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 allowing it to continue to manage pension funds and individual retirement accounts for another three years, according to an announcement in the Federal Registry soon after the decision last month.
…Deutsche Bank has been a big lender to Trump over the years, and the president still has loans with the bank that were originally worth $300 million.
…How the administration handles Frankfurt-based Deutsche Bank has drawn scrutiny from good-government groups, given the bank’s big role in the president’s business. It has also reportedly drawn the attention of federal prosecutors and investigators.
German business newspaper Handelsblatt reported last month that special prosecutor Robert Mueller has subpoenaed Deutsche Bank seeking records as part of his investigation into allegations that Russia helped Trump win the 2016 U.S. presidential election. Deutsche Bank had no comment at the time, and a lawyer for Trump denied that Mueller had subpoenaed Deutsche records relating to the president.
Deutsche Bank is also a big lender to the family real estate company once run by Trump senior adviser and son-in-law Jared Kushner. In 2016, Deutsche Bank lent $285 million to affiliates of the Kushner Cos. to refinance a loan used to purchase of the retail floors in the old New York Times building in Manhattan.