More embarrassing banker emails ?
Bloomberg News reports that a Deutsche Bank employee said clients don't want to know how they were 'screwed' in a 2007 swap deal at the center of a court fight over whether banks can be sued for manipulation of benchmark interest rates.
The employee's comment was disclosed in an e-mail filed in U.K. court documents on the first day of an appeal hearing in London. Indian property firm Unitech Lt is seeking to invalidate an interest-rate swap and loans with Deutsche Bank because of alleged rigging of the London interbank offered rate.
'No one likes to know he got screwed', Deutsche Bank’s Mumbai-based head of Indian corporate finance said in a 2007 e-mail referring to the swap deal that was cited in Unitech’s court documents.
The e-mails from Deutsche Bank also show employees talking about Unitech’s understanding of the contracts. The Indian company was outrightly ‘uneducated', according to another 2007 e-mail by a Deutsche Bank employee. 'The client does whatever we tell him to', another Deutsche Bank employee said.
A spokeswoman for Deutsche Bank said the e-mails were 'irrelevant' to the hearing.
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