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

By Robert Pasley

ISBN-10: 1412862795

ISBN-13: 9781412862790

ISBN-10: 1412863341

ISBN-13: 9781412863346

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 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 state. It was once all a fraud. all the securitization offers the financial institution entered into misplaced funds. to conceal that truth, financial institution insiders begun cooking the books, and concealing that they have been additionally embezzling thousands of greenbacks from the financial institution. This was once 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 files they have been entitled to determine, records they knew could sink their scheme. the top 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 will be learned?about how banks function, how federal banking regulators supervise monetary associations, how corporations engage with each other, and the way such mess ups might 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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