House Dems Subpoena Deutsche Bank, Others For Trump Docs

Trump Attorneys Threaten Legal Action Against His Accounting Firm if They Comply with Dems’ Subpoena

Trump Attorneys Threaten Legal Action Against His Accounting Firm if They Comply with Dems’ Subpoena

The House Oversight Committee has been looking to get a decade's worth of financial records from accounting firm Mazars USA related to their client, President Donald Trump.

"It is no secret that the Democrat [sic] Party has made a decision to use its new House majority to launch a flood of investigations into the president's personal affairs in hopes of using anything they can find to damage him politically", said the attorneys in a letter, telling Mazars they were putting it "on notice".

In a statement Monday, Schiff referred to the Deutsche Bank summons as a "friendly subpoena" - suggesting that the bank may have requested the order before complying with it. Leaders of the two panels stressed the urgency of the inquiries. At an April 10 hearing where the chief executive officers of the biggest US banks testified, she asked them about customer accounts linked to that country.

Trump has a long history with Deutsche Bank that hasn't always been the most easy-going relationship.

Financial Services Committee Chair Maxine Waters, D-Calif., says the use of the financial system for potentially illicit purposes is a serious matter and the investigation is necessary under the committee's oversight authority. The Financial Services Committee is exploring these matters, including as they may involve the President and his associates ...

Democrats vowed to pursue Trump's financial records after they won control of the House in November, saying they wanted to determine whether Russian Federation may have had leverage over the president via his loans from Deutsche Bank. On the back of a four-page summary written by his handpicked attorney general, William Barr, Trump has claimed that he has been "exonerated" of any claims of collusion or other wrongdoing.

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As Common Dreams reported previous year, German police raided Deutsche Bank's Frankfurt headquarters in November in connection with the Panama Papers money laundering investigation.

The House Financial Services and Intelligence Committees both demanded that Deutsche Bank-one of Trump's most reliable creditors-as well as Citigroup and Bank of America turn over records pertaining to the president's personal and corporate finances. Trump has some $340 million in loans from Deutsche Bank, according to his most recent financial disclosures. Now, the president's lawyers are telling the firm that there could be consequences if they comply with a subpoena from the Democrat-controlled body that expected to be issued on Monday.

Over the weekend, Rep. Richard Neal, D-Mass., the chairman of the House Ways and Means Committee, renewed his request to the Internal Revenue Service for six years of Trump's tax returns, after the agency dismissed an earlier deadline to turn over the records under a relatively obscure provision of the tax code.

House Republicans have said that Schiff and other Democrats are hounding the president with their flurry of investigations and subpoena threats.

A branch of Deutsche Bank in Frankfurt, Germany.

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