The University of Florida Shands Hospital: A Case of Derivatives Abuse from the South

A. Rashad Abdel-khalik

Chapter 23 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 297-301 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In 2003, Shands Hospital of the University of Florida began entering into noncancelable interest-rate-exchange agreements with maturities extending to 2037 — a full 35 years! As of June 30, 2016, Shands Hospital had nine swap contracts of three different structures with total notional amounts of $453 million. These contracts are of three types…

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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