Come for the politics, stay for the snark.

“More of this”, i said to the dog.

… pundit janitors mopping up after the GOP

Putting aside our relentless self-interest because the moral imperative is crystal clear.

Presidents are not kings, and Plaintiff is not President.

Is it irresponsible to speculate? It is irresponsible not to.

When someone says they “love freedom”, rest assured they don’t mean yours.

Damn right I heard that as a threat.

Americans barely caring about Afghanistan is so last month.

You can’t attract Republican voters. You can only out organize them.

We are aware of all internet traditions.

T R E 4 5 O N

It’s the corruption, stupid.

Conservatism: there are some people the law protects but does not bind and others who the law binds but does not protect.

Black Jesus loves a paper trail.

Proof that we need a blogger ethics panel.

Today’s GOP: why go just far enough when too far is right there?

Teach a man to fish, and he’ll sit in a boat all day drinking beer.

Despite his magical powers, I don’t think Trump is thinking this through, to be honest.

We are builders in a constant struggle with destroyers. let’s win this.

The next time the wall street journal editorial board speaks the truth will be the first.

You don’t get rid of your umbrella while it’s still raining.

Why did Dr. Oz lose? well, according to the exit polls, it’s because Fetterman won.

I’m pretty sure there’s only one Jack Smith.

Eh, that’s media spin. biden’s health is fine and he’s doing a good job.

You are here: Home / Past Elections / Election 2016 / Jared Kushner’s Big Loan From Deutsche Bank

Jared Kushner’s Big Loan From Deutsche Bank

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A month before election day, Deutsche Bank came through for Jared Kushner. If I am reading this right, the loan is to Jared’s corporation, for a property near Times Square, but Jared and his brother are guaranteeing it.

The corporate loan and Kushner’s personal guarantee are not mentioned on his financial disclosure form, filed with the Office of Government Ethics. Blake Roberts, a lawyer who represented Kushner on the matter, said in a statement to The Post that Kushner’s form “does not list the loan guarantee” because the disclosure relied on “published guidance” from OGE that he said “clearly states that filers do not have to disclose as a liability a loan on which they have made a guarantee unless they have a present obligation to repay the loan.”

The Post sent the language cited by Kushner’s lawyer to Don Fox, a former general counsel and acting OGE director. After reviewing the wording, he said in an interview that he would have advised Kushner to disclose the personal guarantee of the $285 million corporate loan because of its size and possible implications.

One more thing, like the meetings with Russians, that Jared forgot to tell us as he took his seat as the President’s special advisor. He and his mother also have a personal line of credit at Deutsche Bank up to $25 million.

Deutsche Bank has been in trouble, and so was Jared’s property. Sounds like a marriage made in heaven.

Reader Interactions

94Comments

  3. 3.

    Cheryl Rofer

    Also on Jared, tweets from Max Fisher:
    Virtually every US ally has cultivated Jared/Ivanka. Often the head of state personally befriends them. Zero evidence it makes a difference.
    Allies starting to see a Jared/Ivanka relationship gets them nothing. No inroad to WH/State/DoD, no protection from Trump volatility. Nada.
    I don’t know what that does for Jared’s place w/in the White House, but any value he drew from allies having cultivated him is probably over
    This isn’t the only reason more allies are giving up on positive relations with Trump, but it’s a big one. J/I was their Plan A, B and C.
    Only possible asterisk is China, which still appears to be bullish on Jared/Ivanka as their key to managing US relations in the Trump admin.

  6. 6.

    efgoldman

    @Cheryl Rofer:

    Deutsche Bank has recently reached settlements with the U.K. and New York State’s Department of Financial Services over trades that allegedly helped wealthy Russians move some $10 billion out of the country.

    It doesn’t say “Russian mob”, but…..
    Are there any Russian kaziliionaires who aren’t crooked?

  7. 7.

    khead

    Re: AHCA

    I’d actually have more respect for the GOP if they would just go ahead and repeal the Emergency Medical Treatment and Active Labor Act along with Obamacare. I mean, if we are going to roll back Medicaid and make sure that the poorest folks end up asshole deep in debt after a trip to the emergency room, then we might as well just go ahead and let hospitals refuse service. That’s a win/win for the hospitals and taxpayers.

  10. 10.

    Mike in NC

    @efgoldman: Great movie about Russian mobsters operating in London is “Eastern Promises” starring Viggo Mortensen and Naomi Watts.

  14. 14.

    efgoldman

    @Gin & Tonic:

    the ones who aren’t crooked are dead.

    They might have been crooked, too, they just paid off the wrong people (or didn’t pay off the right ones).

  15. 15.

    Cheryl Rofer

    @efgoldman: Parsing out the money aspects of the Trump-Russia connection is not going to be one of my strong points. Finance is not my thing, and the contortions that go into money laundering test even the experts in finance. Robert Mueller seems to be acquiring the right people for that part of the investigation.

    I also haven’t kept detailed track of the Russian oligarchs. They may be getting money out of Russia so they don’t have to pay tax on it there and perhaps are not part of the Mafiya.

    As far as I can tell, money laundering often involves real estate and Russian oligarchs. I suspect that Trump and family have been involved, knowingly or not, in money laundering, and that that is what will bring him down. Unless some of the media have the appropriate experts, we will have to wait for Mueller’s investigation. Bloomberg has had a few stories lately and might be able to do it.

  16. 16.

    Sab

    Does Deutsche Bank have any lending standards at all? Every foreclosed property in Cleveland Ohio during the financial meltdown in 2008 was somehow backed by Deutsche Bank. Yet somehow the Germans get to lecture everyone else on how to do finance.

  17. 17.

    JPL

    @khead: Actually mentioned this to my right wing neighbor, who is afraid of the brown people getting treated on her dime. I said you have Reagan to thank for that. Call the Senators and tell them to repeal it.
    Then I walked away and haven’t spoken to her since.

  18. 18.

    JPL

    I pay for both the NYTimes and the Washington Post. My subscription to the Post is ten dollars a month, and to the NYTimes, fifteen. The fifteen dollars a month is being wasted. Tomorrow, I cancel.

  19. 19.

    efgoldman

    @Sab:

    Does Deutsche Bank have any lending standards at all?

    At Enormous Brokerage & Mutual Funds LLC, we had to take refresher courses in money laundering and banking regulations every six months, even though we were not a bank, and were not in the lending and financing businesses.

  20. 20.

    Jim, Foolish Literalist

    on a not entirely unrelated note:

    Mickey Kaus‏ @ kausmickey
    Is it possible the Mueller investigation is just a gravy train for Democratic lawyers?

    I never really knew who Mickey Kaus was until he started his rightward drift. Does anyone know what drove him nuts?

  21. 21.

    khead

    @JPL:

    They won’t go there even though it’s the logical endgame of Obamacare repeal. Kay touched on this a bit in an earlier thread today.

  23. 23.

    tobie

    @Sab: As far as I know, Deutsche Bank doesn’t have any relation to the German state save that it’s German company headquartered in Germany. The bank has been on really shaky footing for some time after a lot of very risky business practices. There was a good article on the bank, its shady practices and what this all means for Germany’s self-image in Foreign Policy magazine.

  30. 30.

    Jim, Foolish Literalist

    @Omnes Omnibus: Holy crap, I had completely forgotten about the goats thing. Even in the august and stored et cetera et virtual pages of The Atlantic

    Kaus Haunted By Goat-Blowing Allegations
    MATTHEW YGLESIAS OCT 15, 2007 POLITICS
    Most of them lurking in the comment thread here, though the allegations have also been reported by Duncan Black. It seems to me that he’s going to have to answer these charges.

  31. 31.

    efgoldman

    @Omnes Omnibus:

    There are ways to “finesse” these things, doncha know?

    Sure, but it’s a lot less likely if you know the company will fire your ass if you get involved in it.
    BTW everybody had to take the refreshers, from Executive VPs down to hourly drudges like I was.

  34. 34.

    BBA

    @Sab: Oh, it’s an actual bank, and a big one too. Just don’t let the name fool you – it’s like Bank of America or US Bank, named after the country but not officially endorsed by anyone.

  35. 35.

    debbie

    I finally got around to Googling thr plans for 666 Fifth Avenue. God, what a monstrosity.

  36. 36.

    Omnes Omnibus

    @efgoldman: Oh, I know what you are talking about, but if you went into a different area of law than I did you could make things happen. Almost legally. Close enough that the lawyers can’t be touched.

  40. 40.

    Cheryl Rofer

    @efgoldman: Perhaps you will be able to comment on some of these things as they develop? I think I can at least get out of the stories that someone got paid an enormous sum of money that had come from some unsavory source and then managed to return it to that source without fingerprints, or perhaps who winds up owing whom a favor. That’s how I intend to approach the stories, anyway.

  41. 41.

    efgoldman

    @Omnes Omnibus:

    Close enough that the lawyers can’t be touched.

    We had legal departments, of course. In a highly-regulated business, you have to. And in-house counsel. But very, very few lawyers in a company with 25-30k employees. And they had almost no customer-facing contact.

  42. 42.

    Luthe

    One of my options through the 403b at work is putting money into a fund run by Deutsche Bank. As they continue to lend money to Trump & Co. even after the smart money ran screaming, there’s no way in hell I’m investing with them.

  43. 43.

    Omnes Omnibus

    @efgoldman: Jesus fucking Christ. If banks want to be shady, there are ways that they can do it. That was what I was saying. Do you suggest that this is not true?

  46. 46.

    efgoldman

    @Omnes Omnibus:

    Do you have a point? Or are we just doing word games now?

    I answered a question or two, truthfully. You’re the one, apparently, had someone piss in your Maltex.

  49. 49.

    efgoldman

    @MLC:

    Chris is a seriously great guy who has the resume and force of personality to give Flake a serious run for his money.

    Does a Dem have a serious chance in AZ in 2018? Any Dem, not just an unknown new guy?

  50. 50.

    Mike J

    @Omnes Omnibus:

    No, you missed my point that lawyers can make many things look legal if we are asked in advance to do so.

    The good ones don’t make it look legal, they can suggest a minor change so that it actually is legal.

  51. 51.

    Waratah

    @Cheryl Rofer: Mueller has assembled people to cover any possibility from what I have read including following money in Europe.
    When I get depressed I remind myself of his staff,

  53. 53.

    Steve in the ATL

    @efgoldman: I worked for a bank about that size, and I had to take AML training every year too even though I had rare contact with customers and no access to money.

  54. 54.

    Jim, Foolish Literalist

    @efgoldman: still a lot to learn about him, but I think this is a good start for a Dem

    While in college, I joined the U.S. Army ROTC program. I was commissioned as a Second Lieutenant on December, 7, 1990. As a Reserve Armor Officer, I became a part of the 104th Training Division in Spokane where I served several years while I finished law school at Gonzaga University. I accessed into the U.S. Army Judge Advocate General Corps in 1997.
    While in the JAG Corps., I was stationed at various military bases in the United States and overseas, with my last active duty assignment at Fort Huachuca, Arizona. I fell in love with Arizona and decided to make it my permanent home. I continued my commitment to serve until I retired from the U.S. Army Reserves in 2015.

    Meritorious Service Medal (2 Oak Leaf Clusters), Army Commendation Medal (3 Oak Leaf Clusters), Army Achievement Medal, Global War on Terrorism Service Medal, National Defense Service Medal (Star), Armed Forces Reserve Medal (Hourglass Device), Army Service Ribbon, Overseas Service Ribbon, Army Reserve Component Achievement Medal (4 Oak Leaf Clusters), Korean Defense Service Ribbon

    and Flake was not elected by a landslide, looks like he underperformed Romnay by 100K votes, which is kinda weird, Carmona out performed Obama by 10K

    Nominee Jeff Flake Richard Carmona
    Party Republican Democratic
    Popular vote 1,104,457 1,036,542
    Percentage 49.2% 46.2%

  55. 55.

    Morzer

    @efgoldman:

    Flake’s worked fairly hard to insulate himself from Trump. It’s possible he’s been too clever and lost enough of the crazy base that a really good challenger might have a chance, but I wouldn’t advise you to put money on it.

  56. 56.

    burnspbesq

    @Jim, Foolish Literalist:

    That’s a remarkably stupid thing for Kaus to say. Pretty much everyone who has joined Mueller’s shop has come from firms where the median partner earnings are north of a half milliona year. Some fucking gravy train.

  59. 59.

    Vhh

    @rikyrah: Deutsche Bank Moscow office was caught laundering money big time via the Caribbean into London. What to do abt DB is a big headache for the Merkel govt.

  60. 60.

    efgoldman

    @Morzer:

    I wouldn’t advise you to put money on it.

    Especially because, it it looks at all close, the Kochs and the money boys will put lots and lots and lots of money on it.

  62. 62.

    Another Scott

    @Cheryl Rofer: Navalny on Putin and the Panama Papers:

    SZ: More than 30 men and women work for you, trying to disclose illicit financial practices. Did you learn anything new from the revelations of the Panama Papers?

    Alexey Navalny: We knew more or less how Putin’s corruption works: He has friends who win billions by obtaining public tenderings. These billions are put in a common pot. What we know now is that, on top of that, Putin has some of his own accounts as well — and we see how they are filled. There is no doubt, for instance, that everything that belongs to the cellist Sergei Roldugin, is just another one of Putin’s accounts.

    But Putin’s name didn’t appear in any of the documents.

    The evidence is strong. First of all, Roldugin is one of Putin’s closest friends. Secondly, there is no explanation as to why he would possess that amount of money. He would be the richest musician on the planet. Thirdly, the way those accounts have been filled — state companies committing crimes through insider trading, why would they do that?

    Putin’s spokesmen claim that the publications are an attack on the president, meticulously planned by Western intelligence services.

    The Kremlin’s nervous reaction is just another indicator. Taken together, it shows clearly that the publications are direct proofs of Putin’s corruption.

    Why did nobody ever think of Roldugin before?

    He’s been mentioned several times in a Putin biography published during his first term as president. That nobody ever thought of him as the administer of Putin’s money shows that Putin had chosen the right guy: a humble man who plays the cello and doesn’t drive a Ferrari. Nobody would suspect someone like him. But the moment his offshore companies were revealed to the public, things got complicated. Money like this is not easily explained.

    […]

    Trump’s name isn’t mentioned in the Panama Papers either, IIRC, but we know he has a history of using pseudonyms, and presumably his banksters do the same.

    (I hope this doesn’t appear twice…)

    Cheers,
    Scott.

  63. 63.

    Another Scott

    I’ve got a couple of posts in the dungeon. Only the first one needs to be freed – the 2nd one can be thrown in the bit bucket.

    Thanks.

    Cheers,
    Scott.

  67. 67.

    Another Scott

    @MLC: Google says the web site for his consulting business may be hacked. :-(

    Is there going to be a primary or other contest for the nomination?

    Thanks.

    Cheers,
    Scott.

  68. 68.

    Cheryl Rofer

    @Another Scott: I have read that Putin believes that the Panama Papers are a US government operation against him. I also saw theories like that when the Panama Papers first appeared. It seems that no or very few Americans are named in them, and they came out through a journalistic outlet that, if you are Putin, might look like Wikileaks. [So much projection in so many news stories.]

    Also, one of the things that people have suggested Obama might have done in response to the Russian hack is to expose the information the US presumably has on Putin’s financial dealings. Were the Panama Papers a response to earlier Russian cyber misdoings? My preference right now is to use Occam’s Razor to consider them a journalistic scoop. But maybe this is also a common point where some of the Russian business converges. Too soon to say for sure.

  69. 69.

    mike in dc

    285 million from the bank that got fined for laundering Russian billions? One month before the election?

    Jared ran the data operation for the Trump campaign. And he had multiple contacts with the Russians.
    These are the sloppiest conspirators ever.

  70. 70.

    Peale

    @Cheryl Rofer: the law firm whose papers were exposed doesn’t have an office in the US, so not surprising that it didnt have a lot of us clients. This was just one firm in one country. US shelters go to USVI and Cayman island, not panama.

  71. 71.

    efgoldman

    @mike in dc:

    Jared ran the data operation for the Trump campaign.

    So Kushkie can do the cyber? Who knew.

    These are the sloppiest conspirators ever.

    Goes with being sure you’ll get away with it, forever.

  73. 73.

    Anne Laurie

    @Another Scott: General warning: The FYWP filter seems to have decided that any comments containing quotes over about five paragraphs should go immediately to the trash file. I can’t entirely blame the machines, since quite of bit of the auto-generated spam is equally lengthy.

    But if you don’t want to wait for a front-pager to go fish your comments out of the dumpster, you probably want to settle for, say, a four-block quote plus the link — you can always paraphrase…

  74. 74.

    Anne Laurie

    Thanks for this, Cheryl.

    But you forgot the ‘Trump Crime Cartel’ category tag… :) useful for all the Trump-crap that’s not Russiagate, just ordinary white-collar-criminal.

  76. 76.

    JWR

    @Morzer:

    So many goats, so little fucking time.

    I’m sorry, but that sentence made me LoL! I mean, it can be read in so many ways. ;-)

  77. 77.

    ? ?? Goku (aka Junior G-Man) ? ?

    @efgoldman:

    Goes with being sure you’ll get away with it, forever.

    I wouldn’t be too sure about that. I think Kushner will get what’s coming to him one way or another

  78. 78.

    The Lodger

    I’ve been suspicious of Deutsche Bank’s competence ever since I read The Big Short.

  81. 81.

    efgoldman

    @Amir Khalid:

    I wonder if an honest Russian would do what takes to become a kazillionaire.

    I doubt that it’s possible in Putin’s Russia to be honest and a kazillionaire.

  82. 82.

    seaboogie

    @JPL: I enjoy choosing my ten free articles/month from the NYT. Subscribed to WAPO because it feels necessary right now.

  85. 85.

    J R in WV

    @RobertDSC-Mac Mini:

    I imagine it’s their living expenses account. Credit cards with $20MM limit, so yachts and Italian supercars, hotels, charter jet flights, no problem. The accountant at DTBank will take care of it at the end of the month. Ivanka wears $35,000 sweaters, for doG’s sake.

    That’s how you know you’re really wealthy, just use the card for everything, have a clerk move money from one account to another at the end of the month.

    We have an acquaintance who married a partner connected to Really Big Boston money, but has a social conscience and works for public NGO… there’s all that money, but won’t touch it for routine expenses. The agony, the agony, pretty sure it wasn’t expected. No fancy cars, no big rocks for jewelry, wouldn’t look right doncha know. So sad.

  87. 87.

    TenguPhule

    @Gretchen:

    I also think that he believes he will never get what’s coming to him, so it will be a huge surprise to him when it finally happens.

    I can provide digital copies of the look on his face, if that helps.

  89. 89.

    Mezz

    A couple of folks seem obviously informed on large banking and finance, so perhaps one of you could elaborate on this language: this seems very bizarre (esp. as an excuse/rationale for non-disclosure of the loan) and I can’t tell if it’s just how the lawyer worded it.

    on “published guidance” from OGE that he said “clearly states that filers do not have to disclose as a liability a loan on which they have made a guarantee unless they have a present obligation to repay the loan.”

    (emph. added)

    WHAT loan does a person receive in which they do NOT have a “present obligation” to repay it, and how can I get me one of them???? This just seems like another bullshit way for these wankers to fleece the rest of us.

  92. 92.

    Lurking Canadian

    @efgoldman: I am going on record. Kushner didn’t “run the Trump data operation” or whatever they’re claiming. There’s no way that dilettante has the mathematical or technical chops.

    I’m betting Putin’s people ran the Trump data operation. Kushner was just the front man to make it look legitimate.

  93. 93.

    Lurking Canadian

    @J R in WV:

    That’s how you know you’re really wealthy, just use the card for everything, have a clerk move money from one account to another at the end of the month.

    There’s probably some kind of tax advantage too. Run a tab for all your expenses until something happens in your portfolio that causes a capital loss, then transfer some capital to pay back the line of credit, using the capital loss as a shield? That way instead of paying taxes on income, all you are paying is whatever puny interest rate you’re paying on the line of credit.

    I don’ know exactly how to do it in such a way that minimizes the tax burden, but there’s got to be a way. If somebody wants to give me a billion dollar grant, I am prepared to do the experiment in the name of Science.

  94. 94.

    Sister Rail Gun of Warm Humanitarianism

    @Mezz: It’s a guaranteed loan. The entity guaranteeing the loan doesn’t have to claim it as a liability unless the person who took out the loan defaults. Think of a parent cosigning a student loan for their kid. It doesn’t show up on their credit report unless the kid defaults and the creditor is coming after the co-signer.

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