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Deutsche Bank DOES have tax returns targeted by Democrats’ subpoenas but won’t say whose

Deutsche Bank DOES have tax returns targeted by Democrats who want Trump’s: Bank tells judge it can partially satisfy demand for Donald Trump, his children and his companies’ records – but won’t say which

  • Deutsche Bank has loaned hundreds of millions to Trump companies
  • House Democrats have subpoenaed the German financial giant for Trump’s tax returns and those of his children and companies
  • President’s lawyers sued to stop the disclosures but lost, and are now appealing
  • Appeals court judges asked bank on Friday whether it had any of the documents the Democrats were demanding; lawyers said they would only reply under seal 
  • They wrote Tuesday that they had some tax documents covered by the subpoenas, but redactions left it unknown whose they were 

Deutsche Bank AG disclosed Tuesday that some of the financial records in its possession related to Donald Trump’s longstanding accounts include income tax returns – but asked a federal judge to keep a lid on exactly whose they are.

The president has broken with tradition and refused to publish his tax documents, leading Democrats in at least three congressional committees to demand them from sources both inside and outside the federal government.

Trump’s longstanding business relationship with the German financial giant made it a prime target for the House Intelligence and Financial Services Committees, which issued subpoenas in April. Those demands covered the president and his children Donald Trump Jr., Ivanka Trump and Eric Trump.

In a letter Tuesday to a judge in the 2nd U.S. Circuit Court of Appeals, the bank revealed that if it complies with the demands from congressional Democrats, it will have to hand over unspecified tax returns. 

Trump, his children and his companies are suing to block those subpoenas. A federal judge sided with Congress in May, and the case is on appeal – just the latest step of a ladder that will likely end at the Supreme Court.  

President Donald Trump (left) could be in for a new round of heartburn: Deutsche Bank told a federal appeals court on Tuesday that it has some unspecified tax documents covered by a Democratic congressional subpoena that targeted his income tax returns and those of three of his adult children

It remains unclear whose tax returns Deutsche Bank has; the relevant names were redacted from a copy of the court filing released to the public

It remains unclear whose tax returns Deutsche Bank has; the relevant names were redacted from a copy of the court filing released to the public

It remains unclear whose tax returns Deutsche Bank has. The relevant names were redacted from a copy of the court filing released to the public.

Federal appeals judge Jon Newman asked Deutsche Bank lawyer Raphael Prober in a hearing on Friday: ‘Does the bank have the tax returns?’

‘That unfortunately is not a question we’re able to address,’ Prober told the three-judge panel.

Frustrated, Judge Peter Hall finally lashed out in sarcasm: ‘If we want an answer to that question, do we have to go to a court and seek an order?’

Deutsche Bank and Capitol One both agreed to provide the information in writing and under seal.

Battles continue to rage over Trump’s tax paperwork along several parallel tracks. In addition to the 2nd Circuit fight, Democrats leading the House Ways and Means Committee have demanded the president’s personal and corporate tax returns from the Treasury Department.

And a court has green-lighted a separate subpoena from the House Oversight Committee, which seeks documents from Trump’s accounting firm Mazars Group.

Trump’s 2017 financial disclosures revealed that he and his real estate business empire owed Deutsche Bank at least $130 million in outstanding debts.

The subpoenas seek records of accounts, transactions and investments linked to Trump and his three named children, plus their immediate family members and several Trump Organization business units, including records of possible ties to foreign entities.

Deutsche Bank said in Tuesday’s filing that it also had tax returns for people who ‘may constitute “immediate family”‘ as defined by the subpoenas, without giving any names.

A lawyer for the Trumps last week urged the 2nd Circuit to block the bank from handing over the records, saying Congress did not have the authority to demand them. The court has not yet ruled on the case.

The Trumps are also seeking to block a separate subpoena served by the Financial Services Committee on Capital One, seeking records related to the Trump Organization’s hotel business.

Capital One said in a court filing on Tuesday that it did not have any tax returns related to the subpoena. 

Read more at DailyMail.co.uk


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