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Are Interest Rate Swaps with Nonprofit Entities Unconscionable Contracts?

In: BRAZEN Big Banks, Swap Mania and the Fallout

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  • A. Rashad Abdel-khalik

Abstract

Dancing with snakes in their ceremonial rituals and related magic shows has been a long-held tradition of the Native American Hopi tribe in Arizona. Starting in 1990s, big banks began performing their own form of dance. They scattered their sales forces across the land to entice nonprofits to a perpetual grand dance with a special type of intangible snakes that were not defanged — snakes known otherwise as interest rate swaps or interest-rate-exchange contracts…

Suggested Citation

  • A. Rashad Abdel-khalik, 2019. "Are Interest Rate Swaps with Nonprofit Entities Unconscionable Contracts?," World Scientific Book Chapters, in: BRAZEN Big Banks, Swap Mania and the Fallout, chapter 34, pages 397-426, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789813275577_0034
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    More about this item

    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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