Two Other Special Cases in Pennsylvania Schools

A. Rashad Abdel-khalik

Chapter 13 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 201-208 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The two cases of Bethlehem Area School District (presented in Chapter 11) and the School District of Philadelphia (presented in Chapter 12) represent examples of the conditions that prevailed at some of the 108 school districts in the State of Pennsylvania that ventured into the uncharted territory of interest-rate-exchange (swap) contracts. However, two additional cases of school districts got entangled into the net of the Swap Mania and were more revealing of the consequences of the Four Derivatives Sins described by Carol Loomis than any other case in the State of Pennsylvania. The two cases are for the Erie City School District and the State College Area School District.

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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