Donald Trump is having a bad day to put it mildly. He’s being impeached again. Patriots head coach Bill Belichick just refused Trump’s Medal of Freedom. Trump even lost a golf tournament. But here’s the kicker: he’s losing money tonight, and a whole lot of it.
It’s not just that Signature Bank is closing down Trump’s bank accounts, which are worth more than $5 million. Deutsche Bank, essentially the only lender he had left, has decided to cut Trump off as well, vowing not to lend him any more money or do any future business with him.
This is a big deal because Donald Trump is about to face a huge creditor squeeze, with most of his properties deeply in debt, not enough income to service his debts, and no reason for his creditors not to crack down on him now that he’ll no longer be able to use his office to punish them. Now the one bank that could have tried to bail Trump out is instead cutting him off. His financial world is in freefall.
Bill Palmer is the publisher of the political news outlet Palmer Report