The City of Brotherly Love Drowned in the Eastern Swap Sinkhole

A. Rashad Abdel-khalik

Chapter 5 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 123-140 from World Scientific Publishing Co. Pte. Ltd.

Abstract: On July 29, 2013, the City of Philadelphia filed a class action suit against some of the largest banks in the world. The suit claims that big banks have conspired and colluded to manipulate a key interest rate benchmark, LIBOR, which cost the City of Philadelphia mightily in both periodic settlements as well as the penalties of terminating interest rate swap contracts. The case was consolidated with numerous other class action suits making the same claim and all are currently moving in the halls of justice…

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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