From the dissertation, Chapter 8, “The Pathologies of Regulatory Inaction: Institutional Dimensions”

When you don’t have a buyer who can borrow, you don’t have a price.

Testimony of John Lytle, former vice-president, Continental Illinois Bank, in l982 U.S. House of Representatives inquiry into the collapse of Penn Square Bank (Committee on Banking, Finance and Urban Affairs, House of Representatives, l982: 36).

Prior to Continental Illinois itself collapsing in 1984, and John Lytle pleading guilty to bank fraud in 1988.


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