In 2004, shortly after Trump Hotels & Casino Resorts defaulted on hundreds of millions of bonds, causing steep losses for Deutsche clients, Trump asked the bank’s commercial real-estate group to lend him more than $500 million to build a 92-story skyscraper in Chicago. It did, but not before employees determined, among other things, that Trump was massively inflating his assets.
…In patented Trump fashion, shortly before the bulk of the loan was due in November 2008, he sued the bank to get out of repaying, demanding $3 billion in damages and arguing that Deutsche had, in part, caused the financial crisis and was therefore to blame for his inability to sell hundreds of condo units.
…Deutsche Bank dispatched a team to Trump Tower to inspect Mr. Trump’s personal and corporate financial records. The bankers determined he was overvaluing some of his real-estate assets by as much as 70 percent, according to two former executives.