Deutsche Bank has become the last major company to cut ties with Donald Trump, with the company that supported the Trump Organization for two decades, announcing that it would no longer do business with the wretched president.
The German bank’s move – reported by the New York Times – follows Wednesday’s deadly attack on the U.S. Capitol building by a crowd of Trump supporters. The number of corporations disassociating from Trump is now turning into an avalanche.
Deutsche Bank has been Trump’s most important creditor. The Trump Organization, led by its two oldest children, owes the bank about $ 340 million in outstanding loans. After a series of bankruptcies in the 1990s, it was the only bank willing to give money to Trump.
The relationship has survived several scandals. In 2008, Trump sued the bank’s real estate division after he failed to pay a $ 40 million refund, used to finance the construction of the Trump International Hotel and Tower in Chicago. He accused Deutsche of co-causing the financial crisis and demanded $ 3 billion in compensation.
Instead of dismissing him as a client, Deutsche’s private wealth division stepped in and lent him more money to pay off his existing debt. Deutsche resisted efforts by Democrats in the House and Senate to explain its relationship with Trump – and to clarify whether Russian banks or state-owned entities underwrote some of its debts.
But last week’s bloody events and the threat of a second impeachment trial appear to have finally persuaded Deutsche managers to end their association with Trump. A Deutsche spokesman declined to elaborate on Tuesday, telling the Guardian, “We refuse to comment.”
It is not clear whether the decision extends to other members of the Trump family. President Ivanka Trump’s daughter and son-in-law Jared Kushner are Deutsche customers.
In recent days, Twitter and Facebook have removed Trump from their platforms, with Trump’s Twitter account permanently suspended. Leading companies like Coca-Cola, the Marriott hotel chain and AT&T have said they will suspend political donations.
The companies said they would no longer give money to Republican representatives who promoted Trump’s false claim that the November election was rigged and that Trump “won”. In the past, they donated to candidates from both parties.
Several of the largest banks in the United States have said they will also suspend donations from their political action committees. They include JPMorgan Chase, Goldman Sachs, Citigroup and Morgan Stanley. According to Reuters, Deutsche had been trying to end its ties with Trump since November, tired of negative publicity.
“We are proud of our constitution and support those who seek to defend it to ensure that the will of the people is maintained and a peaceful transition of power occurs,” wrote Christina Riley, head of Deutsche’s US operations, last week on LinkedIn.
Another of Trump’s main creditors, Signature Bank, said he was closing his two personal accounts, which added up to $ 5.3 million in deposits. The New York bank has already financed Trump’s golf course in Florida. Ivanka Trump sat on his board.
The bank asked Trump to leave. “We witnessed the President of the United States encouraging the troublemakers and refraining from calling the National Guard to protect Congress in the line of duty,” the agency said in a statement.
“At this time, to ensure the peaceful transition of power, we believe that the appropriate action would be the resignation of the President of the United States, which is in the best interest of our nation and the American people.”
On Sunday, the Association of Professional Golfers in the United States said it would no longer hold its championship in May 2022 at the Trump golf club in New Jersey. His decision to break the deal with the Trump Organization left Trump “destroyed”.
“It was clear that conducting the PGA championship at Trump Bedminster would be detrimental to the PGA of America brand, and would jeopardize the PGA’s ability to deliver our many programs and sustain the longevity of our mission,” Jim Richerson, its president, said in a video announcement.
The Trump Organization responded on Sunday, saying, “We had a beautiful partnership with PGA of America and we are extremely disappointed in their decision. This is a breach of a binding contract and they have no right to terminate the agreement. “
The decision not to use the Trump resort to host the second of four major tournaments on the tour calendar was a great loss for a president who emphasized his portfolio of golf resorts and spent time – too much, his critics say – on the office field.