jan 1, 1982 - 1982 Notorious Bank Investment
Description:
Despite a warning from an independent financial consultant about uninsured investments, the library in 1982 invested $160,000 in a partially uninsured certificate of deposit in an Oklahoma bank. The bank collapsed less than a month later. (Cite 2) (Should probably add day it was made, day it crashed, day it came to public attention)
"Only $100,000 of it was insured." (it's state law to insure such investments) Steensland said didn't know, proof otherwise. "One warning came in a 1979 financial study prepared for the library by Leroy A. Starkey and Associates, which said an investment in an uninsured Merrill Lynch Ready Assets Trust account was illegal." Penn Square Bank. Cite 3.
Added to timeline:
Lexington Public Library
Date:
