Sebastian Losses Were ‘Worst Nightmare,’ Vik Told Deutsch
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Deutsche Bank AG said it wasn’t to blame for 2008 losses on currency trades by Alexander Vik’s Sebastian Holdings Inc. that the Norwegian entrepreneur described in a phone call as his “worst nightmare.”
E-mails and phone calls cited by the bank in trial documents show how market turmoil in October 2008 led to escalating losses at Sebastian, soured its relationship with Deutsche Bank and tested the lender’s prime brokerage systems to the breaking point.