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The State of Illinois and Other Swap Gorillas

In: BRAZEN Big Banks, Swap Mania and the Fallout

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  • A. Rashad Abdel-khalik

Abstract

Many state governments have entered into interest-rate-swap-contracts and suffered huge losses. The sates of Texas, Illinois, New Jersey, New York and Massachusetts have the largest portfolios of derivatives among all 50 states. This chapter provides an elaboration of the case of the State of Illinois. The next two chapters present the cases of New York and New Jersey. However, because of space limitations, I provide a limited exposé of derivatives in the sates of Texas and Massachusetts in Appendixes 10 and 11 at the end of this book. Adding the information in Appendix 8 to the information for the State of Illinois completes the picture suggesting that the officials in these three states appear to be trying to mimic the operations of hedge funds…

Suggested Citation

  • A. Rashad Abdel-khalik, 2019. "The State of Illinois and Other Swap Gorillas," World Scientific Book Chapters, in: BRAZEN Big Banks, Swap Mania and the Fallout, chapter 8, pages 163-170, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813275577_0008
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    Keywords

    Swaps; Interest Rate Swap; Unconscionable Contracting; Termination Penalties; Embedded Costs; Paying for Nothing; Gambling; ISDA; Master Agreement; Deceit; Inadequate Disclosure; Hidden Costs; Zero Sum Game; Wealth Transfer; Paper Chasing Paper; Floating Rate; Synthetic Rate; Credit Risk; Demonstrations; Water Shut Off; Union Class Action Suit; The LIBOR Scandal; Non-Profit;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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