BRK'G: TRUMP deposited large sums of money to SMALL FL bank, got millions in loans, CEO got a FED POST. 2018

Jul 2015
33,153
24,555
Florida
#2
CEO of small Florida bank loaned Trump millions in 2018, then got Federal Reserve post
An obscure bank loaned Trump money to purchase his sister's Palm Beach home. Its CEO now sits on a Fed board


IGOR DERYSH
MAY 23, 2019 10:00AM (UTC)


President Trump borrowed millions in 2018 from a small Florida bank whose chief executive was appointed to a Federal Reserve position just months later.

Trump’s latest personal financial disclosure released on Thursday shows that he borrowed between $5 million and $25 million from Professional Bank, a small Florida bank that deals mainly with construction and real estate loans, Mother Jones reported.

Trump borrowed the money through a limited liability company and used it to purchase a mansion owned by his sister next door to his Mar-a-Lago resort. Trump’s sister, Maryanne Barry, retired as a federal judge earlier this year amid an investigation into alleged tax fraud by her family.

In 2018, the Palm Beach Daily News reported that Donald Trump Jr. and Eric Trump had purchased the mansion for $18.5 million, but their father's new financial disclosure makes clear that he controlled the LLC that made the purchase. The home is currently available to rent for $81,250 per month on the Trump International Realty website, after being marked down from $100,000 per month.

According to land records, the value of Trump’s loan from the bank to finance the purchase of the mansion was $11.2 million, Mother Jones reported. The loan had an annual interest rate of 4.5 percent.

The loan alone concerned ethics experts. Barack Obama famously refused to refinance his home as president despite the possibility of massive financial savings because he was concerned about appearances.

“The concern is that the president would be treated differently by the bank,” Washington University law professor Kathleen Clark told Mother Jones. “There’s actually a record of banks having a VIP program and treating politically powerful people differently than everyone else. So this is a concern that is well grounded in past practice.”

Shortly after the loan, Professional Bank CEO and president Abel Iglesias landed an appointment to the board of directors of the Miami branch of the Atlanta Federal Reserve, the agency announce

CEO of small Florida bank loaned Trump millions in 2018, then got Federal Reserve post
 
Jul 2015
33,153
24,555
Florida
#6
The corruption is never-ending
Amazing. Mind boggling. According to the original source an hour ago on 'the TV', apparently the banks loans were not commensurate with it's NORMAL loans (and or deposits). In other words, give me a big fat loan to buy this property and I'll move some 'cash' over to bring up your 'reserves'. And to do it in his backyard?

PS It was to buy his SISTER'S property. I wonder if it was the JUDGE sister who was forced to resign earlier this year? Hummm....
 
Jul 2015
33,153
24,555
Florida
#8
I have to think in addition to showing Trumps corruption, we also are likely to out others who are or have been guilty. It will be great fodder for those that rail against the 1% in showing how corrupt our entire system is and particularly the banking institutions.
No argument here. BUT REPUBLICANS fought tooth, nail and tong the CPB and now they have rendered it IMPOTENT. Remember? Ask Warren, she'll tell you all about it.
 
Apr 2012
79,763
6,304
#10
CEO of small Florida bank loaned Trump millions in 2018, then got Federal Reserve post
An obscure bank loaned Trump money to purchase his sister's Palm Beach home. Its CEO now sits on a Fed board


IGOR DERYSH
MAY 23, 2019 10:00AM (UTC)


President Trump borrowed millions in 2018 from a small Florida bank whose chief executive was appointed to a Federal Reserve position just months later.

Trump’s latest personal financial disclosure released on Thursday shows that he borrowed between $5 million and $25 million from Professional Bank, a small Florida bank that deals mainly with construction and real estate loans, Mother Jones reported.

Trump borrowed the money through a limited liability company and used it to purchase a mansion owned by his sister next door to his Mar-a-Lago resort. Trump’s sister, Maryanne Barry, retired as a federal judge earlier this year amid an investigation into alleged tax fraud by her family.

In 2018, the Palm Beach Daily News reported that Donald Trump Jr. and Eric Trump had purchased the mansion for $18.5 million, but their father's new financial disclosure makes clear that he controlled the LLC that made the purchase. The home is currently available to rent for $81,250 per month on the Trump International Realty website, after being marked down from $100,000 per month.

According to land records, the value of Trump’s loan from the bank to finance the purchase of the mansion was $11.2 million, Mother Jones reported. The loan had an annual interest rate of 4.5 percent.

The loan alone concerned ethics experts. Barack Obama famously refused to refinance his home as president despite the possibility of massive financial savings because he was concerned about appearances.

“The concern is that the president would be treated differently by the bank,” Washington University law professor Kathleen Clark told Mother Jones. “There’s actually a record of banks having a VIP program and treating politically powerful people differently than everyone else. So this is a concern that is well grounded in past practice.”

Shortly after the loan, Professional Bank CEO and president Abel Iglesias landed an appointment to the board of directors of the Miami branch of the Atlanta Federal Reserve, the agency announce

CEO of small Florida bank loaned Trump millions in 2018, then got Federal Reserve post
Show proof the appointment had anything to do with the loan
 
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