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Robert Pasley's Anatomy of a Banking Scandal: The Keystone Bank PDF

By Robert Pasley

within the early Nineties, the 1st nationwide financial institution of Keystone in West Virginia started paying for and securitizing subprime mortgages from all around the kingdom, and fast grew from a tiny financial institution with simply $100 million in resources to over $1.1 billion. for 3 years, it was once indexed because the so much ecocnomic huge neighborhood financial institution within the nation. It used to be all a fraud. all the securitization bargains the financial institution entered into misplaced funds. to conceal that truth, financial institution insiders all started cooking the books, and concealing that they have been additionally embezzling thousands of greenbacks from the financial institution. This used to be all hidden from the bank's legal professionals and auditors, federal financial institution examiners, or even the board of administrators of the financial institution. to maintain the examiners at bay, the financial institution insiders did every little thing attainable to prevent giving them entry to records they have been entitled to work out, records they knew could sink their scheme. the pinnacle of the financial institution even went as far as to bury 4 huge truckloads of records in a ditch on her ranch.

Robert S. Pasley explores the failure of the 1st nationwide financial institution of Keystone, the intrigue concerned, and the teachings which may were learned?and nonetheless may be learned?about how banks function, how federal banking regulators supervise monetary associations, how firms have interaction with each other, and the way such disasters will be shunned within the future.

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Anatomy of a Banking Scandal: The Keystone Bank Failure-Harbinger of the 2008 Financial Crisis by Robert Pasley


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