New PDF release: Anatomy of a Banking Scandal: The Keystone Bank

By Robert Pasley

within the early Nineteen Nineties, the 1st nationwide financial institution of Keystone in West Virginia started procuring and securitizing subprime mortgages from all around the nation, and speedy 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 state. It used to be all a fraud. the entire securitization bargains the financial institution entered into misplaced cash. to conceal that truth, financial institution insiders begun cooking the books, and concealing that they have been additionally embezzling hundreds of thousands of bucks from the financial institution. This used to be all hidden from the bank's lawyers 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 thing attainable to prevent giving them entry to files they have been entitled to determine, records they knew may 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 that can were learned?and nonetheless might be learned?about how banks function, how federal banking regulators supervise monetary associations, how companies 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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