By John Q. Hosedrinker 
President Trump disclosed that both JPMorgan Chase and Bank of America previously rejected him as a customer, alleging unfair treatment of conservative clients. Trump stated that JPMorgan Chase demanded he move “hundreds of millions of dollars” and Bank of America denied his request to deposit over a billion dollars. These actions prompted the president to seek accounts at smaller banks. This situation reignited discussions surrounding claims of “de-banking” by conservative individuals, with banks citing compliance with financial crime prevention laws as justification.
Read the original article here
Trump says JPMorgan Chase, Bank of America rejected him as a customer. Well, that’s a headline that certainly sparked some… discussion. It’s like a financial version of a celebrity breakup – everyone has an opinion, and the reasons are endlessly speculated upon. But let’s break down the basics of this situation, shall we?
Trump’s assertion is that two of the biggest banks in the United States, JPMorgan Chase and Bank of America, gave him the cold shoulder. He even went on record, claiming JPMorgan Chase gave him a mere twenty days to move “hundreds of millions of dollars in cash.” The timeline, however, is notably absent from his statements.
So, why would these financial giants, with their towering skyscrapers and seemingly limitless resources, turn away a former president? Well, the simple truth of the matter is that banks are in the business of making money, and they do so by carefully assessing risk. Banks meticulously evaluate the creditworthiness of potential clients. This is where things get interesting when we consider Trump’s long and complicated financial history. Multiple bankruptcies, a reputation for not paying debts, and a string of legal battles all raise red flags. A pattern of financial difficulties certainly wouldn’t make a prospective borrower a very attractive investment.
Now, the response to this situation is quite telling. Several people have mentioned how this isn’t unusual. When you have a history of leaving banks holding the bag, it’s unlikely those institutions will want to risk doing business with you. It’s all about due diligence, assessing risk, and the realities of business. Also mentioned is how Trump’s dealings with Russia might play a role. The idea that Trump turned to Deutsche Bank, known for its strong ties to Russia, after being shunned by US banks is something that is brought up several times. Considering his previous statements and actions, it’s not too far-fetched to assume his past has caught up with him.
The core of this discussion revolves around something called “credit worthiness” a factor every American deals with. Trump’s past has made him “persona non grata” in the banking world. This has led him to seek funding from institutions that aren’t typically the first choices for those in pursuit of financial security. The connections to questionable entities, the legal woes, and the sheer volume of debt are all factors weighing heavily against him.
What further adds fuel to the fire is the idea that this may be a case of projection. What he accuses others of doing is what he plans to do. There is no guarantee of what he will attempt if given any kind of power again. The idea is that Trump will use the banks’ actions as a reason to target them and others that would oppose him.
The topic also brings up the mention of the Epstein files. There are mentions of the connections and ties Trump had to Epstein. These are allegations of impropriety and are also a factor in the public opinion of Trump.
The reality is straightforward. Trump’s rejection by these banks likely stems from a combination of factors. His historical financial behavior, his public image, and potentially even the scrutiny stemming from his political profile all contribute to his current situation. For now, this is another chapter in Trump’s ongoing story, one that underscores the complex relationship between finance, reputation, and the ever-evolving landscape of politics.