Abdel-khalik, A Rashad (univ Of Illinois At Urbana-champaign,usa) Brazen: big banks, swap mania and the fallout 9789811203121

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Автор: Abdel-khalik, A Rashad (univ Of Illinois At Urbana-champaign,usa)
Название: Brazen: big banks, swap mania and the fallout
ISBN: 9789811203121
Издательство: World Scientific Publishing
Классификация:

Финансы

Банковская делятельность

Банковское дело и финансы: учебные пособия и руководства по перемотру

ISBN-10: 9811203121
Обложка/Формат: Paperback
Страницы: 552
Вес: 0.73 кг.
Дата издания: 16.04.2019
Серия: Economics/Business/Finance
Язык: English
Размер: 152 x 229 x 24
Читательская аудитория: Tertiary education (us: college)
Ключевые слова: Banking & finance: study & revision guides, BUSINESS & ECONOMICS / Banks & Banking,BUSINESS & ECONOMICS / Interest
Рейтинг:
Поставляется из: Англии
Описание:

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.

Brazen: big banks, swap mania and the fallout, Abdel-khalik, A Rashad (univ Of Illinois At Urbana-champaign,usa)