Anatomy of a Banking Scandal

The Keystone Bank Failure-Harbinger of the 2008 Financial Crisis

Nonfiction, Social & Cultural Studies, Social Science, Sociology, Business & Finance
Cover of the book Anatomy of a Banking Scandal by Robert Pasley, Taylor and Francis
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Robert Pasley ISBN: 9781351531788
Publisher: Taylor and Francis Publication: July 5, 2017
Imprint: Routledge Language: English
Author: Robert Pasley
ISBN: 9781351531788
Publisher: Taylor and Francis
Publication: July 5, 2017
Imprint: Routledge
Language: English

In the early 1990s, the First National Bank of Keystone in West Virginia began buying and securitizing subprime mortgages from all over 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 listed as the most profitable large community bank in the country. It was all a fraud. All of the securitization deals the bank entered into lost money. To hide that fact, bank insiders started cooking the books, and concealing that they were also embezzling millions of dollars from the bank. This was 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 possible to avoid giving them access to documents they were entitled to see, documents they knew would sink their scheme. The head of the bank even went so 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 be learned about how banks operate, how federal banking regulators supervise financial institutions, how agencies interact with one another, and how such failures can be avoided in the future.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

In the early 1990s, the First National Bank of Keystone in West Virginia began buying and securitizing subprime mortgages from all over 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 listed as the most profitable large community bank in the country. It was all a fraud. All of the securitization deals the bank entered into lost money. To hide that fact, bank insiders started cooking the books, and concealing that they were also embezzling millions of dollars from the bank. This was 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 possible to avoid giving them access to documents they were entitled to see, documents they knew would sink their scheme. The head of the bank even went so 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 be learned about how banks operate, how federal banking regulators supervise financial institutions, how agencies interact with one another, and how such failures can be avoided in the future.

More books from Taylor and Francis

Cover of the book Encyclopedia of the Novel by Robert Pasley
Cover of the book Into the Margins by Robert Pasley
Cover of the book Music and the Renaissance by Robert Pasley
Cover of the book Auditing Theory by Robert Pasley
Cover of the book The Place of the Visual in Psychoanalytic Practice by Robert Pasley
Cover of the book Islamic Attitudes to Israel by Robert Pasley
Cover of the book Belligerent Broadcasting by Robert Pasley
Cover of the book UN Peacekeeping Doctrine in a New Era by Robert Pasley
Cover of the book Thinking Media and Beyond by Robert Pasley
Cover of the book The Healing of Nations and the Hidden Sources of their Strife by Robert Pasley
Cover of the book The Theory of Citrasutras in Indian Painting by Robert Pasley
Cover of the book History Hunting by Robert Pasley
Cover of the book Cataloging and Classification Standards and Rules by Robert Pasley
Cover of the book Cultural and Heritage Tourism in Asia and the Pacific by Robert Pasley
Cover of the book Africa and Fortress Europe by Robert Pasley
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy