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

By Robert Pasley

within the early Nineties, the 1st nationwide financial institution of Keystone in West Virginia begun purchasing and securitizing subprime mortgages from all around the kingdom, 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 such a lot ecocnomic huge group financial institution within the kingdom. It was once all a fraud. all the securitization offers the financial institution entered into misplaced cash. to conceal that truth, financial institution insiders all started cooking the books, and concealing that they have been additionally embezzling hundreds of thousands of bucks 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 files they have been entitled to determine, files they knew may 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 could be learned?about how banks function, how federal banking regulators supervise monetary associations, how companies have interaction with each other, and the way such mess ups might be refrained from within the future.

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