Brazen:Big Banks, Swap Mania and the Fallout

Brazen:Big Banks, Swap Mania and the Fallout

肆无忌惮：大银行、交易狂与崩盘
货币银行学

原价：

￥ 266.00

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发货周期：预计3-5周发货

作者

Abdel-Khalik A Rashad

出版社

World Scientific Publishing

出版时间

2019年02月16日

装帧

平装

ＩＳＢＮ

9789811203121

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页码

552

语种

英文

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图书简介

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. Key Features: o No other book has dealt with the linkage between interest rate swaps and the financial damage that is nearly destroying the fabric of the society from education, to transit, health care and local and state governance o None has ever made a convincing argument that big banks do not deserve and have not earned the huge swap termination payments they have been collecting with the result of draining the cash reserves of anyone involved o No one has advanced the reasons for considering interest rate swaps with nonprofit organizations as unconscionable contracts either legally or morally

Preface; Acknowledgments; What is This Book All About?; Carol Loomis Described Four Derivatives’ Sins: Lies, Leverage, Ignorance, and Arrogance; Cases in Wealth Transfer From Local Government Agencies to Big Banks: The Saga of Jefferson County, Alabama, and JPMorgan Chase; Big Banks Took Nearly $900 Million from Detroit for Terminating Swaps & Gave Back Nothing; The City of Brotherly Love Drowned in the Eastern Swap Sinkhole; The Heart of America and Windy City Handed Its Compass to the Banking Cartel; Tales of Two Small Cities; Cases in Wealth Transfer From State Government Entities to Big Banks: All the Four Sins of Derivatives Described by Loomis were At Play Here: The State of Illinois and Other Swap Gorillas; The State of New Jersey: The Pandora’s Box of Interest Rate Swaps Cost Nearly $1.5 Billion; The Empire State Doctored Interest Rate Swap Gains Artfully; Cases in Wealth Transfer From Public Schools to Big Banks: Jack Wagner’s Mission to Rescue Pennsylvania from the $17.4 Billion Derivatives Mess; The School District of Philadelphia Dismissed Staff to Save Money to Pay for Swaps; Two Other Special Cases in Pennsylvania Schools; Chicago Public Schools Dismissed Staff and Borrowed at High Interest Rates to Pay for Interest-Rate Swaps; Denver Public Schools: Paid High Price for the Advice of Unwitting Experts; Cases in Wealth Transfer From Colleges and Universities to Big Banks: Paying Big Banks Huge Sums of Money for Ill-Advised Interest-Rate-Exchange Contracts: The Flagship of the Tar Heel State Kept Dipping into the Same Losing Swap Well; The MSU Spartans Kept on Swapping Their Money for Nothing; Interest-Rate Swaps Cost Harvard More Than $1.47 Billion; The University of Texas System: A Large State-Run Hedge-Fund-Like in Austin; Cases in Wealth Transfer From Health-Care Organizations to Big Banks: Indiana University Health: A Case of Derivatives Abuse from the Midwest; The University of California Health System: A Case of Derivatives Abuse from the West; Johns Hopkins Health System Corporation: A Case of Derivatives Abuse from the East; The University of Florida Shands Hospital: A Case of Derivatives Abuse from the South; The Sisters of Charity of Leavenworth Health System; Dignity Health Holds a Bigger Bag of IOUs to the Banking Cartel; Texas Methodist Hospitals Did Not Escape Big Banks’ Vise; Cases in Wealth Transfer From Transit Authorities to Big Banks: Increasing Fares to Pay Big Banks for Swap Contracts: With Swaps, Riding the Gravy Train is Expensive; The New York Metropolitan Transportation Authority Fell into the Eastern Swap Sinkhole; The Bay Area Toll Authority (BATA) Fell into the Western Swap Sinkhole; The Massachusetts Bay Transportation Authority Joined the Eastern Swap Sinkhole; A Couple of Other Port Authorities; The Libor Scandal: Big Banks’ Colluded & Conspired to Siphon More Money From the Public Service Sector & Everyone Else: The London Connection: London Average Interest Rate (LIBOR); The Discovery of Cheating; Unconscionability: Dancing with the \"Snakes\" of Modern Times: Are Interest Rate Swaps with Nonprofit Entities Unconscionable Contracts?; Epilogue; Appendices; References and Sources; Index;

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