CEO Of Bank That Loaned Trump Money Got Fed Reserve Job In Miami Shortly After
Did a loan to President Donald Trump help the head of a bank get a cushy government job?
Abel Iglesias, the former president and CEO of Professional Bank in Florida, landed a position at the Miami branch of the Atlanta Federal Reserve Bank earlier this year — an appointment some are questioning due to the bank lending millions of dollars directly to Trump shortly beforehand.
Trump sought to purchase the home of his sister, former Judge Maryanne Barry, last year. Previous reporting on the purchase suggested Trump’s sons had made the purchase, but according to Salon, based off of recently published financial disclosures earlier this month from the president, the purchase was actually from an LLC that was owned by Trump himself. The home is now available to rent for more than $80,000 per month.
To buy his sister’s house, Trump secured a loan from Professional Bank, which primarily deals with construction and real estate business loans. The president bought the home for $18.5 million.
Professional Bank, founded in 2008, is an odd choice for a mogul who has previously done business with some of the world’s largest and most well-established financial institutions. https://t.co/7joiOrUnqv
— Mother Jones (@MotherJones) May 23, 2019
After the loan was agreed to, and the home was bought, the Atlanta Federal Reserve Bank announced in January this year Iglesias’s appointment. A spokeswoman for the Fed maintained that his appointment was made independently, without any influence by the president.
The questionable practice of the president seeking and receiving a loan is itself worrisome for ethical reasons.
“The concern is that the president would be treated differently by the bank,” Washington University law professor Kathleen Clark told Mother Jones in its reporting of the matter. “There’s actually a record of banks having a VIP program and treating politically powerful people differently than everyone else. So this is a concern that is well grounded in past practice.”
That Iglesias also was able to get a prestigious government job shortly after the loan was secured raises alarm bells as well.
Reporting of Trump obtaining the loan in the first place contradicts what the president said earlier this week. In disputing reports of an unethical relationship he had with Deutsche Bank, Trump tried to counter previous insinuations that he worked with them due to the fact that many other banks refused to do business with him.
Trump said that the reason he didn’t work with other banks was that he “didn’t need the money,” implying that he simply didn’t seek out loans from other institutions, according to a report from Politico.