ABC Evening News for Thursday, Jul 26, 1984
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(Studio) Largest bank rescue in history reported announced by federal government; Continental Bank of Illinois's predicament summarized.
REPORTER: Peter Jennings
(Chicago, Illinois) Federal Deposit Ins. Corporation (FDIC) rescue of Continental examined. [Bank chairperson David TAYLOR - notes role of uncertainties in bank's problems.] FDIC's bailout plan outlined on screen, explained. [FDIC (Federal Deposit Insurance Corporation) chairperson William ISAAC - claims FDIC (Federal Deposit Insurance Corporation) will sell its interest in bank as soon as institution is solvent.] Salaries given John Swearingen and William Ogden to director restructured Continental mentioned. [SWEARINGEN - notes government shareholders will not be involved in daily operation of bank.]
REPORTER: Ron Miller
(NYC) Fin. community's reaction to bailout package examined. [Smith Barney vice president Robert ALBERTSON, Merrill Lynch vice president James WOODEN - praise plan.] Role of major banks such as Continental in national banking industry explained, illustrated on screen. Treasury Secretary Don. Regan's opposition to bailout mentioned. [Senator Barry GOLDWATER - dislikes government rescue.] [Senator Howard BAKER - agrees.] FDIC defense of rescue plan considered.
REPORTER: Dan Cordtz
(Studio) Continental stock trading today reported
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