Numerous sources are reporting that Special Counsel Robert Mueller has asked Deutsche Bank for all of its data on accounts held by President Trump and the Trump family, a person close to the matter said early this Tuesday.
Deutsche Bank, Germany’s largest lender, has loaned the Trump organization hundreds of millions of dollars for real estate ventures in the past. Mueller’s subpoena forces the bank to submit documents on its relationship with Trump and his family, according to a person “briefed on the matter,” who asked to remain anonymous because the subpoena is still sealed.
This subpoena is significant because the bank rejected demands in June by House Democrats to provide details of Trump’s finances, citing privacy laws. Additionally, Trump has said that Mueller looking into his finances is a redline that would give him cause to end the investigation, if he can.
The big takeaway here is that the FBI doesn’t just randomly subpoena banking and personal financial information, unless they believe a crime has been committed. They need cause to get such a subpoena, so they have a reasonable set of evidence that implies that Trump and his family’s Deutsche Bank records will provide evidence of a crime.
Trump owes at least $130 million to Deutsche Bank Trust Company Americas and the bank is one of the few major lenders that has lent large amounts to Trump in the past decade. The bank has lent Trump hundreds of millions and in January, Deutsche Bank agreed to pay $630 million in fines for organizing $10 billion in sham trades that could have been used to launder money out of Russia.