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

Amazon.com Price:  $24.95 (as of 20/04/2019 10:37 PST- Details)

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Description

In the early 1990s, the First National Bank of Keystone in West Virginia began buying and securitizing subprime mortgages from in all places the country, and quickly grew from a tiny bank with just $100 million in assets to over $1.1 billion. For three years, it was once listed as the most profitable large community bank in the country. It was once all a fraud.

All of the securitization deals the bank entered into lost money. To hide that fact, bank insiders began cooking the books, and concealing that they were also embezzling millions of dollars from the bank. This was once all hidden from the bank’s attorneys and auditors, federal bank examiners, and even the board of directors of the bank. To keep the examiners at bay, the bank insiders did everything conceivable to steer clear of giving them get right of entry to to documents they were entitled to see, documents they knew would sink their scheme. The head of the bank even went as far as to bury four large truckloads of documents in a ditch on her ranch.

Robert S. Pasley explores the failure of the First National Bank of Keystone, the intrigue involved, and the lessons that could have been learned—and still can also be learned—about how banks operate, how federal banking regulators supervise financial institutions, how agencies interact with one another, and how such failures can also be have shyed away from sooner or later.

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