Brazen:Big Banks, Swap Mania and the Fallout
A Rashad Abdel-khalik
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A Rashad Abdel-khalik: University of Illinois at Urbana-Champaign, USA
in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.
Abstract:
For nearly two decades, countless non-profits in the U.S. were forced to pay big banks enormous sums of money to settle or terminate bilateral contracts known as Interest Rate Swaps (IRSs). Officials at non-profits had entered into these costly contracts unaware that each contract has only one winner, and that big banks did not intend to be the losers.
Keywords: Swaps; Interest Rate Swap; Unconscionable Contracting; Termination Penalties; Embedded Costs; Paying for Nothing; Gambling; ISDA; Master Agreement; Deceit; Inadequate Disclosure; Hidden Costs; Zero Sum Game; Wealth Transfer; Paper Chasing Paper; Floating Rate; Synthetic Rate; Credit Risk; Demonstrations; Water Shut Off; Union Class Action Suit; The LIBOR Scandal; Non-Profit (search for similar items in EconPapers)
JEL-codes: E43 E44 (search for similar items in EconPapers)
Date: 2019
ISBN: 9789813275560
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https://www.worldscientific.com/worldscibooks/10.1142/11136 (text/html)
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Chapters in this book:
- Ch 1 What Is This Book All About? , pp 1-57
- A. Rashad Abdel-khalik
- Ch 2 Carol Loomis Described Four Derivatives’ Sins: Lies, Leverage, Ignorance, and Arrogance , pp 59-71
- A. Rashad Abdel-khalik
- Ch 3 The Saga of Jefferson County, Alabama, & JPMorgan Chase , pp 75-98
- A. Rashad Abdel-khalik
- Ch 4 Big Banks Took Nearly $900 million from Detroit for Terminating Swaps & Gave back Nothing , pp 99-121
- A. Rashad Abdel-khalik
- Ch 5 The City of Brotherly Love Drowned in the Eastern Swap Sinkhole , pp 123-140
- A. Rashad Abdel-khalik
- Ch 6 The Heart of America and Windy City Handed Its Compass to the Banking Cartel , pp 141-151
- A. Rashad Abdel-khalik
- Ch 7 Tales of Two Small Cities , pp 153-159
- A. Rashad Abdel-khalik
- Ch 8 The State of Illinois and Other Swap Gorillas , pp 163-170
- A. Rashad Abdel-khalik
- Ch 9 The State of New Jersey: The Pandora’s Box of Interest Rate Swaps Cost Nearly $1.5 Billion , pp 171-177
- A. Rashad Abdel-khalik
- Ch 10 The Empire State Doctored Interest Rate Swap Gains Artfully , pp 179-184
- A. Rashad Abdel-khalik
- Ch 11 Jack Wagner’s Mission to Rescue Pennsylvania from the $17.4 Billion Derivatives Mess , pp 187-193
- A. Rashad Abdel-khalik
- Ch 12 The School District of Philadelphia Dismissed Staff to Save Money to Pay for Swaps , pp 195-200
- A. Rashad Abdel-khalik
- Ch 13 Two Other Special Cases in Pennsylvania Schools , pp 201-208
- A. Rashad Abdel-khalik
- Ch 14 Chicago Public Schools Dismissed Staff and Borrowed at High Interest Rates to Pay for Interest-Rate Swaps , pp 209-225
- A. Rashad Abdel-khalik
- Ch 15 Denver Public Schools: Paid High Price for the Advice of Unwitting Experts , pp 227-231
- A. Rashad Abdel-khalik
- Ch 16 The Flagship of the Tar Heel State Kept Dipping into the Same Losing Swap Well , pp 235-246
- A. Rashad Abdel-khalik
- Ch 17 The MSU Spartans Kept On Swapping Their Money for Nothing , pp 247-251
- A. Rashad Abdel-khalik
- Ch 18 Interest-Rate Swaps Cost Harvard More Than $1.47 Billion , pp 253-259
- A. Rashad Abdel-khalik
- Ch 19 The University of Texas System: A Large State-Run Hedge-Fund-Like in Austin , pp 261-269
- A. Rashad Abdel-khalik
- Ch 20 Indiana University Health: A Case of Derivatives Abuse from the Midwest , pp 273-280
- A. Rashad Abdel-khalik
- Ch 21 The University of California Health System: A Case of Derivatives Abuse from the West , pp 281-290
- A. Rashad Abdel-khalik
- Ch 22 Johns Hopkins Health System Corporation: A Case of Derivatives Abuse from the East , pp 291-296
- A. Rashad Abdel-khalik
- Ch 23 The University of Florida Shands Hospital: A Case of Derivatives Abuse from the South , pp 297-301
- A. Rashad Abdel-khalik
- Ch 24 The Sisters of Charity of Leavenworth Health System , pp 303-310
- A. Rashad Abdel-khalik
- Ch 25 Dignity Health Holds A Bigger Bag of IOUs to the Banking Cartel , pp 311-317
- A. Rashad Abdel-khalik
- Ch 26 Texas Methodist Hospitals Did Not Escape Big Banks’ Vise , pp 319-323
- A. Rashad Abdel-khalik
- Ch 27 With Swaps, Riding the Gravy Train Is Expensive , pp 327-329
- A. Rashad Abdel-khalik
- Ch 28 The New York Metropolitan Transportation Authority Fell into the Eastern Swap Sinkhole , pp 331-338
- A. Rashad Abdel-khalik
- Ch 29 The Bay Area Toll Authority (BATA) Fell into the Western Swap Sinkhole , pp 339-346
- A. Rashad Abdel-khalik
- Ch 30 The Massachusetts Bay Transportation Authority Joined the Eastern Swap Sinkhole , pp 347-352
- A. Rashad Abdel-khalik
- Ch 31 A Couple of Other Port Authorities , pp 353-356
- A. Rashad Abdel-khalik
- Ch 32 The London Connection: London Average Interest Rate (LIBOR) , pp 361-366
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- Ch 33 The Discovery of Cheating , pp 367-393
- A. Rashad Abdel-khalik
- Ch 34 Are Interest Rate Swaps with Nonprofit Entities Unconscionable Contracts? , pp 397-426
- A. Rashad Abdel-khalik
- Ch 35 Epilogue , pp 427-437
- A. Rashad Abdel-khalik
- Ch 36 APPENDICES , pp 439-479
- A. Rashad Abdel-khalik
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