US House finance committee wants info from Deutsche Bank on Trump loans and Russia ‘mirror trades’


Ranking member Maxine Waters, D-Calif., participates in the House Financial Services Committee meeting to organize for the 115th Congress on Thursday, Feb. 2, 2017.
Ranking
member Maxine Waters authored the letter.


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Call/SIPA USA/PA Images



Democrats on the House Committee on Financial Services have sent
a letter to Deutsche Bank CEO John Cryan asking for information
on the banks dealing with President Donald Trump.

Representative Maxine Waters of California and four other
Democrats on the committee sent a letter dated May 23 to Deutsche
Bank CEO John Cryan, asking the German bank to disclose
“information relating to two internal reviews reportedly
conducted by Deutsche Bank.”

In the letter, seen by Business Insider, the Congressional
committee asks for information “regarding its 2011 Russian mirror
trading scandal and the other regarding its review of the
personal accounts of President Donald Trump and his family
members held at the Bank.”

Deutsche Bank in January agreed to
pay $628 million to UK and US regulators to settle probes

into whether it helped covertly move as much as $10 billion out
of Russia through a process known as “mirror trading.”

Separately, the Guardian reported in February that Deutsche Bank
had
lent $300 million to Trump
and had
carried out an internal review of the loans following his
election to see if there was any connection to Russia.
The
result of the probe has not been publicly disclosed.

The committee says in its letter: “There is no transparency
regarding who participated in, or benefited from, the Russian
mirror trading scheme that allowed $10 billion to flow out of
Russia. Likewise, Congress remains in the dark on whether loans
Deutsche Bank made to President Trump were guaranteed by the
Russian Government, or were in any way connected to Russia.

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“Only with full disclosure can the American public determine the
extent of the President’s financial ties to Russia and any impact
such ties may have on his policy decisions,” the letter says.

A spokesperson for Deutsche Bank declined to comment.

Despite the strong wording of the letter, the Congressional
democrats have no power to force Deutsche Bank to disclose any
information as they are a minority in the house. The same group
of Democrats called for
an inquiry into the Department of Justice’s investigation of the
Deutsche Bank mirror trading scandal
in March but nothing has
yet happened.

Source