Penn Square Bank fails
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
Continental began to unravel during the Fourth of July weekend of 1982 with the failure of the Penn Square Bank. This was the notorious Oklahoma shopping-center bank that had booked and resold to Continental $1 billion in bum energy loans. (One picturesquely modern aspect of Penn Square’s downfall was a run at its drive-in window.) To reassure institutions holding its paper, Continental began to pay higher rates on its CDs.
chapter: 33. Traders