Deutsche Bank Rates Swap Emails Refer To Customer Being ‘screwed’


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default by approving more borrowing authority. The White House and Democratic leaders in the Senate rejected a proposal on Tuesday from House Republican leaders that would temporarily open the government and extend borrowing authority by adding new requirements to President Barack Obama’s healthcare law. Republican leaders also failed to get support for the plan from rank and file members within their party. “The back-and-forth between the Senate and the House is causing a little bit of nervousness,” said Anthony Chan, chief economist at J.P. Morgan Private Client Services. “Historically, after these things resolve, the markets do rally. And the fact that the markets are still cautious now means that it is preventing investors from taking a strong position in any direction.” All ten S&P sectors .SPSY were down except energy, which was up slightly at 0.1 percent. The Dow Jones industrial average .DJI was down 45.37 points, or 0.30 percent, at 15,255.89.
This article has been curated from Wall Street down as Senate, Obama reject House debt fix

Deutsche Bank rates swap emails refer to customer being ‘screwed’ By Matt Scuffham and Estelle Shirbon LONDON | Tue Oct 15, 2013 1:47pm EDT LONDON (Reuters) – A Deutsche Bank (DBKGn.DE) employee referred to a client not liking to know they were being “screwed” in a 2007 email concerning the sale of an interest rate swap which is now at the centre of a landmark UK court case. The comments were disclosed in papers submitted to the Court of Appeal on the first day of a three-day hearing into cases involving Deutsche and Barclays (BARC.L), which could set a precedent for whether attempted manipulation of the benchmark interest rate Libor can invalidate bank loans and other deals. Indian property firm Unitech (UNTE.NS) is appealing against a lower court’s earlier ruling that attempts to manipulate Libor were not relevant to its dispute over a loan and interest rate swap arrangement it took out with Deutsche Bank (DBKGn.DE) in 2007. Meanwhile, Barclays is being sued for up to 70 million pounds ($112 million) by Guardian Care Homes, a UK residential care home operator, which alleges the bank mis-sold it interest rate hedging products that were based upon Libor.
This article has been curated from Deutsche Bank rates swap emails refer to customer being ‘screwed’

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