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Brazen = big banks, swap mania and t...

Abdel-Khalik, A. Rashad.

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Brazen = big banks, swap mania and the fallout /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Brazen/ A. Rashad Abdel-Khalik.
其他題名:	big banks, swap mania and the fallout /
其他題名:	Big banks, swap mania and the fallout
作者:	Abdel-Khalik, A. Rashad.
出版者:	Singapore :WS Professional, an imprint of World Scientific Publishing Co. Pte. Ltd., : c2019.,
面頁冊數:	1 online resource (xxvii, 523 p.)
標題:	Banks and banking - Moral and ethical aspects - United States. -
電子資源:	https://www.worldscientific.com/worldscibooks/10.1142/11136#t=toc
ISBN:	9789813275577

Brazen = big 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: 9789813275577Subjects--Topical Terms:

3466090
Banks and banking
--Moral and ethical aspects--United States.Index Terms--Genre/Form:

542853
Electronic books.

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

Dewey Class. No.: 332.10973

Brazen = big banks, swap mania and the fallout /
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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 3466090
650 0 $a Nonprofit organizations $z United States $x Finance. $3 646208
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