Business: West Virginia's Cause Cl

Few people outside West Virginia have heard of Diversified Mountaineer Corp., and by now a lot of West Virginians wish they had never heard of it either. After 14 years of garish existence, the company has gone bust in the biggest cause célèbre of the state's not-exactly-voluminous financial history. Its collapse has brought embarrassment or worse to citizens from Governor Arch Moore to thousands of small investors who put their money into high-interest but uninsured D.M.C. savings accounts, and now have little idea how much they can recover.

It all began in 1960, when...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!