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Trump calls New York Times report on Deutsche Bank transactions ‘phony’

President Donald Trump arrives to speak at the National Association of REALTORS Legislative Meetings and Trade Expo, Friday, May 17, 2019, in Washington.
President Donald Trump arrives to speak at the National Association of REALTORS Legislative Meetings and Trade Expo, Friday, May 17, 2019, in Washington. (AP Photo/Alex Brandon)

WASHINGTON — President Donald Trump is insisting he didn’t borrow from many banks because he “didn’t need the money,” not because they wouldn’t do business with him.

Trump’s tweets Monday appear to be in response to New York Times reporting that Deutsche Bank anti-money laundering specialists recommended that multiple transactions associated with Trump and his son-in-law, Jared Kushner, be flagged to federal authorities.

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Trump administration defies subpoena over tax returns

Bank executives rejected that advice.

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The Times and others have reported the bank was the “only mainstream financial institution consistently willing to do business” with Trump due to his repeated defaults.

READ MORE: Trump says voters ‘didn’t care’ that he didn’t release tax returns in 2016

Two House committees have subpoenaed Deutsche Bank and several other financial institutions as part of their investigations into Trump’s finances. Trump, his family and the Trump Organization have filed a lawsuit to try to stop them from complying.

In a series of tweets posted early on Monday, Trump described the reporting as “phony” and called Deutsche Bank “very good and highly professional”.