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

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Robert Pasley

Anatomy of a Banking Scandal

The Keystone Bank Failure-Harbinger of the 2008 Financial Crisis

Robert Pasley

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English

Routledge
30 April 2016

Financial crises & disasters; Banking; Computer fraud & hacking

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.

By: Robert Pasley
Imprint: Routledge
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 19mm
Weight: 498g
ISBN: 9781412863346
ISBN 10: 1412863341
Pages: 368
Publication Date: 30 April 2016
Audience: College/higher education , Professional and scholarly , Further / Higher Education , Undergraduate
Format: Paperback
Publisher's Status: Active

Robert S. Pasley worked at the Office of the Comptroller of the Currency for thirty years, as an attorney, a senior attorney, and an assistant director of the Enforcement and Compliance Division. He is now an attorney and consultant handling bank regulatory matters and anti-money laundering cases.

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

'The book is ambitious in scope, and it raises questions that are extraordinarily important and interesting. It tells a story about corruption, analyzes the internal and external causes of the bank's failure, and describes the ensuing cases against the culprits inside and outside the bank.' - Juan Almandoz, Administrative Science Quarterly