LEADER 00000cam a2200385 a 4500 
001    fly1089343990 
003    OCoLC 
005    20190501095726.0 
006    m     o  d         
007    cr cnu---unuuu 
008    210111s2019    si      ob    001 0 eng d 
020    9789813275577|q(electronic bk.) 
020    981327557X|q(electronic bk.) 
020    |z9789813275560|q(hardback) 
020    |z9813275561|q(hardback) 
040    YDX|beng|cYDX|dYDX|dOSU|dUtOrBLW 
041 0  eng 
043    n-us--- 
050  4 HG2491|b.A23 2018eb 
082 00 332.10973|223 
100 1  Abdel-Khalik, A. Rashad 
245 10 Brazen|h[electronic resource] :|bbig banks, swap mania and
       the fallout /|cA. Rashad Abdel-Khalik 
246 30 Big banks, swap mania and the fallout 
250    1st ed 
260    Singapore :|bWS Professional, an imprint of World 
       Scientific Publishing Co. Pte. Ltd.,|cc2019 
300    1 online resource (xxvii, 523 p.) 
504    Includes bibliographical references (p. 481-510) and index
520    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    Description based on print version record 
650  0 Banks and banking|xMoral and ethical aspects|zUnited 
650  0 Nonprofit organizations|zUnited States|xFinance 
650  0 Swaps (Finance)|zUnited States 
650  0 Public welfare|zUnited States 
655  0 Electronic books 
856 40 |uhttps://www.worldscientific.com/worldscibooks/10.1142/