regarding the BOK relationship and the loan to SemGroup - IT WAS LEGAL AND NOT OUT OF THE ORDINARY COURSE OF BUSINESS! As long as SemGroup didn't receive "special" terms/pricing IT WAS APPROPRIATE per regulatory and permitted guidelines! The loan was made as part of a syndicated agreement (multiple banks) in which ALL BANKS RECEIVED the same pricing/terms. Per regulatory guidelines, this relationship was WITHIN LEGAL parameters. I'm sure there were all sorts of gtys in place and was probably a secured transaction. SemGroup Parent has never been an investment grade rating credit (per Moody's).
If indeed there was fraud, that wasn't BOKF's fault! Don't you think banks learned anything from Enron? Bank regulations grew exponentially post Enron and loans like these would have received even greater scrutiny by the Federal auditors. Did it occur to anyone that other banks have even larger exposures and potential losses??? Well, they do, but on one on this message board is screaming about that! Pipe down - BOKF as an institution will be fine. All this negatively continues to beat down the share price without any consideration to BOKF's other businesses/loans/products. The default on one loan should not cause any bank to fail; this news/event is only creating an anomoly in the long-term share price performance. Obviously, it's not reflective of the oil and gas business.
Jules, you were right when you said, "The relationship with SemGroup was fully disclosed in BOK's 2007 10-K. The relationship was not out of the ordinary."
But it became "out of the ordinary" when problems first developed with Kivisto's bank relationship, which according to reports was well before the last minute resignation and revellation that SemGroup was in fact bankrupt. The lead bank, BOK, knew intimantly that SemGroup's liquidity was heading South, because of the bank's involvment with the ill-fated oil&gas hedging/speculating transactions and the creation of those SGLP MLP's, the proceeds of which were used to recoup those losses.
When a super bust like this happens, there is usually a cozy relationship in high quarters that created a conflict of interest that allowed for the losses to mount. This did not happen overnight, and bank CEO Lybarger and SemGroup CEO Kivisto know that. Lybarger might consider early retirement, because he's going to have his plate full before the smoke clears on this shareholder carnage.