Dignity Health Holds A Bigger Bag of IOUs to the Banking Cartel

A. Rashad Abdel-khalik

Chapter 25 in Brazen:Big Banks, Swap Mania and the Fallout, 2019, pp 311-317 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The $22 million liability of SCL Health for swap contracts seemed to be a large amount relative to the organization’s scale and size, but that judgment fades when compared to Dignity Health, another Catholic charity. In 2011, the noncurrent liability of Dignity Health arising from interest-rate-exchange (swap) contracts amounted to $249 million. Dignity Health is a California-based charitable health-care organization providing service throughout the states of California, Arizona, and Nevada. Dignity Health spells out its mission on its website…

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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