Why Did Trump Call a New York Times Report ''Phony''?

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President Donald Trump brushed off The New York Times allegations of suspicious financial moves by legal entities controlled by him and his son-in-law Jared Kushner between 2016 and 2017 inside Deutsche Bank.

According to five current or former employees of the Deutsche Bank's anti-money laundry department, the transactions in question involved funds flowing back and forth with overseas entities or individuals, including some in Russia.

These actions raised red flags among employees responsible for combating money laundry. Therefore, they suggested the federal government be informed. However, the Deutsche Bank executives overruled their recommendations and did not notify the federal financial-crimes watchdog.

The former Deutsche Bank employee who spoke openly to the Times, Tammy McFadden was one of the former Deutsche Bank employees to speak publicly to the New York Times about the case. She confirmed she prepared suspicious activity reports and recommended they be sent to the federal authorities — no reaction followed by her management team.

Moreover, McFadden claimed she was fired last year after she questioned the bank policies. In response to her statements, a spokesperson for Deutsche Bank commented that the suggestions that any team member was fired or reassigned in an attempt to defeat concerns related to any client were false. Furthermore, the bank also announced it had increased its scrutiny of potential money laundering.

In an angry early morning Monday tweet, President Trump declined all the allegations, calling The New York Times report ''phony.'' He went on saying that he built an impressive business empire and he needed no banks for that. To put an end to the story, Trump valued high the professionalism of the Germany-based Deutsche Bank.

In addition to that, a representative of the Trump Organization told the New York Times they had not been informed for any suspicious financial transactions with Deutsche Bank. In addition to that, a spokesperson for the Kushner companies also said the money laundry allegations were ''made up and false.''

The New York Times report surfaces in times when the House of Representatives have been actively looking for controversial links between the President's immediate and extended family and Deutsche Bank, a long-term lender of Trump's businesses. Donald Trump is thought to have borrowed nearly USD 2 billion from the German bank, and some USD 300 million are believed to be still outstanding.

Earlier last month, the federal committees for financial services and intelligence issued subpoenas for documents from Deutsche Bank. In an attempt to stop the bank to disclose his financial information, Trump launched a lawsuit against it.

What do you think? Do you trust The New York Times report?