Bank CEO Charged With Trying To Trade Loans For Trump Post

May 23, 2019, 9:00 AM | Updated: Jun 8, 2022, 5:06 pm

A sign hangs above the headquarters of The Federal Savings Bank in the Fulton Market neighborhood on February 23, 2018 in Chicago, Illinois. Special Counsel Robert Mueller claimed the bank made $16 million in personal real estate loans to President Trump's former campaign chairman Paul Manafort. The bank's chairman, Stephen Calk, served on the campaign's economic advisory panel. (Photo by Scott Olson/Getty Images)

(Photo by Scott Olson/Getty Images)

BY ASSOCIATED PRESS

NEW YORK (AP) — Federal prosecutors have charged a banker with trying to buy himself a role in President Donald Trump’s administration by making risky loans to former Trump campaign chairman Paul Manafort.

Stephen M. Calk was arrested Thursday in New York City on a financial institution bribery charge.

He is scheduled to appear in Manhattan federal court in the afternoon.

A message seeking comment was left with his attorney.

Authorities said Calk committed the crime while serving as CEO of The Federal Savings Bank in Chicago.

Federal prosecutors described the charge in a release, saying Calk abused his bank position by approving millions of dollars in high risk loans that were ultimately downgraded.

Prosecutors say Calk wanted to be appointed Secretary of the Army or some other high level post.

National News

Associated Press

Police shot and killed armed student outside Wisconsin school, authorities say

Wisconsin Attorney General Josh Kaul said police shot and killed a student outside a middle school after receiving report of someone with a weapon and no one else was hurt.

10 hours ago

UnitedHealth CEO Andrew Witty testifies before the Senate Finance Committee on Capitol Hill in Wash...

Sean Lyngaas, CNN

A third of Americans could have had data stolen in big health care hack

A third of Americans may have had their personal data swept up in a February ransomware attack on a UnitedHealth Group subsidiary that disrupted pharmacies across the US, UnitedHealth CEO Andrew Witty estimated in testimony to Congress on Wednesday.

10 hours ago

NASA's Lunar Reconnaissance Orbiter captured an image of the Giordano Bruno crater on the moon's fa...

Ashley Strickland, CNN

Scientists say they’ve traced origins of potentially hazardous asteroid to the far side of moon

An unusual asteroid traveling near Earth is thought to be a chunk of the moon, but exactly how it ended up zooming through the solar system has remained a mystery. Now, researchers say they’ve made a key connection in this cosmic puzzle.

11 hours ago

FILE - A gray wolf is pictured on July 16, 2004, at the Wildlife Science Center in Forest Lake, Min...

Todd Richmond, Associated Press

US House votes to remove wolves from endangered list in 48 states

The U.S. House voted to end federal protection for gray wolves in 48 states, though the bill's ultimate prospects are uncertain.

11 hours ago

Bodhi Naaf, center, is seen with his parents Karl, left, and Cristy (Ashley Al-Khouri)...

Sydney Bishop and Brammhi Balarajan, CNN

Toddler of Phoenix first responder dies after bounce house goes airborne

A 2-year-old child died after a strong gust of wind sent the bounce house he was in airborne and into a neighboring lot in central Arizona, the Pinal County Sheriff’s Office said.

13 hours ago