What Is This Book All About?

A. Rashad Abdel-khalik

Chapter 1 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 1-57 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The following sections are included:IntroductionChanges in Financing Strategies of NonprofitsA Critical Contract Design FeatureCreating Values “on Paper”How does it Work? An Example: A Swap Contract from the NY MTA PortfolioPaying Enormous Termination (Fees) PenaltiesAre Nonprofit Officials Equipped to Deal with Swaps?An Illustrative Case: The Midway Airport SwapThe Impetus for the Exponential Growth of Derivatives and SwapsThe Orbit of ISDA: The Inside ShopLook Who is Guarding the Henhouse!The Means of Persuasion that Big Banks had AdoptedPersuasion: Promising Mirage BenefitsPersuasion: Providing Near-Term Quick CashPersuasion: Buying Swaps as Seen by a Grand JuryPersuasion: Using Economic Dependence: The Glaring Example of the City of AtlantaWhy was it difficult to meet with the Actors?Concern for Pending LitigationNovelty and Complexity of Interest Rate SwapsLack of KnowledgeDeception and Incomplete Disclosure of Facts and RisksKey Decision Makers are in JailStaff Turnover

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
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