Deutsche Bank hosted parties to help Donald Trump meet wealthy Russians who used shell companies to mask purchases of Hawaii resort condos he developed

  • A new book, 'Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction' examines his long relationship with the German lender 
  • It became Trump's primary lender after he experienced multiple bankruptcies
  • The relationship ultimately ended after Trump sued it following the financial crisis
  • Times editor reports the firm introduced foreign buyers to Trump and partners
  •  Exec says banks took part in 'flight capital' to let people get money out of Russia and other places
  • Oligarchs and others sometimes use LLCs to make costly purchases without revealing their identities 

A new book dives into the multi-billion financial relationship between Donald Trump and German lender Deutsche Bank – and finds that the institution not only provided critical credit but used its clout to introduce the future president to Russian investors.

Deutsche Bank has previously been identified as Trump's top lender, after providing huge loans even when other institutions backed away after Trump experienced a series of bankruptcies as a real estate mogul.  

A new book excerpt,  'The Money Behind Trump's Money,' by a New York Times financial editor, digs into the financial relationship, which continues to be shielded from the public – in part due to a court fight over documents. 

Before he was president, Donald Trump got financing from Deutsche Bank for business purchases. But company also organized an event to help introduce Trump and his partners to potential Russian investors in condo properties, according to a new book

Before he was president, Donald Trump got financing from Deutsche Bank for business purchases. But company also organized an event to help introduce Trump and his partners to potential Russian investors in condo properties, according to a new book

The bank 'helped Trump find buyers for condos in his properties,' according to people familiar with the deal.

'When he partnered in 2006 with a Los Angeles developer to build a Trump-­branded resort in Hawaii, ­Deutsche Bank organized get-­togethers in London and elsewhere to connect Trump and his partners with wealthy clients — including some from Russia — who used anonymous shell companies to buy units in the Waikiki hotel complex,' according to the book. 

Wealthy individuals, including those living in high-risk countries or those that fall under sanctions, have long turned to real estate as a way to stash capital and enjoy potential growth, while shielding ownership through LLCs and other vehicles.  

Trump's bankruptcies – and the chance the bank would not get back a return on its investment – was only one concern among executives who debated the relationship. 

The bank 'organized get-­togethers in London and elsewhere to connect Trump and his partners with wealthy clients' exploring Hawaii property purchases

The bank 'organized get-­togethers in London and elsewhere to connect Trump and his partners with wealthy clients' exploring Hawaii property purchases

Ivanka Trump attends a preview of the Trump International Hotel Waikiki Beach Walk at Trump International Hotel & Tower New York on September 30, 2009 in New York City

Ivanka Trump attends a preview of the Trump International Hotel Waikiki Beach Walk at Trump International Hotel & Tower New York on September 30, 2009 in New York City

The bank has come under scrutiny for its lending practices. It extended loans to the Trump Organization even when other lenders backed away

The bank has come under scrutiny for its lending practices. It extended loans to the Trump Organization even when other lenders backed away

Speaker of the US House of Representatives Nancy Pelosi rips a copy of US President Donald Trump's speech after he delivered the State of the Union address at the US Capitol in Washington, DC, on February 4, 2020

Speaker of the US House of Representatives Nancy Pelosi rips a copy of US President Donald Trump's speech after he delivered the State of the Union address at the US Capitol in Washington, DC, on February 4, 2020

'It wasn't only the not-­insignificant risk that Trump would default on loans. The bankers also talked about Trump's well-­documented ties to the organized-­crime world — he had done business with people in or affiliated with the mob in Atlantic City and New York — and the possibility that his real estate projects were laundromats for illicit funds from countries like Russia, where oligarchs were trying to get money out of the country,' author David Enrich writes.

'Everyone in the real estate business was involved in 'flight capital,' ' a top exec told him. 

Enrich titled his book: 'Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction.' 

House Democrats are suing the bank to obtain tax return information from Trump. A federal judge ruled last year that the bank can provide the information, but the Trump Organization is fighting the subpoena, in a case heading to the Supreme Court. 

In one episode examined in the book, an arm of the bank agreed to loan Trump $48 million to pay back money he was personally obligated to pay the bank's investment arm – using his Chicago tower and a personal guarantee as collateral. The transaction provoked internal debate since it had one division lending to have the client pay off another division. It ultimately went through. 

“There is no objection from the bank to proceed with the client,' a top bank executive emailed another internally. 

The bank would later loan Trump $125 million to buy his Doral resort, and another $170 million to create a luxury hotel in Washington, D.C.