President Donald Trump's longtime bank revealed Tuesday that it has tax records Congress is seeking in its investigation of the president's finances.
Deutsche Bank said in court papers it has tax returns responsive to a subpoena sent this year, in which Congress asked the bank for a host of documents related to Trump and his family.
Trump has long declined to release his tax returns and wants to block two House committees from getting the records, calling their document requests unlawful.
A federal appeals court ordered Deutsche Bank to say whether or not Trump's tax returns were in its possession after an attorney for the bank refused to answer that question during a hearing last week.
The bank, in its court filing Tuesday, blacked out the name of the person or people whose tax records it had, citing privacy rules. It said it also has tax records "related to parties not named deutsche bank has trumps tax returns the subpoenas but who may constitute 'immediate family'" of individuals named in the document request.
Messages deutsche bank has trumps tax returns left with a Deutsche Bank attorney seeking comment on the filing.
Deutsche Bank has lent Trump's real estate company millions of dollars over the years. Lawmakers have said they are seeking the banking records as they investigate possible "foreign influence in the U.S. political process."
Trump and three of his children sued to stop the House Financial Services and Intelligence committees from getting the records on the grounds that the requests were overly broad and unconstitutional.
The 2nd U.S. Circuit Court of Appeals indicated last week it would take a hard look at the legality of the subpoenas.
The court is considering an appeal from a lower court's decision this year to allow the subpoenas to proceed. U.S. District Judge Edgardo Ramos said in that case that Trump and his companies are "highly unlikely" to succeed in challenging them.
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Deutsche Bank has Trump-related tax returns sought by House Democrats
Deutsche Bank has confirmed that it has tax returns requested by U.S. lawmakers seeking financial information for President Trump and his family. Whose returns are those? That’s still a secret.
The disclosure was made by the bank in a letter filed Tuesday in response to a question from an appeals court. The panel is considering a request from Trump to block access to financial records at Deutsche Bank and Capital One Financial Corp. that were subpoenaed by House Democrats. In a separate letter, Capital One said it does not possess the tax returns being sought.
The appellate judges had asked if the banks actually had the records. Deutsche Bank and Capital One declined to answer the question in open court, citing laws and customer privacy agreements, but agreed to file the information under seal.
Trump, his children Donald Jr., Eric and Ivanka, and his businesses sued the banks in April deutsche bank has trumps tax returns block them from complying with the demand from lawmakers to turn over financial information. A federal judge in May rejected that request, and Trump has appealed.
In its filing Tuesday, Deutsche Bank said it has tax returns — in either draft or as-filed form — responsive to the subpoenas. The names were redacted. The bank also said it has “such documents related to parties not named in the subpoenas but who may constitute ‘immediate family’ within the definition provided by the subpoenas.”
Deutsche Bank said it does not believe it possesses tax returns responsive to the subpoenas for any individuals other than the people it identified. The bank said it is reluctant to publicly identify information related to tax returns for specific individuals because of “statutory, contractual and privacy concerns.”
The Gramm-Leach-Bliley Act generally prohibits banks from disclosing nonpublic personal information of customers to a third party if the customer hasn’t consented, although the law may allow financial institutions to give out some nonpublic personal information to comply with a subpoena or other legal request, Deutsche Bank said.
Confirming possession of tax returns confirms a bank’s relationship with individuals and reveals information about the nature of the business the company has had or has contemplated with them, according to the letter.
The names of certain individuals were redacted to strike an appropriate balance with the court’s order and client privacy considerations, according to the letter. The bank also said it has contracts that include provisions related to how confidential information is treated — including circumstances when limited disclosures are allowed.
Spokespeople for the committees and their members declined to comment on the letter.
It is unclear if the bank’s acknowledgment that it possesses some tax returns will be regarded or argued by the House Democrats as a possible waiver against the privacy of those records, having been shared with a third-party. There has been no immediate response to the news from Speaker Nancy Pelosi’s office or Democrats who control the House Ways and Means and Judiciary committees.
The House what is the routing number for first interstate bank told the court in a letter earlier Tuesday that a law prohibiting certain disclosures of tax returns or return information doesn’t apply if the banks obtained that information from Trump or any of the other plaintiffs, and not from the IRS. They also said it wouldn’t apply if they got the information from the Deutsche bank has trumps tax returns at the request or consent of Trump or any other plaintiffs.
Deutsche Bank had Trump's tax returns going back to 2011 but now denies possessing them, a new book says
- Deutsche Bank executives told New York Times reporter David Enrich that the bank at one time possessed the president's tax returns dating back to around 2011, according to a new book extract.
- The bank told a federal court last October that it does not possess the documents, in response to a subpoena from congressional committees.
- Trump has broken with decades of precedent in refusing to make his tax returns public.
- Visit Business Insider's homepage for more stories.
Deutsche Bank was in possession of tax returns that President Donald Trump has long shielded from public scrutiny, according to excerpts from a new book on the president's finances in The New York Times.
In the book Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction, Times reporter David Enrich explores the controversial relationship between Trump and the financial giant.
In the book, he claims he was told by executives from the bank that at one point it possessed the tax returns that Trump broke with decades of precedent to withhold from release when he launched his presidential bid in 2015.
"Executives told me that the bank has, or at one point had, portions of Trump's personal federal income tax returns going back to around 2011," writes Enrich in the excerpt.
The significance is potentially huge, Enrich writes: "If Trump cheated on his taxes, Deutsche Bank would probably know. If his net worth is measured in millions, not billions, Deutsche Bank would probably know. If he secretly got money from the Kremlin, Deutsche Bank would probably know."
In response to the book, Deutsche Bank spokesman Rupert Trefgarne told Business Insider that: "While elements of the narrative seem to be exaggerated to fit into a storyline, we have long acknowledged and sought to learn from our historical shortcomings."
Of claims that the institution did possess Trump's tax returns, he wrote: "As we have said previously, we remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations."
Democrats have long sought to obtain the tax returns, with House intelligence committee chairman Adam Schiff claiming in 2018 that they might contain evidence of Trump's reliance on foreign investment from illicit sources.
But in response to subpoenas for the records from two Democrat-controlled congressional committees, the bank last October told a federal court that it does not possess them.
Trump has long denied any wrongdoing in his businesses and finances, and has claimed that he is unable to release the tax returns because they are under audit. The Trump Organization did not respond to multiple requests for comment on the book from Enrich.
Speculation has long centered on Trump's relationship with Deutsche Bank, which was one of the few institutions that would lend to him at a time when most financial institutions were refused to do business.
The claim that Deutsche Bank had the records was previously reported by the Times in April 2019.
Federal appeals court sides with Congress in battle for Trump's records from Deutsche Bank
A New York federal appeals court ruled Tuesday morning that Deutsche Bank must turn over copies of President Donald Trump's financial records subpoenaed by the House Intelligence and Financial Services committees, marking the latest blow to the president's effort to keep his financial records private.
The appellate judges in the ruling wrote that a lower court must determine how to disclose the information without revealing personal information.
Two of the appellate judges signed onto the opinion, while one other judge concurred in part and dissented in part.
The opinion does not mention the ongoing impeachment inquiry proceedings explicitly, but notes that they had been considered in a separate ongoing lawsuit involving Trump's financial records.
Circuit Court Judge Jon Newman in the opinion stated that, "the interests of Congress in pursuing the investigations for which the challenged subpoenas were issued substantially 'overbalance' the privacy interests invaded by disclosure of financial documents," describing the public need for the congressional investigation as "of the highest order."
"The legislative purposes of the investigations concern national security and the integrity of elections," Newman wrote, while he also noting that the privacy interests concerning deutsche bank has trumps tax returns of Trump's private financial documents might "distract" the president's performance of his official duties.
The opinion also notes that Trump was subpoenaed for documents related to his personal dealings, and not his business in an official capacity.
"The Second Circuit decision is another in a long line of decisions strongly affirming 'a broad power of Congress and its committees to obtain information in aid of its legislative authority under Article I of the Constitution," Chairman Adam Schiff and Chairwoman Maxine Waters said in a statement. "The decision today also affirmed that the subpoenas issued by the House Financial Services Committee and the House Permanent Select Committee on Intelligence have a valid legislative purpose."
"We believe the subpoena is invalid as issued," Jay Sekulow, one of Trump's attorneys, told ABC News in a statement. "In light of the Second Circuit decision, we are evaluating our next options including seeking review at the Supreme Court of the United States."
Brianne Gorod, chief counsel for the Washington-based nonprofit Constitutional Accountability Center and an expert in the constitution law, told ABC News that the ruling is a "resounding victory" not only for House Democrats but also for the rule of law.
"Congressional oversight has deep roots in our nation's legal and political tradition, and the House subpoenas at issue in this case fall well within Congress's broad oversight authority," Corod said in a statement. "Moreover, the public interest strongly supports allowing Deutsche Bank and Capital One to comply with the House's subpoenas because, as Judge Newman rightly recognized, "(t)he public interest in vindicating the Committees' constitutional authority is clear and substantial."
Tuesday's decision follows a series of other court rulings that have taken the side against the president in his fight to shield his tax returns.
Earlier this year, both the district court and appeals court in Washington sided with House Democrats in the president's lawsuit against the House Oversight Committee's subpoena for financial records from the Trump Organization's accounting firm Mazars. Similarly, a New York district court and the appeals court both sided with the Manhattan District Attorney's Office seeking the president's tax returns.
Both the House Democrats' case and the Manhattan DA's case have been brought up to the U.S. Supreme Court, and both of the lower courts' orders have been temporarily halted while the highest court of the country reviews the cases.
In another lawsuit involving Trump's New York state tax returns, a federal judge in D.C. ruled that Congress must notify the president before it requests his state tax returns under a new state law that allows disclosure of the president's state tax returns, and that the request will trigger a 14-day review period by the court before the Congress obtains the records.
Trump tax returns: Deutsche Bank 'does not have president's financial documents', court says
Deutsche Bank says it does not hold copies of Donald Trump’s tax deutsche bank has trumps tax returns, according to a letter sent by the company to the 2nd US Circuit Court of Appeals.
The disclosure is the latest development in an ongoing battle between the president and House Democrats, who have sought to force the German lender to release banking records from Mr Trump and his family.
While at least two committees run by Democrats have subpoenaed those documents, the president has appealed their release, consistent with his resistance to disclosing his finances dating back to 2015 when he first announced his bid for the presidency.
In a newly disclosed redacted letter from August, however, Deutsche Bank claimed that financial records related to Mr Trump and three of his children the skeleton key in hindi download include tax returns — but the president’s were not among them.
Reuters reports that news organisations have asked the court to unseal the letter, so that the public can know which members of the family Deutsche Bank has on file.
Trump impeachment: Who's who in the Ukraine scandalShow all 26
The court denied that motion on Thursday.
Mr Trump’s financial life has been subject to intense scrutiny since he became president, with many expressing concern that he did not place his business holdings into a blind trust when he took the White House.
Instead, Mr Trump has entrusted the operations of his international company to his adult children, including Eric Trump and Donald Trump Jr.
Those circumstances have left open the possibility for conflicts of interest for the president, and deutsche bank has trumps tax returns possibility that Mr Trump could use his power as president to enrich himself and his family personally.
Reuters contributed to this report
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Deutsche Bank gives Donald Trump financial documents to New York investigators: report
Deutsche Bank complied with a subpoena in relation to an investigation into US President Donald Trump's tax records, The New York Times reported Wednesday.
The bank reportedly provided the Manhattan District Attorney office with "detailed records, including financial statements and other materials" that the president provided to the bank.
The investigation into Trump and the Trump Organization was launched after the disclosures of hush payments to two women who said they had sexual relations with Trump before he became president. Trump has denied the claims.
Deutsche Bank has been Trump's main lender since the 1990's, according to the paper. Investigators were reportedly heavily reliant on the documents after other lines of investigation were halted by legal action.
The documents that the attorney's office has obtained are subject to grand jury secrecy rules, according to the report. The newspaper said they may never become public unless the office brings charges and introduces the documents as evidence at a trial.
Manhattan District Attorney Cyrus Vance did not share details about his probe, but the office told a federal judge earlier this week that it was a "complex financial deutsche bank has trumps tax returns that followed reports of "possibly extensive and protracted criminal conduct at the Trump Organization." The investigation included charges of alleged insurance and bank fraud.
Vance did not confirm or deny the newspaper report. Representatives for Trump and Deutsche Bank also did not respond to initial requests for comment from the paper or other media outlets.
They subpoena, Trump sues
Vance launched investigations after Trump's former lawyer, Michael Cohen, told congress that the president would mislead business associates about the value of his assets.
Two Congressional committees, both run predominately by Democrats, subpoenaed Deutsche Bank for documents related to Trump after Cohen's revelations. Trump sued to block their release.
Trump has called the investigations against him politically motivated. Earlier this week, he said Vance's investigation was "a continuation of the witch hunt." He refused to disclose his tax returns during the 2016 US presidential election and the 2020 election, even though it is standard practice for Republican and Democrat candidates to do so.
kbd/aw (AP, Reuters)
Deutsche Bank discloses it has tax returns tied to Trump sought by House committees
Deutsche Bank said Tuesday that it possesses tax returns tied to President Donald Trump — the latest development in the effort by House Democrats to obtain the president's financial information.
In a court filing related to subpoenas from two House committees, Deutsche Bank said it possessed tax returns — which may be dollar bank personal login to Trump, his immediate family or their company, the Trump Organization — that it would have to hand over if it complied with the subpoenas.
It's unclear exactly who the tax returns that Deutsche Banks possesses belong to because the names of the individuals are redacted in the filing.
A federal judge ruled in May that Deutsche Bank and Capital Prepaid bankofamerica com can hand over his financial documents in response to the congressional subpoenas. But Trump's attorneys are now fighting that ruling in the 2nd U.S. Circuit Court of Appeals.
"Based on Deutsche Bank's current knowledge and the results of the extensive searches that have already been conducted, the Bank has in its possession tax returns (in either draft or as-filed form) responsive to the Subpoenas for [REDACTED]," Deutsche Bank said in a letter to the Circuit Court.
"In addition, the Bank has such documents related to parties not named in the Subpoenas but who may constitute 'immediate family' within the definition provided in the Subpoenas," the bank said.
The filing came in response to an order from a federal appeals court for Deutsche Bank and Capital One to inform the court if they were in possession of tax returns for Trump, his family or his companies.
Capital One said in a filing Tuesday that it had no such records.
In April, the Democrat-controlled House Intelligence and Financial Services committees issued subpoenas for financial records, including tax returns, belonging to Trump and his adult children Donald Trump, Jr., Ivanka Trump and Eric Trump, as part of their investigations into alleged foreign influence on U.S. elections.
The Trump family and several Trump properties then sued Deutsche Bank and Capital One to block them from turning over the financial documents sought by Congress, saying the subpoenas "have no legitimate or lawful purpose."
Deutsche Bank has lent Trump's real estate company millions of dollars over the years; Capital One is among the banks that houses Trump's personal accounts.
Last week, attorneys for the two banks refused to tell a federal judge on the 2nd Circuit whether they possess Trump's tax returns, due to their "contractual obligations" to banking clients. The judge responded that he wanted an answer from the banks.
Trump wrote a $35,000 check to his then-personal attorney Michael Cohen from his Capital One checking account in August 2017. The money was tied to the effort to pay off porn star Stormy Daniels, who alleged that she had an affair with Trump before he took office. Cohen submitted the check to Congress ahead of his testimony in March.
Adam Edelman is a political reporter for NBC News.