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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Bank executives rejected that advice.

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.

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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”.

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

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