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Brazenbig banks, swap mania and the ...

Abdel-Khalik, A. Rashad.

Brazenbig banks, swap mania and the fallout /

Record Type:	Electronic resources : Monograph/item
Title/Author:	BrazenA. Rashad Abdel-Khalik.
Reminder of title:	big banks, swap mania and the fallout /
remainder title:	Big banks, swap mania and the fallout
Author:	Abdel-Khalik, A. Rashad.
Published:	Singapore :WS Professional, an imprint of World Scientific Publishing Co. Pte. Ltd.,c2019.
Description:	1 online resource (xxvii, 523 p.)
Subject:	Banks and bankingMoral and ethical aspectsUnited States.
Online resource:	https://www.worldscientific.com/worldscibooks/10.1142/11136#t=toc
ISBN:	9789813275577$q(electronic bk.)

Brazenbig banks, swap mania and the fallout /
Abdel-Khalik, A. Rashad.

Brazenbig banks, swap mania and the fallout /[electronic resource] :Big banks, swap mania and the falloutA. Rashad Abdel-Khalik. - 1st ed. - Singapore :WS Professional, an imprint of World Scientific Publishing Co. Pte. Ltd.,c2019. - 1 online resource (xxvii, 523 p.)

Includes bibliographical references (p. 481-510) and index.

For nearly two decades, countless non-profits in the U.S. were forced to pay big banks enormous sums of money to settle or terminate bilateral contracts known as Interest Rate Swaps (IRSs). Officials at non-profits had entered into these costly contracts unaware that each contract has only one winner, and that big banks did not intend to be the losers.The effects of such monetary transfers have been catastrophic. Money-strapped non-profits had to dismiss schoolteachers, shut off water supply to thousands of poor households, and downsize many other essential public services. Local and state governments, public school districts, universities, hospitals and transit authorities from New York to Los Angeles have been among the largest hit.This book presents selected cases and highlights the lack of evidence that decision makers at non-profits had fully understood the terms and complexities of IRSs. The evident unequal bargaining power thus gives rise to the high likelihood of unconscionable contracting. Additionally, for terminating these contracts, big banks collected huge sums of money for services that had not been, and will never be, rendered. Accordingly, questions arise as to whether these termination payments are tantamount to unjust enrichment.

ISBN: 9789813275577$q(electronic bk.)Subjects--Topical Terms:

875313
Banks and banking
--Moral and ethical aspects--United States.Index Terms--Genre/Form:

214472
Electronic books.

LC Class. No.: HG2491 / .A23 2018eb

Dewey Class. No.: 332.10973

Brazenbig banks, swap mania and the fallout /
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245 1 0 $a Brazen $h [electronic resource] : $b big banks, swap mania and the fallout / $c A. Rashad Abdel-Khalik.
246 3 0 $a Big banks, swap mania and the fallout
250 $a 1st ed.
260 $a Singapore : $b WS Professional, an imprint of World Scientific Publishing Co. Pte. Ltd., $c c2019.
300 $a 1 online resource (xxvii, 523 p.)
504 $a Includes bibliographical references (p. 481-510) and index.
520 $a For nearly two decades, countless non-profits in the U.S. were forced to pay big banks enormous sums of money to settle or terminate bilateral contracts known as Interest Rate Swaps (IRSs). Officials at non-profits had entered into these costly contracts unaware that each contract has only one winner, and that big banks did not intend to be the losers.The effects of such monetary transfers have been catastrophic. Money-strapped non-profits had to dismiss schoolteachers, shut off water supply to thousands of poor households, and downsize many other essential public services. Local and state governments, public school districts, universities, hospitals and transit authorities from New York to Los Angeles have been among the largest hit.This book presents selected cases and highlights the lack of evidence that decision makers at non-profits had fully understood the terms and complexities of IRSs. The evident unequal bargaining power thus gives rise to the high likelihood of unconscionable contracting. Additionally, for terminating these contracts, big banks collected huge sums of money for services that had not been, and will never be, rendered. Accordingly, questions arise as to whether these termination payments are tantamount to unjust enrichment.
588 $a Description based on print version record.
650 0 $a Banks and banking $x Moral and ethical aspects $z United States. $3 875313
650 0 $a Nonprofit organizations $z United States $x Finance. $3 507551
650 0 $a Swaps (Finance) $z United States. $3 875314
650 0 $a Public welfare $z United States. $3 174943
655 0 $a Electronic books. $2 local. $3 214472
856 4 0 $u https://www.worldscientific.com/worldscibooks/10.1142/11136#t=toc