In a revelation presented on Wednesday at the civil fraud trial of former President Donald Trump, Deutsche Bank is reported to have viewed the former president as a highly valuable client, referred to as a “whale,” and aggressively sought to cultivate a relationship with him. The documents indicate that the bank’s revenue from its dealings with Trump grew from $13,000 to a staggering $6 million within a span of two years.
The bank’s association with Trump has become a focal point in New York Attorney General Letitia James’ lawsuit, which alleges that Trump, his company, and certain executives misled lenders and insurers with grossly inflated asset values. Despite the allegations, the defendants adamantly deny any wrongdoing and aim to demonstrate that the bank was enthusiastic about, rather than deceived by, its business dealings with Trump.
Former bank managing director Rosemary Vrablic was quoted in correspondence as saying, “We are whale hunting,” after being introduced to Donald Trump Jr. and prior to meeting the elder Trump. Vrablic later testified that the term “whale” was used to describe a high-net-worth client. The relationship between the bank and Trump began when the Trumps sought a loan to purchase the Doral golf resort in Miami. This interaction evolved into multiple loans for various real estate projects as well as substantial deposits in the bank.
The link between the bank and Trump proved highly lucrative, with revenue escalating from $13,000 in 2011 to a projected $6 million in 2013. This increase was recorded in a bank document prepared for Anshu Jain, the then-co-chairman, ahead of a lunch meeting with Trump. The document outlined goals to “obtain more deposits and investment management assets” and to strategically leverage Trump’s network within the real estate industry.
Trump’s escalating financial statements are at the crux of the lawsuit, with James contending that they facilitated favorable loans and saved Trump millions of dollars in interest. Trump, on the other hand, maintains that his wealth was underestimated and that a disclaimer absolves him of any financial discrepancies. The trial, which encompasses allegations of conspiracy, insurance fraud, and falsifying business records, could result in over $300 million in penalties and a ban on Trump doing business in New York. Ultimately, Judge Arthur Engoron will determine the outcome of the trial.
Overall, the court battle sheds light on the intricate relationship between a prominent financial institution and a highly influential public figure, with significant implications for both parties involved.
