“We had the Continental Illinois Reassurance Brigade and we fanned ...
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
“We had the Continental Illinois Reassurance Brigade and we fanned out all around the world,” said David Taylor, Continental’s chairman in 1984.11 The bank never fully recuperated from Penn Square, which led to the first global electronic bank run in May 1984. It began with a fugitive rumor floating around Tokyo that an American investment bank was shopping Continental to possible buyers. This triggered the sale of up to $1 billion in Continental CDs in the Far East, spilling over into panicky European selling the next day.
chapter: 33. Traders