Mr. Trump also attacked Deutsche Bank’s lending practices and said that as a big bank, it was partially responsible for causing the financial crisis. He sought $3 billion in damages.
Deutsche Bank in turn sued Mr. Trump, saying it was owed $40 million that the businessman had personally guaranteed in case his company was unable to repay the loan.
Deutsche Bank argued that Mr. Trump had a cavalier history toward banks, quoting from his 2007 book, “Think Big And Kick Ass In Business And Life.”
“I figured it was the bank’s problem, not mine,” Mr. Trump wrote, according to the lawsuit. “What the hell did I care? I actually told one bank, ‘I told you you shouldn’t have loaned me that money. I told you that goddamn deal was no good.’”
The court rejected Mr. Trump’s arguments but the suit forced Deutsche Bank to the negotiating table. The two sides agreed to settle their suits out of court in 2009. The following year, they extended the original loan by five years. It was paid off in 2012—with the help of a loan from the German firm’s private bank.
While Deutsche Bank didn’t lose money on the deal, the fracas soured its investment bankers on working with Mr. Trump. “He was persona non grata after that,” said a banker who worked on the deal.
But not everyone within Deutsche Bank wanted to sever the relationship. The company’s private-banking arm, which caters to ultrarich families and individuals, picked up the slack, lending well over $300 million to Trump entities in the following years.
One of those loans, for $125 million, was to finance the purchase of Miami’s Doral Golf Resort and Spa in 2011, which he re-christened Trump National Doral.
Mr. Trump has promised to hold a celebration there if he is elected president.
News 
Market Data 
Discover 
AI
