The New York Post reports that the hedge fund giant, which is suing the bank in Dallas federal court over the Lake Las Vegas deal, argues Credit Suisse inflated appraisals in a questionable refinancing that ended up costing one of its funds $250m when the owners defaulted in 2008.
Highland, led by James Dondero, said the bank knew all along the loan was “crap,” as one Credit Suisse banker wrote in an e-mail.
“Where are you guys finding all this crap?” a Credit Suisse banker asked his colleagues in an e-mail regarding plans to sell the original loan in September of 2004. “You must have the deepest dredge known to mankind.”
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