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Deutsche Bank has given Mr. Trump a “private incentive” for Mr. Trump’s $ 170 million loan to DC hotels, the House Oversight Commission said.
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Deutsche Bank has allowed Trump to delay the repayment of the loan’s principal, the Commission said.
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“During Mr. Trump’s presidency, he did not disclose this significant interest from foreign banks,” the commission said.
Former President Donald Trump received a $ 170 million loan from Deutsche Bank, a German financial institution, at a hotel in Washington, DC, and received “private incentives” on a “personally guaranteed” hotel oversight committee. rice field”. Said On Friday.
The Commission’s findings are based on document Obtained from the General Services Administration (GSA), a vast agency that helps maintain the operation of the federal government.
In a statement, the Commission stated in a statement that Deutsche Bank provided “significant economic benefits” in 2018 by allowing Trump to delay the repayment of the loan’s principal by six years.
“Without this postponement, the hotel could have had to pay Deutsche Bank an additional tens of millions of dollars when it was already facing serious losses. Mr. Trump was from a foreign bank during his presidency. We did not disclose this significant benefit, “said the Commission.
The statement also said that the Trump International Hotel received while Trump was president. Over $ 3.7 million Between 2017 and 2020, foreign governments raise “concerns about possible violations of foreign Emoluments provisions of the Constitution.”
The trump card for financial disclosure reported that hotel revenues exceeded $ 150 million.
But the hotel Lost more than $ 70 million Between 2016 and 2020, the commission said, “We have led the former president’s holding company to inject at least $ 24 million to help hotels struggling.”
The Commission “significantly exaggerated” the hotel’s financial position with Trump’s “misleading” disclosure, “not only ownership of this failed business, but his role as a hotel lender and third-party loans. Guarantor. “
The capital, Trump Hotel, is located in the Federal Government-owned Old Post Office Pavilion and is managed by the GSA. The House Oversight Committee said the GSA did not follow the hotel’s investigation during the Trump era, but created a “finally” “subset of requested documents” in July.
Sent by Chairman Carolyn Maloney and Government Steering Committee Chairman Gerald Connolly letter To the GSA requesting additional information.
“The document provided by the GSA describes former President Trump’s lease with the GSA and the institution’s ability to manage conflicts of interest with the former president during his term when he was effective on both sides of the contract as a landlord and tenant. , I raise a new and annoying question. “
Collectively, the document continued, “Far from being a successful investment, the Trump Hotel was a failed business plagued by debt that required relief from President Trump’s other businesses.”
“The Commission’s letter makes some inaccurate statements about Deutsche Bank and its loan agreement,” Deutsche Bank spokesman Daniel Hunter said in a statement to insiders.
In response, a House Oversight spokesperson told insiders, “The Commission’s letter is written in audited financial statements provided by the Trump Organization to the federal government and certified as” accurate, accurate, complete. ” I just emphasized that. “
“For example, December 28, 2016, CFO of The Trump Organization. Submitted by Allen Weisserberg A copy of the Trump Hotel’s audited financial statements proves they are correct, “added a spokesman. The certified 2017 financial statements contained the same information. However, the 2018 financial statements state that payment of principal will not be made “until maturity” and will be in 2024. “
A spokeswoman added that Trump believes that “if these financial statements are inaccurate, the Trump organization is obliged to revise the certified financial statements previously submitted to the GSA.”
Trump and GSA representatives did not immediately respond to insider requests for comment.
Trump refused to sell himself from his business empire while the president raised concerns about countless conflicts of interest. The former president called for a break from his predecessor by not depositing his assets in a blind trust and to move away from the business.
In 2019, Trump called the emoluments clause “fake” Because a legal expert accused him of violating him.
Foreign memoluments clause is enshrined in Article I, Section 9, Paragraph 8 Of the US Constitution.Regulations Prohibits civil servants from receiving gifts and cash From a foreign government without parliamentary approval.
It states: [the United States], Accepts gifts, praises, titles, or titles of any kind from a king, prince, or foreign state without the consent of Parliament. “
New York Times Review Trump’s tax return released last year showed that he earned $ 73 million from foreign interests in the Trump organization in the first half of his single-term presidential office alone. ..
Moreover, Domestic compensation clause It prohibits the president from receiving any money other than his annual salary from the US government.
It states: United States, or either of them. “
In September 2020, The Washington Post reported that Trump’s assets $ 1.1 million With taxes from the Secret Service since he entered the White House.
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