Anatomy of a banking scandal : the Keystone Bank failure--harbinger of the 2008 financial crisis / Robert S. Pasley.

Format:

Book

Author/Creator:

Pasley, Robert S., author.

Language:

English

Subjects (All):

First National Bank of Keystone (W. Va.).

Bank failures--United States--History.

Bank failures.

Banks and banking--United States--History.

Banks and banking.

Financial crises.

History.

Subprime mortgage loans.

United States.

Subprime mortgage loans--United States--History.

Financial crises--United States--History.

Physical Description:

xxiii, 343 pages ; 23 cm

Place of Publication:

New Brunswick (U.S.A.) : Transaction Publishers, [2016]

Summary:

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 $17 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 hid the fact that they were 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. Book jacket.

Contents:

1 Burying the Documents 1

2 J. Knox McConnell and the Rise of the Bank 9

3 Billie Cherry, Terry Church, and the Town of Keystone, West Virginia 23

4 Death of Knox McConnell 33

5 A Train Wreck A Comin' 49

6 The Examinations of the Bank, 1990-1997 81

7 1998 Examination 115

8 The Last Year of the Bank 127

9 The Criminal Cases 165

10 The Civil and Administrative Cases 193

11 The Case Against the Attorneys 209

12 The Case Against the Bank's Accounting Firm-Grant Thornton 219

13 The Sad Story of Gary Ellis 257

14 Aftermath of the Failure of the Bank 269

15 Harbinger of the 2008 Financial Crisis 279

16 Lessons Learned 293

17 Consolidation of the Federal Banking Agencies 301

18 Conclusion 321.

Notes:

Includes bibliographical references (page 335) and index.

Other Format:

Online version: Pasley, Robert S., author. Anatomy of a banking scandal

ISBN:

9781412862790

1412862795

9781412863346

1412863341

OCLC:

932171599