Trump: I Don't Need Banks Because I Have Cash

President fires back at 'New York Times' over negative story
By Newser Editors,  Newser Staff
Posted May 20, 2019 9:25 AM CDT
Trump: I Don't Need Banks for My Business
President Trump speaks about energy and infrastructure at the International Union of Operating Engineers International Training and Education Center on April 10, 2019, in Crosby, Texas.   (AP Photo/Evan Vucci)

The New York Times wrote a story critical of President Trump's dealings with Deutsche Bank, and now the president is firing back. In Monday morning tweets, Trump rejected the notion that banks have been leery of working with him—instead, he says he's been so successful in business that he often doesn't need banks because he has so much cash. "Very old fashioned, but true," writes Trump. "When you don't need or want money, you don't need or want banks. Banks have always been available to me, they want to make money." The Hill notes that the newspaper's financial editor then fired back at Trump.

"This is not true," writes David Enrich. "I have spent a long time looking into this, and @DeutscheBank was the only bank willing to lend to @realDonaldTrump for 20 years because of his pattern of defaults and the bank's hunger for growth in the US." The original story said bank employees flagged possibly suspicious transactions by entities controlled by Trump or son-in-law Jared Kushner. The president derided the story as "fake news" and suggested the newspaper was making up sources. "I built a great business and don't need banks," he added, "but if I did they would be there." (The president's financial disclosure form for 2018 is out.)

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