NEW YORK -- Air Products & Chemicals Inc., became the latest Bankers Trust New York Corp. client to report a loss on interest rate swaps - and to complain that the investment was not consistent with its own risk-management policies.

Air Products said it lost $60 million (after-tax) on what turned out to be an incorrect bet on the path of interest rates. The company said the investment was "unacceptable and inconsistent with our traditional conservative approach."

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