Penn square bank book

Oklahoma citys premier fashion destination with an excellent mix of department stores, specialty shops and. The insolvency was the subject of two bestselling books and led to a twoyear prison term for the banks energylending chief, bill patterson. This book chronicles how the small banks major wheeling and dealing in oil and gas investments led to one of the biggest crises in the history of american banking. The penn square banks abusive practices were funded by banks, savings and loans and credit unions throughout the u. House of representatives committee on banking, finance and urban affairs holds hearings on the banks failure. Correspondent judy woodruff investigates one of the largest banks. Hearings before the committee on banking, finance, and urban affairs, house of representatives, ninetyseventh congress, second session volume 2 by united states. Belly up is a book to be assigned in business schools, to be read by bank. Penn street through the years berks history center.

Pw recommended mark singers account of the same events in funny money unless the readers appetite is f. No economist could have predicted that the penn square bank, a small, obscure lender in an oklahoma shopping mall, would become the instigator of a financial charade that would see billions of dollars in loans made on the basis of imaginary oil and natural gas reservesjust as a worldwide oil glut and the repeal of regulatory gas laws were about to pull the rug from under the oklahoma energy. The collapse of the penn square bank kindle edition by phillip l. Annals of finance about the bankruptcy of penn square bank in oklahoma city in july, 1982. Senate committee on banking, housing and urban affairs holds hearings on the banks failure. The collapse of the penn square bank by phillip zweig. Located in the rear of the penn square mall in oklahoma city, this quite small commercial bank made a name for. No economist could have predicted that the penn square bank, a small, obscure lender in. The bank made a large amount of poorly underwritten energyrelated loans that it sold to other banks. Wall street journal reporter zweig details how the oklahoma city penn square bank went under. I think its funny in a grotesque way and an ironic way, he said in oklahoma city on friday as part of a publicity tour for the book.

Penn square bank the encyclopedia of oklahoma history and. An insiders account of bank failures and rescues new york. Losses on these loans led to significant financial problems for a number of those banks. Zweig has put together an extraordinary piece of research that is a business book only in the loosest. Blincow said the penn square bank receivership has 37 assets remaining. The penn square bank meltdown helped usher in banking reforms and regulation at the state and federal level, including the financial institutions reform. Penn square bank was a small commercial bank located in oklahoma city, oklahoma, that. And for a story about penn square bank, which first triggered suspicion about continental illinois, check out belly up.

No economist could have predicted that the penn square bank, a small, obscure lender in an oklahoma shopping mall, would become the instigator of a financial charade that would see billions of dollars in loans made on the basis of imaginary oil and natural gas reservesjust as a worldwide oil glut and the repeal of regulatory gas laws were about to pull the rug from under the oklahoma energy boom. Penn square failed in 1982, and continental nearly collapsed two years later after the largest run on deposits in banking history. Breaking the bank s1985 e21 frontline pbs official. Funny money book on penn square failure wellreceived. Penn square bank the encyclopedia of oklahoma history. The failure of penn square bank of oklahoma city had a devastating effect on.

Funny money chronicles the rise and fall of the oklahomabased penn square bank, which was declared insolvent by the comptroller of the currency on july 5, 1982. In 1982, penn square bank, a bank located in a strip mall in oklahoma, failed. The collapse of the penn square bank 9780517557082 by zweig, phillip l. Penn square bank was a small commercial bank located in oklahoma city, oklahoma, that failed in july 1982. Comptroller of the currency closed the penn square bank in oklahoma city july 5, 1982. Fdic may begin closing penn square book by end of year. The following is a chronology of significant events since the u. Movie times, buy movie tickets online, watch trailers and get directions to amc penn square 10 in oklahoma city, ok. No economist could have predicted that the penn square bank, a small, obscure lender in an oklahoma shopping mall, would become the. Patterson, 35, a former senior vice president at penn square who was replaced a week prior to the banks july 5, 1982, failure, is charged with six counts of wire fraud, two of making false. But energy prices began to fall post 1981, and the sector sank into recession. In 1984, there were more bank failures in the us than at any time since the great depression.

The illfated financial institution started in 1960 in a shopping mall. Penn square bank was a small commercial bank located in oklahoma city, oklahoma that failed in july 1982. Many oklahomans would be hard pressed to find humor in the historic collapse of penn square bank. But that group would not include tulsa native mark singer, whose book about the failure is titled funny money. Center stage was the penn square bank, modestly located in a shopping center, but doing an immodest amount of a very hot business. As soon as the liquidation began, upstream bankslarger bankst that. Find everything you need for your local movie theater near you.