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9 Sep, 5 tweets, 2 min read
New: The US Treasury announces that Deutsche Bank violated US sanctions related to Russia's annexation of Crimea.

The bank is paying a $583,100 settlement.

home.treasury.gov/system/files/1…
The circumstances here are...murky. But it looks like once again Deutsche Bank just completely dropped the ball on scrutinizing high-risk transactions for certain clients.
You might think to yourself that a six-figure settlement is not much for a bank of DB's size. You would be correct!

Impossible to not mention here that the president is a major client of the bank, which is by far his biggest creditor.
Also impossible not to mention that this is the umpteenth time @DeutscheBank has gotten in trouble for Russian-related money laundering or for violating international sanctions. In general, the US govt has imposed puny penalties, and the bad behavior continues. (from DARK TOWERS)
Oh and don't forget this related news from a few weeks ago –– oh, I mean 8 hours ago.

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More from @davidenrich

David Enrich Profile picture
30 Aug
NEW: Steven Mnuchin is maybe the most mysterious creature in the @realDonaldTrump administration.

He has no clear ideology, other than making money. He had no clear connection to the president. We set out to understand him. @JamesStewartNYT @arappeport
nytimes.com/2020/08/30/bus…
One of the remarkable things is how @stevenmnuchin1’s family is reacting to his service in the Trump admin. They are...not happy.
The interesting thing is Mnuchin executes @realDonaldTrump’s orders unquestioningly. Yet not even Trump seems happy with Mnuchin.
Read 4 tweets
David Enrich Profile picture
27 Aug
The House Intelligence Committee’s memo today on its revised subpoenas to @DeutscheBank is fascinating and quite important.

Bottom line is that this investigation appears to be very much alive. More thoughts in 🧵🧵🧵

Read the full 25-page memo here. intelligence.house.gov/uploadedfiles/…
The @HouseIntel memo provides new details on why the committee needs @realDonaldTrump’s records from Deutsche. The memo describes Trump’s foreign financial entanglements as a potentially serious counterintelligence risk — one that has not yet been adequately investigated.
To comply with the Supreme Court ruling last month, the committee is amending the subpoenas to narrow their scope. As described here, they’re reducing the # of Trump accounts they’re seeking info for, and they’re narrowing the date range.
Read 7 tweets
David Enrich Profile picture
25 Aug
This @ErinBanco @thedailybeast story about Kushner and Russian sovereign wealth fund is really interesting.

A couple of thoughts as it relates to @DeutscheBank etc. 🧵🧵thedailybeast.com/jared-kushners…
Deutsche’s longtime CEO Joe Ackermann built close ties with the Kremlin. He urged VTB (with ties to Russian intelligence) to get into investment banking. VTB then hired dozens from Deutsche, and Ackermann hired VTB CEO’s son. (From DARK TOWERS)
Then, shortly after Ackermann retired from Deutsche in 2012, Putin offered him a job....running a Russian sovereign wealth fund.
Read 4 tweets
David Enrich Profile picture
23 Aug
Exclusive: Officials in the Virgin Islands are subpoenaing companies controlled by the billionaire Leon Black –– one of Wall Street's most powerful figures –– as part of their investigation into Jeffrey Epstein's finances. with @MattGoldstein26 @SteveEder nytimes.com/2020/08/23/bus…
One of the enduring mysteries about Epstein is where his money came from in recent years, after his longtime benefactor, Les Wexner, cut ties.

Three sources tell @nytimes that Leon Black’s companies sent many millions of dollars to Epstein’s Virgin Islands company after 2013.
The money flows were identified by @DeutscheBank, which was Epstein’s banker for 5+ years. The bank shared the info with law enforcement.

Prosecutors are seeking records from Black's @apolloglobal, from companies that manage his fortune, and those that he used to buy artwork.
Read 4 tweets
David Enrich Profile picture
5 Aug
Breaking: NY prosecutors have subpoenaed @DeutscheBank for its records related to @realDonaldTrump and his businesses.

Deutsche Bank *has complied*, providing extensive documents and other materials. w @benprotess @WRashbaum @BenWeiserNYT @kirstendanis nytimes.com/2020/08/05/nyr…
This is the first time that Trump's long, tortured history with Deutsche Bank has been the subject of a *criminal investigation*.

And unlike Congress's [so far] unsuccessful subpoenas of Deutsche last year, this time the authorities have gotten their hands on the DB materials.
The @ManhattanDA appears to be investigating potential crimes involving bank fraud.

Michael Cohen testified that Trump routinely inflated his asset values as he sought financing.

Deutsche execs viewed Trump's valuations as wildly optimistic and sometimes reduced them by 70%.
Read 4 tweets
David Enrich Profile picture
2 Aug
Exclusive: @DeutscheBank is launching an internal investigation into Rosemary Vrablic, the personal banker to the Trump and Kushner families.

The review relates to a 2013 personal transaction between Vrablic and a company tied to Kushner. w/ @JesseDrucker nytimes.com/2020/08/02/bus…
In 2013, Vrablic and two of her Deutsche employees bought a Park Ave apartment for $1.5 million from "Bergel 715 Associates."

On Friday, Jared Kushner for the first time disclosed a stake in Bergel. Sources confirmed to @nytimes that he had the stake at time of the Vrablic deal.
At the time of the 2013 transaction, Trump and Kushner were Vrablic’s clients, receiving and seeking big loans.

Typically banks restrict employees from personal financial dealings with clients.

Deutsche hadn’t known about this until @nytimes contacted the bank on Saturday.
Read 6 tweets

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