The University of Texas System: A Large State-Run Hedge-Fund-Like in Austin

A. Rashad Abdel-khalik

Chapter 19 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 261-269 from World Scientific Publishing Co. Pte. Ltd.

Abstract: When it comes to dealing with financial derivatives, the University of Texas System lives up to the mythical image of Texans in terms of pursuing grand and majestic sizes. For the entire University of Texas System, total notional amounts of all financial derivatives in 2015 were over $18.85 billion, of which $3.05 billion were for interest-rate-exchange (swap) contracts alone. “Texas Exhibit 1” presents the notional amounts and fair-market values (termination values) of interest-rate-exchange contracts held by the University of Texas System between 2010 and 2016…

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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