Word: panics
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Dates: during 1980-1989
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Suddenly two men on a motorcycle appeared behind the car, and the man on the back of the bike fired a pistol through the Volga's rear window. The panic- stricken chauffeur jammed on the brakes, allowing the gunman to pump more bullets through a side window of the car. Khitrichenko was hit four times--in the head, chest, neck and wrist; less than an hour later he was pronounced dead at Lohia Hospital. His wife and the driver sustained minor injuries from flying glass...
...savings and loan associations that dot southern Ohio seldom stir up any & excitement in the banking community, much less a panic. Yet for a few tense days last week, a crisis involving Ohio's thrift institutions sent tremors of anxiety through the financial world. Governor Richard Celeste's emergency shutdown of 69 privately insured thrifts, which were threatened by customer runs, was the most widespread closure in the financial industry since President Roosevelt declared a one-week national bank holiday in 1933. Ohio's closed-door policy was originally intended to last for only three days. It dragged on through...
While the immediate danger of a wider panic now seems averted, the questions have just begun to be asked about what caused the Ohio panic and what should be done to halt future outbreaks at an earlier stage. The episode is the latest in a string of U.S. banking calamities that include a surge in shaky farm loans, management scandals and the $4.5 billion federal bailout last July of Continental Illinois...
...Lauderdale firm, E.S.M. Government Securities, a dealer in U.S. Treasury bills and bonds. When customers of Cincinnati's Home State Savings heard that their bank stood to lose a whopping $150 million as an E.S.M. investor, they began withdrawing money so fast that banking regulators closed the institution. The panic then spread, because Home State's failure threatened to exhaust a private insurance fund of $130 million that covers deposits at 70 of Ohio's nearly 300 thrifts. Crowds of up to 1,000 people, some equipped with lawn chairs and portable TV sets, camped overnight in front...
...generally won high marks for his decisive and tireless handling of the crisis, some critics think that freezing the thrifts was the wrong move. "Ohio overreacted, turning a regional problem into a worldwide scare," says Leonard Santow, a Wall Street consultant. Many experts believe Celeste could have halted the panic by bailing out the thrifts immediately with cash borrowed from the Federal Reserve...