On November 20, 1985, the Bank of New York Needed

Multiple Choice

On November 20, 1985, the Bank of New York needed to use the lender of last resort function due to:

A) A run on the bank started by a rumor that the president of the bank embezzled tens of millions of dollars from the bank
B) A computer error caused the bank's records to wipe out the balances of all of its customers
C) A rumor that the bank was about to be taken over by FDIC due to insolvency
D) A computer error that made it impossible for the bank to keep track of its Treasury bond trades