So, why did Deutschebank keep lending to Donald John Trump even though his credit rating was dismal? Well, all the banks are in a pickle. The requirements of Dodd/Frank to keep records and make them available for periodic inspection, a response to the crash of 2008, combined with the requirements of the Consumer Financial Protection Bureau, have deprived banks of the only thing of really real value they had to peddle–SECRECY. After all, they paid out millions to ACORN for just one reason, to protect the confidentiality of their records.
Now, thanks to Donald John Trump, who has given Congress reason to want to see his accounts. the industry is reduced to relying on contractual confidentiality, as if they were lawyers. And the courts are not buying it.
Who knew Donald John Trump was going to open so many cans of worms? Law that were put on the books never to be enforced on anyone of significance are being brought out because there is an insignificant in the highest office in the land.
Banks are not the only ones in trouble. Utility companies are also on the ropes. Betting on coal and oil turned out to be almost as bad as betting on nuclear. Not to mention that promoting the relocation of manufacture overseas, while it might be profitable for traders and the logistic enterprises, is bad for the energy producers’ bottom line.
That said, a billion or two to Donald John Trump is chicken feed. People spend more than that on lottery tickets every single week.