I love this story about M&T Bank suing Deutsche Bank over a bad investment
Posted by
Brian (aka trav007)
Jan 20 '09, 13:27
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There's nothing like selling an investment where if its value goes down, the bank selling it makes money via credit default swaps, which is what Deutsche Bank did (the story though mostly concerns M&T claiming Deutsche misled them on what they were buying).
And there's nothing quite as stupid and greedy as M&T Bank trusting Deutsche Bank, whose Banker's Trust unit had been accused of doing something quite similar about 15 years ago (admittedly prior to Deutsche Bank acquiring it), in order to make an extra quarter percent:
http://norris.blogs.nytimes.com/2009/01/20/greed-and-heritage/
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