Anatomy of a Banking Scandal: The Keystone Bank - download pdf or read online

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 begun deciding to buy and securitizing subprime mortgages from all around the state, and speedy grew from a tiny financial institution with simply $100 million in resources to over $1.1 billion. for 3 years, it used to be indexed because the so much ecocnomic huge group financial institution within the state. 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 begun cooking the books, and concealing that they have been additionally embezzling hundreds of 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 files they have been entitled to work out, records they knew may sink their scheme. the pinnacle of the financial institution even went as far as to bury 4 huge truckloads of files 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 organisations engage with each other, and the way such disasters should be kept away from 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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