial information so as to be misleading.
#11. To: Gatlin (#9)
That makes your article yellow journalism.
#12. To: Deckard, hondo68, GrandIsland, A K A Stone (#10)
#13. To: Gatlin (#12)
David Sirota
#14. To: Gatlin, Obama apologist (#8)
#15. To: hondo68 (#14)
Do your own research into why you worship Obama, and love the fact that President Trump is extending his disgraceful actions MUCH longer.
“Truth is treason in the empire of lies.” - Ron Paul
Those who most loudly denounce Fake News are typically those most aggressively disseminating it.
#16. To: hondo68, Deckard, A K A Stone (#14)
I'm not answering ANY of the ridiculous questions ...
#17. To: Deckard, A K A Stone (#15)
#18. To: Deckard (#0)
#19. To: Gatlin (#17)
I did diligent research and showed Stone where you posted a flat out LIE.
“Truth is treason in the empire of lies.” - Ron Paul
Those who most loudly denounce Fake News are typically those most aggressively disseminating it.
#20. To: GrandIsland (#18)
“Truth is treason in the empire of lies.” - Ron Paul
Those who most loudly denounce Fake News are typically those most aggressively disseminating it.
#21. To: Gatlin, evading the law and penalties, verdict (#12)
Without waivers, criminal convictions for market manipulation would have disqualified banks’ asset-management units under U.S. law.
#22. To: Deckard, A K A Stone (#19)
I did diligent research and showed Stone where you posted a flat out LIE.
It is not only what I say....what I said is the truth, and that is what is important. Trump Administration Waives Punishment For Convicted Banks ...
That is a LIE. The U.S. Labor Department issued waivers to the asset-management units of Citigroup and four other banks, allowing them to continue to manage corporate retirement plans.
The U.S. Labor department simply could not have caused those banks to liquidate BILLIONS upon BILLIONS of dollars in retirement funds assets without causing catastrophic results in the stock market, the U.S. dollar and runs on banks the likes which have never seen before in history.
#23. To: hondo68, A K A Stone (#21)
Then the assets should have been turned over to a more trustworthy and law abiding Bank/Management Firm ...
#24. To: Deckard (#20)
You still getting a boner watching MMA fights
#25. To: Gatlin (#23)
(Edited)
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.”
you as a reincarnated Mayer Amschel Rothschild could show them exactly how to do that, right? LMAO ...
#26. To: hondo68, A K A Stone (#25)
Trump needs to get his administration to come down on these outlaw banks like a ton of bricks!
It has been done already. The banks were convicted and fined BILLIONS of dollars. That was “A TON OF BRICKS” to the banks....losing money to fines. The Trump administration did NOT waive punishment for convicted banks.
The waiver is simply to allow the banks to continue administering the retirement funds, something the U.S. Labor Department has been looking into since May 20,2015, after the Security Exchange Commission granted a series of waivers to the banks allowing them to continue their usual securities business, after they agreed to plead guilty to criminal charges.
#27. To: Gatlin, hondo68 (#26)
... your [hondo68] extreme hatred for Trump
#28. To: hondo68 (#25)
How much stock do you own in these criminal outfits ...
Getting back to answer your question here....I own a a bunch. https://www.barchart.com/stocks/quotes/UBS/overview .
Go on a tear UBS. ... more than George Soros?
Uh, no, I do not own as much of these banks stocks as George Soros does....but I am diligently working on getting there. This Is Who George Soros Trusts to Oversee His $25 Billion Family Office .
#29. To: hondo68 (#28)
“Truth is treason in the empire of lies.” - Ron Paul
Those who most loudly denounce Fake News are typically those most aggressively disseminating it.
#30. To: Deckard, Gatlin, George Soros Pinkpussyhat, Clinton Foundation (#29)
he has the same financial advisor as George Soros!
DACA Shithole Dreamers - Make America Great Again?
#31. To: Deckard (#29)
This epic stock-market rally will get a second wind from stellar earnings.
Cha Ching $ $ $ $ $ Cha Ching $ $ $ $ $ Cha Ching !!!
The Stock Market Never Goes Down Anymore
Cha Ching $ $ $ $ $ Cha Ching $ $ $ $ $ Cha Ching !!!
Investors pile into stock market as ‘bull capitulation begins’: BAML .
Cha Ching $ $ $ $ $ Cha Ching $ $ $ $ $ Cha Ching !!!
Stocks keep jumping, led by retailers.
Cha Ching $ $ $ $ $ Cha Ching $ $ $ $ $ Cha Ching !!!
Major stock indexes close at records ahead of earnings .
Cha Ching $ $ $ $ $ Cha Ching $ $ $ $ $ Cha Ching !!!
and, Deckard, I am truly sorry that you cannot.
#32. To: hondo68 (#30)
#33. To: Deckard (#0)
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.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]