By Robert Pasley

ISBN-10: 1412862795

ISBN-13: 9781412862790

ISBN-10: 1412863341

ISBN-13: 9781412863346

within the early Nineties, the 1st nationwide financial institution of Keystone in West Virginia all started deciding to buy and securitizing subprime mortgages from all around the state, and fast 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 kingdom. It was once all a fraud. the entire securitization offers the financial institution entered into misplaced funds. to conceal that truth, financial institution insiders all started cooking the books, and concealing that they have been additionally embezzling 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 records they have been entitled to work out, records they knew might sink their scheme. the pinnacle 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 that may were learned?and nonetheless could be learned?about how banks function, how federal banking regulators supervise monetary associations, how firms engage with each other, and the way such disasters will be shunned 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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