Episode 914: Trump And Deutsche, A Long Affair : Planet Money

Episode 914: Trump And Deutsche, A Long Affair : Planet Money

U.S. President Donald Trump, three of his children and the Trump Organization on Wednesday lost their bid to block Deutsche Bank AG and Capital One Financial Corp from providing financial records to Democratic lawmakers investigating Trump's businesses.

Therefore, it's the second time this week that a federal judge ruled in favor of Congress and against Trump on a subpoena issue, and the second time this week that a judge confirmed that the subpoenas were issued with a "legitimate legislative objective". Deutsche Bank said it would abide by the court's decision.

"They are looking for records about minors, about in-laws", said Strawbridge, claiming that even information about Trump's grandchildren could be swept up in the subpoenas.

As Law&Crime noted before, House Democrats were quick to send U.S. District Judge Amit Mehta's ruling on the Mazars USA subpoena the way of Judge Ramos.

"Well, under an agreement that they had before today's ruling, there are seven days", said Scannell. Lawyers representing the president and his family claim that the requests violate the Trump's privacy and serve no legislative objective - arguments that were struck down on Wednesday.

Ramos said he would not suspend his decision pending appeal.

Deutsche Bank has always been a principal lender for Trump's real estate business and a 2017 disclosure form showed that Trump had at least US$130 million (RM543.75 million) of liabilities to the bank.

Some parts of the subpoenas have been included in court filings. In March, before issuing their subpoena, Democratic lawmakers asked Capital One for documents concerning potential conflicts of interest tied to Trump's Washington hotel and other business interests since he became president in January 2017.

Abe and Trump's dinner will be preceded by a round of golf at the Mobara Country Club and the Summer Grand Sumo Tournament at Tokyo's Ryogoku Kokugikan where the US president will present to the victor a trophy specially made for the occasion.

A couple of congressional committees subpoenaed Deutsche Bank, and other financial institutions, last month as they sought to procure Trump's financial records.

Prime Minister Shinzo Abe will be taking U.S. President Donald Trump to a traditional Japanese charcoal grill restaurant in Tokyo's Roppongi nightlife district for an intimate and informal dinner during his visit to Japan starting at the weekend, sources familiar with the matter said Wednesday. Congressional Democrats have long said they want to examine the bank's loans to the Trump and Kushner businesses, particularly to see if there is any connection to money-laundering in Russian Federation.

Under the deal, Trump would get a stay of the subpoena's enforcement until the case is decided, while House Democrats would get accelerated consideration of the case. He denied that it was meant to target Trump personally.

Representative Maxine Waters, who chairs the House Financial Services Committee, told reporters after the lawsuit was filed that Trump had 'cast a gauntlet.' 'We will fight him, ' she said.

Two financial services firms can comply with a congressional request for documents under a federal judge's ruling issued Wednesday.

The May 22 ruling comes two days after another federal court judge ruled in favor of the House Committee on Oversight and Government Reform to allow an accounting firm to hand over Trump's financial records. Ramos is also an appointee of former President Barack Obama.

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