Johns Hopkins Health System Corporation: A Case of Derivatives Abuse from the East

A. Rashad Abdel-khalik

Chapter 22 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 291-296 from World Scientific Publishing Co. Pte. Ltd.

Abstract: As was the case with some other universities, Johns Hopkins University had incorporated its health-service units into the Johns Hopkins Health System Corporation (JHHS). The corporation prepares and discloses its own annual reports of audited financial statements separately from the annual reports of the university. Much of the university-related contracts of swapping interest rates are concentrated at the Johns Hopkins Health System Corporation and Affiliates. In 2016, JHHS had 12 swap contracts on total notional amounts of $750 million while the rest of Johns Hopkins University, excluding the hospital and components of JHHS, had only three swap contracts with notional amounts of $154 million…

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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