A rumble in Mumbai

India

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History is awash with examples of derivatives deals gone wrong. In some cases - the London Borough of Hammersmith & Fulham in 1989 and Orange County, California in 1994 - the counterparty took a view on the direction of the market in an attempt to generate profits, and entered into positions far exceeding its outstanding debt. In others - for instance, Cincinnati-based Procter & Gamble - the counterparty was a victim of mis-selling by an unscrupulous bank. In both cases, the entities were left

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