The Sisters of Charity of Leavenworth Health System

A. Rashad Abdel-khalik

Chapter 24 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 303-310 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Some people might argue with good reason that organizations like Johns Hopkins Health System and Affiliates or Shands hospital of the University of Florida have sources of funds and endowments that help them cope with losses from interest-rate swaps. However, it is difficult to make the same argument for charitable hospitals like the Sisters of Charity of Leavenworth Health System (SCL Health). The people involved in this type of organization derive satisfaction from providing services to the poor, the vulnerable, and the uninsured. As a result, the fees collected from the patients are typically much lower than the cost of providing them with medical services. To cover the excess of cost over revenues, SCL Health counts on raising funds from donations and grants to help support these charitable activities. In other words, SCL Health was not so flush with money to waste or hand over to big banks for nothing…

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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