MSM 453 John Hairston - Tens of Millions of Dollars in IOUs

John Hairston was the Chief Operations Officer for Hancock Bank in Gulfport, when in Fall of 2005, Hurricane Katrina threatened the coast. In this episode, he remembers preparing for a hit, but predicting a miss.

When Hancock Bank's corporate headquarters was wiped out, all of the bank’s records and computers were destroyed. Hairston explains how they were able to transfer all of their operations to Chicago within four days. Hairston recalls handing out tens of millions of dollars to anyone with an IOU and giving a new meaning to the phrase "money laundering."