Decade in the red. Trump taxes.

[El_Kabong]

@Sherrerd

Perhaps the most intriguing part of the NYT story is that mysterious $52.9 million in what’s claimed to be interest income:

Trump's `Abnormal' Interest Income Two Decades Ago Came Tax-Free - Bloomberg

The thing is, what’s the source? If he made a huge loan to someone and the $52.9 million is interest that someone was paying on the loan, there’s be an indication of that in the tax transcripts. And Trump isn’t known for making huge loans. He’s known for taking out huge loans.

So the question remains: what’s the source of that big chunk of income?

Great question. Pulling a rate out of the air, if the $52.9 million interest represents an investment paying out at, say, 6%, then the principal would have to be somewhere north of $800 million (er, wouldn’t it? I’m no accountant). Indeed, if correct, from where did that rather large chunk of change suddenly appear?

[ThelmaLou]

Wasn’t sure where to post this. (So many choices!) Great show on Fresh Air today. Listen or read the transcript. It will curl your hair. And leave you wondering why anyone is still wondering if The Donald is a criminal.

Deutsche Bank Is The ‘Rosetta Stone’ To Unlock Trump Finances, Journalist Says

This is FRESH AIR. I’m Terry Gross. Congressional Democrats determined to investigate President Trump’s personal finances are encountering a wall of resistance from the White House. But leaders of two House committees have identified another rich source of information about Trump’s businesses - Deutsche Bank, which was a lending partner on many Trump projects over a period of more than a decade, providing over $2 billion in financing. The relationship included some successes but also loan defaults and one contentious lawsuit.

In the process, Deutsche Bank amassed a wealth of information about Trump’s business dealings. And the House Intelligence Committee and the Financial Services Committee have subpoenaed those records from the bank. Trump has sued to prevent Deutsche Bank and another financial company, Capital One, from providing those records.

Our guest today is David Enrich, finance editor of The New York Times. He’s written and edited many stories about Trump and Deutsche Bank. And he’s working on a book that’s slated for publication next year called “Dark Towers: The Inside Story Of The World’s Most Destructive Bank.”
…

The story will curl your hair, if you’ve ever been charged an overdraft fee or gotten letters from a bank because you missed a payment or two. Thump and his ilk deal at levels we ordinary people can only have nightmares about. He borrowed hundreds of millions of dollars from one department of Deutsche Bank and when he defaulted, they cut him off. So he made friends with another part of the bank and borrowed money from them to pay back the first loan. It’s more complicated than that, but holy crap.

More on the bank:

And this is part of a pattern of - at Deutsche Bank of being kind of the money launderers’ bank of choice all over the world and - which is, again, a reflection of the bank’s absolutely awful internal controls and risk management and anti-money laundering programs.
…

DAVIES: This bank is called Deutsche Bank. Does it have any official relationship with the German government?

ENRICH: The bank has nothing - is not officially part of the German government. But it’s taken on this mantle as not only Germany’s largest bank and most important bank, but it’s, over the years, been an essential part of Germany’s economy and deeply linked to the German government. And the bank was founded in 1870 as a way to help German companies expand overseas. And it became synonymous with the kind of imperial aims of Germany over the years. It was - during World War II,** it was an essential ingredient in the Nazi military machine. It financed the construction of Auschwitz. It financed the construction of - or the finance work for the chemical company that made the gas for Auschwitz. It took over banks all over Europe as Germany laid waste to Europe and participated in the Aryanization of Jewish businesses.** And in the post-World War II era, it also played a key role in financing the reconstruction of Europe.

And so this is the bank that is synonymous with Germany in many ways.
…

My bold.

Worth a listen/read. Deutsche Bank has accumulated lots of financial details on thump including many tax returns. Right now, the bank is cooperating with House inquiries. Thump has sued to keep them from revealing the info.

[duality72]

You borrow a thousand dollars from the bank and you can’t pay it back? You’ve got a big problem.

You borrow millions of dollars from the bank and you can’t pay it back? The bank’s got a big problem.

[Sherrerd]

@El_Kabong

Great question. Pulling a rate out of the air, if the $52.9 million interest represents an investment paying out at, say, 6%, then the principal would have to be somewhere north of $800 million (er, wouldn’t it? I’m no accountant). Indeed, if correct, from where did that rather large chunk of change suddenly appear?

I think there would be potential for a human-made earthquake if it were to be revealed that the $52.9 million was legitimate income—from the sheer physical impact of all the people simultaneously falling off their chairs at the moment the news hits.

[John_Bredin]

@duality72

You borrow a thousand dollars from the bank and you can’t pay it back? You’ve got a big problem.

You borrow millions of dollars from the bank and you can’t pay it back? The bank’s got a big problem.

You “borrow” millions of dollars from Russian oligarchs who want you to pay it back in favors, the nation’s got a big problem.