Chesky KopelExcited to share my new article on the heter iska and LIBOR in the Banking Law Journal. Part I--providing a background on the history, nature, and function of the heter iska--is out now, and Parts II and III will arrive in the coming months.
This project was in the works for a long time. Although the specific question I address is breathtakingly niche, I think a lot of you may find this interesting! At the very least, I tried to give a useful introduction to the heter iska that both gets into the weeds of the financial transaction and tees up some questions about the Jewish ethics of lending.
Sorry it's in law review language and uses my *other* name, but apparently I'm publishing this as a class action lawyer with experience in LIBOR manipulation cases rather than as the yeshiva guy with thoughts on ha'aramot.
Also, trueheads will know that footnote 19 is the best part. I think this may be the Rebbe Maharash's first appearance in a law review article! I'm working and teaching some more on the "theology of the heter iska" question and hope to have more to say about it soon.
