Bank Run
On October 27, 2008, Gulf Bank of Kuwait suffered a bank run as losses mounted from clients defaulting on bad debt related to currency derivatives. Kuwait’s central bank will guarantee deposits at Gulf Bank, but losses on the debt may exceed 375 million dinars.
Read more about this topic: Gulf Bank Of Kuwait
Famous quotes containing the words bank and/or run:
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)
“I don’t know if everybody is ready to hear a woman tell them so-and-so is going to run off left tackle. But you know what? They’re going to hear it.”
—Lesley Visser, U.S. sports reporter and announcer. As quoted in Sports Illustrated, p. 85 (June 17, 1991)