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

By Robert Pasley

within the early Nineties, the 1st nationwide financial institution of Keystone in West Virginia all started procuring and securitizing subprime mortgages from everywhere in the kingdom, and quick 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 such a lot ecocnomic huge neighborhood financial institution within the state. It was once all a fraud. the entire securitization bargains the financial institution entered into misplaced cash. to conceal that truth, financial institution insiders began cooking the books, and concealing that they have been additionally embezzling hundreds of thousands of greenbacks from the financial institution. This was once 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 little thing attainable to prevent giving them entry to records they have been entitled to work out, files they knew may sink their scheme. the top 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 which can were learned?and nonetheless could be learned?about how banks function, how federal banking regulators supervise monetary associations, how businesses have interaction with each other, and the way such disasters could be refrained from within the future.

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