A run on the bank led the Federal Deposit Insurance Corporation (FDIC) to seize it in 1984, and it remained the largest bank failure in US history until Washington Mutual collapsed in 2008.
Now Continental Illinois is the subject of a May 15 conference in Chicago organized by the George J. Stigler Center at the University of Chicago Booth School of Business. Academics, regulators, and business leaders will gather to discuss the failure, bailout, and aftermath of the original "too big to fail" bank as it relates to the ongoing policy debate.
There will be two keynote speeches, from Jerry Corrigan, former president of the Minneapolis and New York Feds, and Gary Stern, former president of the Minneapolis Fed and coauthor of Too Big to Fail: The Hazards of Bank Bailouts. Other panelists include Deniz Anginer, John Dugan, George Kaufman, Bryan Kelly, Randall Kroszner, Jack Murphy, Roberta Romano, Paul Saltzman, Philip Strahan, and Donald Toumey.
See the day's agenda, register for the event, and learn more about the Stigler Center.
Plus, watch the Capital Ideas original documentary, Are we prepared for the next financial crisis?. Chicago Booth faculty discuss what progress has been made since the 2008 financial crisis and offer four big ideas to fix the global financial system.