The bank’s $300 million loan to Trump, after the oft-bankrupt magnate fell behind on a separate loan from the German bank, was highly unusual according to banking experts, and likely raises questions for Mueller’s investigators about who or what was backing the additional funds.
In 2008, according to Harding’s book, Trump was refusing to pay off a $640 million loan, which he was using for a project in Chicago. He blamed the financial crash for his failure to pay. When Deutsche Bank tried to collect, Trump went on the offensive, and sued the bank in Queens, New York, demanding $3 billion for its role in the crash.
Two years later, all was forgiven and the bank was loaning him $300 million, due in 2023 and 2024. It was not the first time lenders had doubled down on bad loans to Trump, but American banks never revisited that strategy after Trump’s $900 million bankruptcy in the 1990s.
The Deutsche Bank deal shocked Harding’s sources. “Asked whether it was normal to give more money to a customer who was a bad credit risk and a litigant,” Harding wrote, “one former senior Deutsche Bank staff member said: “Are you ****ing kidding me?”