The Federal Deposit Insurance Corporation seizes Continental Illinois Bank.  With 41,000,000,000 “dollars” in assets, the nation’s seventh-largest (commercial bank which became insolvent during a “bank run” (that is depositors pulling out their savings for fear of a cash shortage, after having lost over 1,000,000,000 “dollars” on margin loans for oil investments in oklahoma and the republic of texas.

       [restored 12/5/2022] Thanks to Freedom’s Phoenix for this entry.