While Americans celebrated the holidays, President Trump followed in the footsteps of his predecessors by acting in the interest of Wall Street and using the distraction to do something that was not in the best interest of the American people. He pardoned five megabanks for rampant fraud and corruption, which is especially notable because of the amount of money he owes them.
Trump has been using Deutsche Bank since the 1990s, and Financial Times has reported that he now owes the bank at least $130 million in outstanding loans secured in properties in Miami, Chicago, and Washington. However, the report claimed that the actual number is likely much larger at $300 million.
Reports claimed that Deutsche was the only bank willing to lend Trump money after his companies faced multiple bankruptcies. The relationship has continued over the years, and an analysis from the Wall Street Journal claimed that Trump has received at least $2.5 billion in loans from Deutsche Bank over the last 20 years.
There have been concerns about Trump’s ties to the bank becoming a conflict of interest, dating back to the 2016 election, and the evidence to support those concerns is now becoming clear.
During the week of Christmas, the Federal Register announced that the Trump Administration had issued waivers to Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank—all megabanks facing charges of fraud and corruption.
The banks were involved in the LIBOR Scandal, in which they colluded to deliberately depress the rate at which they paid out on investments. By suppressing the London Interbank Offered Rate (LIBOR) at the beginning of an economic crisis in 2007, the megabanks were able to boost their earnings and to give their customers a false sense of security.
Deutsche Bank pled guilty to wire fraud in a U.S. court in 2015, and it went on to pay $3.5 billion for its role in the LIBOR scandal—more than any other bank involved—before it reached a $7.2 billion settlement with the Justice Department in early 2017.
Then in June 2017, Deutsche Bank trader David Liew, who is based in Singapore, pleaded guilty to conspiring to spoof gold, silver, platinum and palladium futures in federal court in Chicago, confirming that the biggest banks in the world have conspired to rig precious metals markets.
While Trump granted 5-year exemptions to Citigroup, JPMorgan, and Barclays, and 3-year exemptions to UBS and Deutsche Bank, it should be noted that his administration is not the only one to have done this. As International Business Times noted, “In late 2016, the Obama administration extended temporary one-year waivers to five banks,” which just happened to be the same ones Trump has now extended the exemptions on—revealing the real rulers in DC.
Not surprisingly, the latest decision to pardon the banks comes in stark contrast to one of Trump’s most applauded campaign promises—that he would finally stand up against Wall Street and demand that the most powerful banks be held accountable to the public.
“I’m not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us. We’re going to tax Wall Street,” Trump said during a campaign rally in January 2016.
Rachel Blevins is a Texas-based journalist who aspires to break the left/right paradigm in media and politics by pursuing truth and questioning existing narratives. Follow Rachel on Facebook, Twitter and YouTube. This article first appeared at The Free Thought Project.
Is it any surprise!!!?
Just look at his cabinet choices very early in his administration. He moved wall street right into the white house, the same way Obama’s cabinet choices moved the federal reserve into the white house.
“IT’S A BIG CLUB, AND WE AIN’T IN IT”
Said the genius GC.. loved him
It is more important to protect the investors, the little people. Trump is for the little guy, like you:)
It takes a billionaire to care about the little people. That is self-evident. The little people are the investors, another self-evident truth.
DEC 3, 2014 @ 10:37 AM 29,047 The Little Black Book of Billionaire Secrets
Five Biggest U.S. Banks Control Nearly Half Industry’s $15 Trillion In Assets” forbes.com
and the llittle guy’s share? “The Federal Reserve Bank of New York said Wednesday that total household debt in the United States had reached a new peak — $12.7 trillion — in the first three months of the year…” NYTimes/May 2017
Average household debt is now $172,000. By having huge mortgages, the little guys have “investing” in the banks, and so letting them off the hook for ripping off debtors and investors is in their interest because………………………….MAGA!!!!!!!
Notice how DT’s most vocal critics aren’t talking about this ? Because they only criticize DT for fake made up stuff like he’s a racist etc. The opposition wants to be the ones pulling the levers of corruption.
WE didn’t notice since ABC, MSNBC, NYTimes, WashPo,and others all reported it. Notice how Trump’s swampy defenders are putting out fake news that the MSM ignored this story?
“Trump waives punishment for convicted banks, owes … – MSNBC.com”
“Trump lender, other convicted banks get reprieves from feds – ABC News”
“Trump lender gets waiver from punishment after conviction – The …
Still yet more of your conspiracies.
I stand corrected. They reported on it once and then immediately stopped banging the drum.
Stop making up stuff. I just looked up Washpo and they have had at least 3 articles on the issue:
Trump lender gets waiver from punishment after … – Washington Post
https://www.washingtonpost.com/…/trump…waiver…/4b5dcd1a-f64e-11e7-9af7-a50bc3…7 days ago – NEW YORK — President Donald Trump’s
biggest lender won’t have to give up a part of its business as
punishment stemming from a criminal conviction thanks to a temporary
reprieve from the administration. The Labor Department has granted
Deutsche Bank a waiver from punishment allowing it to …
Trump lender, other convicted banks get reprieves … – Washington Post
https://www.washingtonpost.com/…/trump…banks…/ca28036a-f665-11e7-9af7-a50bc33…7 days ago – NEW YORK — Five banks, including a big lender to President Donald Trump,
have received temporary reprieves from the administration to run
businesses that they otherwise would have had to shut down after
criminal convictions. The Labor Department granted Deutsche Bank a waiver from punishment …
Trump waives Iran sanctions, gives nuke deal ‘last … – Washington Post
https://www.washingtonpost.com/…/trump-waives…/33b3ef52-f827-11e7-9af7-a50bc33…5 days ago – The sanctions Trump had to waive Friday dealt with Iran’s central bank.
These penalties largely cut Iran out of the international financial
system, until they were suspended by Obama under the nuclear deal. Trump is also waiving other U.S. penalties covered by the agreement, including on Iran’s oil and gas …
Admit when you are wrong and making false accusations as a distraction from Trump filling the swamp.
The links you have provided are dead ends.
Are you aware you can highlight the headlines and google this?
Just google Washingtonpost Trump waives bank penalties.
Focus on the content, proof that the MSM has not ignored this story.
Those defending Trump by claiming the MSM is ignoring the story are in denial of what a hypocrite he is, letting a bank which he owes off the hook……..the swamp fills with his corruption.
The MSM and the Democrats are burying it. A few newspaper articles is not banging a drum. It’s not just this issue they are being hypocritical about. They’re not calling DT out on his surpassing Obama’s mass murdering drones/air strike campaign. The best thing about DT is that he’s not Hillary and he’s for a secure border etc.
So we have gone from no articles in MSM to buried to one only to a bunch back to “burying it.”
And just to make the point, change the subject.
I never said MSM I said Trumps most vocal critics and I’m not changing the subject I’m clarifying. Now why don’t you provide those links and stop stalling.
I think switching from burying a story about bank waivers to drone strikes under Obama is totally changing the subject and in no way clarifies what you false claim about burying the bank waiver story. What you really want to do is say Hooray for Trump. Which is sad, since he thinks you are an idiot.
WTF are you talking about ? I just criticized him and his opposition.
You said the MSM buried the bank waivers….false! Goggle trump bank waivers and read dozens of headline stories on the issue. You keep changing the subject to avoid admitting you are wrong. You want to shift blame from Trump to the media, a Trump tactic. Just admit the story has not been buried and move on.
I’m not defending DT at all. The point is what I said is true. The opposition only criticizes DT for fake stuff like he’s a racist. The fact is this story is being buried in comparison to the fake accusations because the opposition doesn’t want to bring attention to the NWO agenda. Like the truth about 911 and chemtrails etc. I have yet to see links to the bank story.
You are! You deny he is a racist and you change the topic to drones, chemtrails (a myth) and 9/11, about which the heads of the 9/11 Commission state the government lied to them. What you said is false and I proved it. Google trump bank waivers and you will find dozens of headlines stories You are dishonest and lack the integrity to admit when you are wrong. I am blocking you as a waste of time.
You have no brains and don’t listen. I’m not changing the subject I’m adding more examples. Chemtrails are totally real the fact that you think it is fake proves you’re an ignorant idiot. Trump is lying about 911 and the MSM is going along with it. If you can’t provide links then you’re full of shit. The fact is the average idiot doesn’t know anything about the bank wavers but will tell you DT is a racist. BTW, prove DT is a racist. Run away baby. That’s what losers do.
Trump has identified the MSM, such as msnbc, cnn, etc as fake news and his most “vocal criticsl” If you make an accusation and don’t specify, you can’t complain. Either vocal critics are the “fake news” media or whoever they are, they speak thru the media. You are dodging the fact that you were wrong and it its absurd to claim these unidentified vocal critics want to keep his conflicts of interest buried.
I suggest, to be taken seriously, you identify whom you mean and admit that the story has not been buried at all. It’s been headline news…..show some integrity and admit you were wrong….Democrats are not burying it as the Liberal media has published dozens of stories about this case of corruption. I won’t respond to any more fake denials, sir. You made an error and if you can’t admit it, get off your high horse and walk.
These have not been heavily promoted and you can’t provide actual links. So run away baby. That’s what losers do.
Another example of DR’s critics ignoring his digressions is the fact that DT is pushing the official lie of 911 to justify staying in Afghanistan and to keep illegally spying on us.
Add chemtrails to the list.
You can add funding , protecting and supplying ISIS to the list.
I can’t tell if your for or against DT. The MSM is not making an big issue of the bad stuff DT is doing. Another example are his pushing the official lie of 911 and using it as an excuse to stay in Afghanistan and keep illegally spying on us.
While our zionist lobby and their msm gollum scream It’s the Russians, the usual fleecing and degradation of the goy goes on.
Racism is a sign of mental degradation. If your defense of Russian intervention on Trump’s behalf, which his entire foreign policy and intelligence staff agrees is true, based on the evidence they have SEEN, “without a doubt,” is justified by racism, then you are part of the swamp.
What race you talking about?
I did not mention race, which is a fabrication of racism, which you are promoting tho you will of course deny. Race is a myth invented to justify slavery.
You are a douchebag invented to justify stupidity.
You are the one with mental degradation.
“In a forthcoming book, Are Racists Crazy? How Prejudice, Racism, and Antisemitism Became Markers of Insanity, historian Sander Gilman and sociologist James M. Thomas look at the centuries long project to pinpoint the psychological origins of racism. Over the years, psychologists, doctors, and sociologists have wrangled over the source of racial prejudice, with some arguing that this “madness” is inspired by the toxic influence of a crowd and others looking to an individual’s particular neurology for answers.” slate.com
Explain how pointing out that racism is a mental illness is a sign of mental illness. If a doctor says your tumor is caused by cancer, does that mean he himself has cancer.
Your logic suggests you yourself want to defend racism: why?
This collusion is what happens when a bunch of brain dead deplorables vote into power the best of their deplorability.
Very dissapointing! Once again these corrupt banks that have ripped off the people for years are given a pass while the people suffer!
I’ll be taking every cent I have out of my banks & paying down debt immediately!
If they can get away with this AGAIN it’s obvious that the swamp needs draining from the top down along with the banks. There’s your real collusion! Govt with banks!
Where’s CNN & the liberals carrying on about this one?! ( crickets)
Now that’s some collusion. This story & Trumps actions on this makes it clear that the whole thing has been a show & there is no hope.
Well Donald, I gotta hand it to ya! You really had me going there for a while.
But now I know it’s all been bullshit!
And that America is a shithole!
You just contributed to all the sh*t!
FAKE NEWS… It is more important to protect the investors, who have nothing to do with it.
Resist Tyranny by letting banks off the hook when they rip off investors?
What is the difference between a “waiver” and a “pardon”? It is not explained well.
A pardon to me would me an that he forgave the banks of all wrong doing and penalties.
A waiver to me would mean he pushed off the fines and penalties for 3-5 years the same as Obama.
Why, I don’t know. That is the real story here.
Trump’s debt issues are quit concerning and this seems like a great conflict of interest. If I recall it was revealed during the election that he owed millions to the Chinese banks as well.
As Founding Father, First Chief Justice, and slave owner John Jay, a forerunner of Mussolini’s Doctrine of Fascism wrote: “Those who own the country should run it.”
Trump, a fake populist like Mussolini and Hitler, ran against Wall St. and once in power appointed 7 Goldman-Sachs alumni to run the country, with the primary job of huge tax cuts for “those who own the country.”
You are so biased how do you expect anyone to believe anything you say?
This story is completely bogus— there was no pardon. What occurred is that the Employee Benefits Security Administration of the Department of Labor allowed an exemption to ERISA regulations concerning investment of Employee Pension which exemption is specifically authorized by law. The exemption was applied for in 2016, the application was made open to public comment and hearing and the exemption allowed on Dec 29, 2017.
By the very terms of the exemption–“No relief from a violation of any other law is provided by this exemption”.
It continued an exemption previously granted by the previous administration