JD Allen
Robert Hefner
Carl Swan
Bill Patterson
Bill Jennings
I know Bill Patterson did jail time and I knew his kids but didn't hear much about Penn Square until I was older.
JD Allen
Robert Hefner
Carl Swan
Bill Patterson
Bill Jennings
I know Bill Patterson did jail time and I knew his kids but didn't hear much about Penn Square until I was older.
Some believe that Bobby Hefner (RKH III), was near the top of those responsible for the Penn Square disaster. He now owns and operates GHK.
Anybody interested in Penn Square, have two must-reads: Funny Money & Belly Up (links go to Amazon). If you've never read these - you have a shock coming. Keep in mind that sometimes past is prologue. A lot of what you'll read will sound awfully familiar to some current activities in our fair city.
Oh, Bill Jennings died about ten years ago.
There's so much to say about so many of these guys.
A lot of the financial story (minus all the incredible stories of excess and Bill Patterson's bizarre life) is in the official FDIC Report - http://www.fdic.gov/bank/historical/...istory2-03.pdf
Also, if you read Funny Money and Belly Up, note the other players from the 1970's oil boom you might not have been aware of that are pretty prominent names in other ways these days.
The Penn Square fiasco had some fearing it was going to cause a complete failure of the banking system and plunge the country into depression. So, Penn Square was certainly "common" or "unique" to Oklahoma City because this incident happened here. Nothing else, in pure hubris, arrogance and criminality, came close to Penn Square (at the time). It was a *one-of-a-kind* (to say the least) chapter in the history of finance.
OKCTalker....Accepted correction. RAH instead of RKH and "co-owns" instead of "owns".
The chaos of Penn Square Bank was, luckily, limited to that one bank. However, the effect it had on other banks around the country as well as the oil industry and the overall economy of OKC was astounding considering it was such a "small shopping center parking lot bank." PSB sold hundreds of millions of loans upstream and caused several to either close or be bought out (SeaFirst in Seattle is the one that comes to mind)
I'll never forget the scenes of people lined up outside the bank for their money or the other customers in the S & L where I worked at the time lined up to open accounts with their FDIC checks.
The Penn Square Bank Fiasco did NOT just affect that one bank. UnionBank on May & 50th took a very big hit from that which also resulted in all 5 banks that Morrison Tucker owned getting hit from that. There was most assuredly a dominoe effect felt in other banks.
It took out SeaFirst and Continental Illinois as well. The real estate bust that happened in 2008 was the same story, just another verse.
Carl Swan died years ago also.
Are there multiple men named Robert Hefner III with different middle initials? If so, which Robert Hefner is this and what was his involvement in the PSB fiasco?
Same men with the same names, but increasing numbers: RAH, RAH, Jr., RAH III, RAH IV and RAH V.
What about the documentary (with RAH III) is a "fiasco?"
I think that one or more of The H's was involved in politics and for a short period of time occupied a mystery house over in Wildewood.
Wife and I were just out in Reno / Meridian area. And were trying to think of the name of the country western club where Bill Patterson drank beer from a boot.
Its drivin us nuts.
Anyone recall that place ? It was off Reno.
Never mind , we just thought of it, Graham's Central Station.
Graham Central Station is at Reno & Portland. Cajun's Wharf was a pretty active place in the same time period as well.
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