Trump’s Tax Returns, MSNBC’s Questionable Source and Deutsche Bank

President Trump’s tax returns are making news again, this time involving Deutsche Bank, Capital One and according to an MSNBC source, Russian loan co-signers. Since April, the House Intelligence and Financial Services committees have been seeking the financial records of President Trump, his three oldest children and his businesses. The committees issued subpoenas to obtain these documents from Deutsche Bank and Capital One.

The court has not yet made a statement regarding the House lawyer’s letter.

Subsequently, Trump, his family and businesses filed a lawsuit to block those banks from sharing information sought by lawmakers. A district judge ruled in May that banks could provide information to lawmakers, but that ruling was then appealed.

Counsel for both institutions said “contractual obligations” are what prevented the banks from responding to the subpoena. Appeals court judges then ordered Deutsche Bank and Capital One to inform them if they had any tax returns for any person or business named in the subpoena, and to file a letter under seal on the issue of the tax records.

In response, Deutsche Bank says it does have records, but has redacted the names, citing it has confidentiality agreements with its clients. Capital One says it doesn’t have any copies of Trump’s or his companies’ tax returns.

Unreliable Source

Lawrence O’Donnell, host of MSNBC’s The Last Word, claimed Wednesday a source close to Deutsche Bank says Trump’s tax returns show he pays very little income tax and that his loans have Russian co-signers. Deutsche Bank declined to comment on O’Donnell’s reporting.

From their single source, MSNBC has not provided any evidence of Russian oligarch co-signers to the public to back up its claims. In response, MSNBC has received a demand for retraction by Harder LLP, counsel for the president. In the letter to NBC, counsel gives NBC and O’Donnell 24 hours to retract, correct and apologize for false and defamatory statements, adding that failure to do so would “leave my clients with no alternative but to consider their legal options which could include immediate legal proceedings against Mr. O’Donnell and NBCU.”

In a follow-up tweet, O’Donnell admitted he had made an error in judgement by reporting an item that wasn’t rigorously verified, and should not have reported it. This comes a day after his original report.

Last night I made an error in judgment by reporting an item about the president’s finances that didn’t go through our rigorous verification and standards process. I shouldn’t have reported it and I was wrong to discuss it on the air. I will address the issue on my show tonight. — Lawrence O'Donnell (@Lawrence) August 28, 2019 archive.is/NMenS

House Presses On

Leaders of the House committees, Reps. Maxine Waters, D-Calif., and Adam Schiff, D-Calif., have long sought Trump’s tax returns and wish to examine the relationship Deutsche Bank has with Trump, and whether it poses the potential foreign influence on Trump.

House lawyers sent a letter to the court Tuesday, stating “subpoenas specifically for the president’s tax records are lawful if the banks obtained the tax returns directly from the president or were provided to the banks by the IRS with Trump’s consent.” The court has not yet made a statement regarding the House lawyer’s letter.