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real-human



Joined: 02 Jul 2011
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PostPosted: Thu Sep 05, 2019 10:13 pm    Post subject: Reply with quote

https://www.dailykos.com/stories/2019/9/5/1883660/-Mysterious-50-million-loan-to-himself-suggests-more-tax-fraud?utm_campaign=trending


Individual-1's mysterious $50 million loan to himself suggests (more) tax fraud

annieli for Today In Heightened Contradictions
Community (This content is not subject to review by Daily Kos staff prior to publication.)
Thursday September 05, 2019 · 1:36 PM MPDT
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CHICAGO, IL - OCTOBER 12: Demonstrators hold up a pińata of Republican Presidential candidate Donald Trump during a protest outside Trump Tower on October 12, 2015 in Chicago, Illinois. About 250 demonstrators marched through downtown before holding a rally calling for immigration reform and fair wages in front of Trump Tower. Trump has been an outspoken proponent of a plan to deport undocumented immigrants. (Photo by Scott Olson/Getty Images)
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Mother Jones starts to look at what others considered an entirely hinky path though Trump’s Chicago investments.

Donald Trump’s massive debts—he owes hundreds of millions of dollars—are the subject of continuous congressional and journalistic scrutiny. But for years, one Trump loan has been particularly mystifying: a debt of more than $50 million that Trump claims he owes to one of his own companies. According to tax and financial experts, the loan, which Trump has never fully explained, might be part of a controversial tax avoidance scheme known as debt parking. Yet a Mother Jones investigation has uncovered information that raises questions about the very existence of this loan, presenting the possibility that this debt was concocted as a ploy to evade income taxes—a move that could constitute tax fraud.

Deutsche_Bank_Mirror_Trading_ReutersUK.jpg
To fend off his biggest creditor, Trump attempted a brazen legal gambit. He sued Deutsche Bank, accusing the firm of causing the housing crisis and economic meltdown that was supposedly inhibiting his ability to sell units in the Chicago project and repay his debts. Eventually, Trump settled his financial differences with Deutsche by repaying some of the money he owed the bank and refinancing the rest through the bank’s private banking arm, according to records filed with the Cook County Recorder of Deeds. That is, Trump took out a new loan through Deutsche’s private bank to cover his debt to the firm’s commercial lending side.
Here’s what is publicly known about this mystery debt: On the personal financial disclosure forms that Trump must file each year as president, he has divulged that he owes “over $50 million” to a company called Chicago Unit Acquisition LLC. The forms note that this entity is fully owned by Trump. In other words, Trump owes a large chunk of money to a company he controls.

[...]

To recap: Trump claims he bought a debt related to his Chicago venture, but neither of the two loans associated with this property appear to have been purchased. The Deutsche Bank loan was refinanced. The Fortress debt, according to sources with knowledge of the transaction, was canceled. And this raises a question: Did Trump create a bogus loan to evade a whopping tax bill on about $48 million of income?

www.motherjones.com/...

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mac



Joined: 07 Mar 1999
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PostPosted: Sun Mar 08, 2020 10:55 pm    Post subject: Reply with quote

mac wrote:
It was always Deutsche Bank and money laundering.
After posting thus in May, I started reading “Dark Towers.” I’ll just give you the juicy bits about how Trump is in the bag for Deutsche and Russian oligarchs. Although he’s down with all oligarchs, doing it for Russia is what makes him a traitor. A few quotes, more as I read more.

Quote:
[about Bankers Trust making a loan to Trump.] ..at one point making a $100 million loan to Donald Trump. The loan was unsecured: Bankers Trust had no claim to any collateral if Trump stop paying..which is exactly what he did. [after Bankers Trust was bought by Deutsche Bank]. Deutsche executives would quip that whoever initiated the Trump relationship must have had some sort of head injury. [On Trump seeking a loan in 1998.] Trump at the time was a casino magnate known for his occasional showbiz hijinks and his on-and-off dealings with organized crime figures. He also was a deadbeat, havin defaulted on loans..and stiffing lenders, contractors and business partners...
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mac



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PostPosted: Mon Mar 09, 2020 10:45 pm    Post subject: Reply with quote

Time for another episode in money laundering 101 and the crime family. We start our story tonight by mentioning Kevin Ingram, the Deutsche Bank executive caught money laundering and arms dealing, who did time in Florida. Wonder where he learned to do that? The answer to that is right at home. By 2003, Deutsche Bank was helping those in countries under US sanction launder money. (Account starts on page 102). Despite efforts to hide the details, the efforts of Russian oligarch’s to launder money by buying Trump properties is well known. Less well known is their efforts to provide funding for Iran’s terrorist funding of Hezbollah groups like Jaysh al-Maldi. Iran’s funding of efforts to keep Iraq destabilized were revealed in a lawsuit by four families who were killed in Iraq between 2004 and 2011. Money kindly laundered by DB—in violation of US law.

Money was “pouring into” the US from banks in Estonia, Lithuania, Cyprus, and “most of all”, Latvia. Perhaps DB kept loaning money to Trump because they thought he might eventually make some? Or perhaps he was the bag man or political fixer to prevent the SEC or the FED from landing on DB for their law-breaking? It is clear that he has done everything in his power since elected to make white collar crime a safe endeavor. Keep in mind that his agent in dealings with business development in eastern Europe at the time was Russian-born criminal Felix Sater, living in a penthouse in Trump’s property at 40 Wall Street. There will be more to this study about criminal Trump trying to hide the details of his activities. https://www.thenation.com/article/archive/who-is-felix-sater-and-why-is-donald-trump-so-afraid-of-him/ https://www.buzzfeednews.com/article/anthonycormier/felix-sater-trump-russia-undercover-us-spy
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mac



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Location: Berkeley, California

PostPosted: Tue Apr 07, 2020 8:59 pm    Post subject: Reply with quote

He’s so compromised. https://www.bloomberg.com/news/articles/2020-04-07/senators-question-deutsche-bank-s-leverage-over-trump-on-loans?fbclid=IwAR1g0gZZ5w_C3eobedfJfY3x_uQfQbbMlG4oL3T22ux_8CsH24dydhzVr-w
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mac



Joined: 07 Mar 1999
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Location: Berkeley, California

PostPosted: Sun Jun 28, 2020 4:05 pm    Post subject: Reply with quote

Another episode in the crooked bank behind Trump. Hedge funds, oligarch's, and how the right wing fake news outfits are funded.

In 2014, Senate investigators were looking at what are called the Renaissance Technologies trades https://dealbook.nytimes.com/2014/07/18/senate-panel-to-examine-renaissance-trading-strategy/, which were schemes to avoid taxes on gains by Renaissance Technologies. This is discussed in "Dark Towers" and the scheme, and eventual settlement are widely reported, eg https://dealbreaker.com/2019/12/rentech-401k-taxes

Robert Mercer was one of the principals, and one of the biggest backers of Trump. https://www.cbc.ca/news2/interactives/sh/wex94ODaUs/trump-robert-mercer-billionaire/ At about this time, according to "Dark Towers", "Robert Mercer was beginning to bankroll a series of right-wing initiatives, such as Breitbart news..."

A bit more about Mercer:

Quote:
Former CEO of the hedge fund Renaissance Technology, Robert Mercer, shoveled over $15.5 million into outside groups, including Make America Number 1, and a combined $10,800 to Trump’s campaign, in 2016.

But Mercer’s influence in the 2016 presidential campaign went beyond just disclosed contributions.

The Center for Responsive Politics obtained IRS documents last year revealing that Mercer pumped money into a “dark money” 501(c)(4) nonprofit to send anti-Muslim propaganda ads into swing voters’ social media accounts. Mercer was one of the top three donors to the “social welfare” organization.

He also came into notoriety for funding Cambridge Analytica, a data-firm that garnered swift public rebuke after it was discovered that the company mined private information from social media pages to influence campaign advertisements.

But since catapulting to fast-fame within conservative donor circles in 2016, Mercer appears to have taken a step back from his public profile. In November 2017, Mercer resigned as co-CEO of Renaissance Technology, although he has stayed involved in other capacities.

While in the 2014 midterms he was fourth on CRP’s list of top individual federal contributors, in the 2018 midterms, he sunk to number 24. But he did continue donating to the Congressional Leadership Fund, National Republican Senatorial Committee and John Bolton Super PAC, among others. Mercer gave $4.2 million to outside spending groups to prop up Republican campaigns during the 2018 midterms, including groups bolstering Republicans Chris McDaniel in Mississippi and Kelli Ward in Arizona. Both candidates lost their respective primaries.

Adding to the list of setbacks, Breitbart, the conservative news platform which Mercer made significant investments in, experienced an unexpected decline after Mercer backed out. His daughter Rebekah owns a share of the company.


The tax avoidance scheme by Renaissance Technologies resulted in a claim from the IRS for $7 billion. Fortunately, he had a bought man in the White House who installed a hedge fund friendly IRS commissioner, and pushed through a tax cut that was worth billions to Mercer.

Is this a great country, or what? You can help elect a crook--and then get away with your crimes.
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mac



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PostPosted: Wed Aug 05, 2020 8:30 pm    Post subject: Reply with quote

Updates are pretty interesting. Earlier this week, Rosemary Vrablic, Trump’s loan pimp at Deutsche Bank is reported to be under investigation for loan to Kushner. Just now, NYT has revealed that Deutsche Bank has complied with the subpoena from New York prosecutors for Trump financial records. They have followed the money.


Matty will tell us his crimes shouldn’t be crimes—which really means that it is too complicated for Matty to understand.

Winter is not over.
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vientomas



Joined: 25 Apr 2000
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PostPosted: Wed Aug 05, 2020 9:10 pm    Post subject: Reply with quote

mac wrote:
Updates are pretty interesting. Earlier this week, Rosemary Vrablic, Trump’s loan pimp at Deutsche Bank is reported to be under investigation for loan to Kushner. Just now, NYT has revealed that Deutsche Bank has complied with the subpoena from New York prosecutors for Trump financial records. They have followed the money.


Matty will tell us his crimes shouldn’t be crimes—which really means that it is too complicated for Matty to understand.

Winter is not over.


Maddy is Mr. Law and Order! Rolling Eyes
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mac



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PostPosted: Sat Sep 26, 2020 12:32 pm    Post subject: Reply with quote

Fat Donny’s enabler. From the New Yorker:

Quote:
In January, 2019, I received a tip from someone who worked in a Japanese mountain resort. He told me that an American named Tim Wiswell had arrived on a skiing vacation with his family. Japan, he noted, had signed an extradition treaty with the U.S. My correspondent wrote, “I’m just wondering why it seems he’s not being pursued?”

It was a reasonable question. Wiswell, or “Wiz,” as he was known to his colleagues in finance, was the head of Russian equities at Deutsche Bank in Moscow until 2015. He was also, according to the bank, a key figure behind “mirror trades,” a scheme designed to expatriate and launder money of dubious provenance. In a typical mirror trade, a Russian client of Deutsche Bank would make two simultaneous orders—one to buy stock in Moscow in rubles, the other to sell an identical quantity of the same stock in London, and receive payment in Euros, pounds, or dollars. The client did not make any money on the equities maneuver. The purpose of the double-order was to move money without alerting tax inspectors, sanctions observers, or officers of the law. Between 2011 and 2015, ten billion dollars left Russia through Deutsche Bank’s mirror trades.

When the scheme unravelled, in 2015, Deutsche Bank pointed the finger of blame at Wiswell. The company’s leadership accused him of accepting nearly four million dollars in bribes to facilitate the trades—sometimes through an offshore account owned by his wife, who is an artist—on top of his generous banker’s salary. In 2016, when I investigated mirror trades, a former colleague of Wiswell’s told me that Wiswell had manipulated over-the-counter trades of equities to benefit his friends. A professional money-launderer in Moscow who was intimately acquainted with Deutsche Bank’s capital-flight service told me that, as his fee for making mirror trades, Wiswell sometimes accepted cash payments in a gym bag.

The ultimate beneficiaries of mirror trades were more difficult to discern. Those who wished to move their money commissioned professional launderers, who placed the orders on behalf of front companies. But I was told that the scheme was used both by organized criminals and by politically connected Russians and Chechens. Certainly, mirror trades would have been attractive to anyone eager to circumvent sanctions or the scrutiny of their own government. Bloomberg News named Arkady and Boris Rotenberg, close allies of Vladimir Putin who were sanctioned by the U.S. following Russia’s annexation of Crimea, as users of mirror trades—although no definitive proof has emerged of their involvement. Igor Putin, the President’s cousin, was connected to the scheme.

The recently published FinCEN files detail the extent to which major banks have facilitated money laundering and add some fascinating detail to the mirror-trades affair. The FinCEN documents are based on Suspicious Activity Reports—essentially whistle-blowing reports made by banks themselves—filed to the U.S. government. They were leaked to BuzzFeed News, then shared with the International Consortium of Investigative Journalists, which shared them with news outlets around the world. According to the documents, one of the clients involved in mirror trades was a liaison for Vladislav (Blond) Leontyev, a Russian drug trafficker. (Leontyev denied any involvement in mirror trades or other criminal activity.) Meanwhile, nearly fifty million dollars were also funnelled through mirror trades to the Khanani network, whose clients include associates of Hezbollah and the Taliban.

Deutsche Bank’s reputation was abject even before the mirror-trades scandal broke. Between 2008 and 2016, it paid around nine billion dollars in fines and settlements for a wide range of wrongdoing that included conspiring to rig the price of gold and silver, breaking sanctions in Iran, defrauding mortgage companies, and manipulating the London Interbank Offered Rate, or libor. Recently, the bank was fined a hundred and fifty million dollars by the New York Department of Financial Services for “significant compliance failures” in its relationship with Jeffrey Epstein. The FinCEN files cover around two trillion dollars’ worth of suspicious transactions reported at major banks between 1999 and 2017. Of that two trillion, more than half—around $1.3 trillion—passed through Deutsche Bank.

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Deutsche Bank says that it has learned from “historic issues,” and argues that it has “devoted significant resources to strengthening our controls.” The organization has already faced a reckoning of sorts over mirror trades. After the scheme was shut down in 2015, it was investigated by financial regulators in Russia, the U.K., and the U.S. The Russian investigation found that Deutsche Bank had fallen prey to an illegal scheme, and penalized the bank with a token fine of five thousand dollars—pocket change for a senior banker in its Moscow office. Britain’s Financial Conduct Authority and the N.Y.D.F.S. took the bank’s breaches more seriously. They fined Deutsche Bank a combined total of six hundred and thirty million dollars for violating anti-money-laundering laws. The mirror-trades scheme, according to the F.C.A., was “highly suggestive of financial crime.”

As we now know, mirror trades were not just suggestive of financial crime. Major criminal organizations, terrorist groups, and drug cartels used them to launder and transfer money, and benefitted more generally from this geyser of dirty money. A recent internal report at Deutsche Bank noted that the Department of Justice continues to probe the mirror-trades scheme. If so, it is a long-running investigation. In 2016, I exchanged messages with two agents—from the F.B.I. and the U.S. Department of Homeland Security—who had spent half a day in a European embassy questioning one of my sources. But nothing came of their investigation, it seems. Meanwhile, in his recently-published book about Deutsche Bank, “Dark Towers,” David Enrich quotes an F.B.I. agent who said, in 2019, that the investigation into mirror trades was still active. One wonders how active the investigation can be, if it has taken so long. There is also the political environment to consider. Before Donald Trump took office, Deutsche Bank was often the only bank that would lend to him. The chances of criminal prosecutions seem slim, at least during this Administration.

Wiswell’s recent schedule is not indicative of a man worried about arrest. After he was dismissed from the bank in 2015, he fought a wrongful-termination claim against Deutsche Bank in Moscow. (He lost.) Wiswell then moved to Bali, where he ran a Russian-owned surf school, and where he apparently still lives. Last year, he went to Japan, to go skiing, and to Florence, Italy, with his wife, for the art Biennale. She posted a picture of the event on Instagram; Wiswell is holding a glass of champagne. A former Deutsche Bank employee texted me recently to say that he had heard Wiswell had been seen partying on a yacht off the southern coast of France last summer “with some Russians.” (Wiswell did not respond to a request for comment.)

Wiswell was not the only person who facilitated mirror trades. His managers turned a blind eye, either through design or incompetence. All of his immediate superiors still work in finance—although most have moved on from Deutsche Bank. Meanwhile, as BuzzFeed noted in its FinCEN reporting, Deutsche Bank’s own auditing team had investigated the Moscow equities desk in 2014. At that time, mirror trades were flourishing. The investigation gave the desk a clean bill of health, although the team left a blank space for anti-money-laundering controls and so-called know-your-customer procedures—a gross oversight. The chief of Deutsche Bank’s audit division at the time was Christian Sewing, who joined the bank when he was nineteen years old. Sewing is now the C.E.O. of Deutsche Bank.
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