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Tuesday, March 22nd, 2011
The court rejected Deutsche Bank’s argument that every high school graduate could calculate the formula the swap was structured on. It wasn’t enough to explain the steps of the mathematical operation unless the banks also explained what risks it entails, [judge] Wiechers said.
“Let me put it this way: If you are able to read the words of a poem, you haven’t necessarily also understood its meaning,” said Wiechers. “That also applies to this swap’s formula.”
Ille Papier, based in Altenstadt, Germany, sells toilet paper, paper towels and disposal systems for bathrooms. The hygienic paper brand is often seen in bathrooms at service areas along Germany’s autobahns.