Almost Collapsed (1987)
Radio announcer John Laws, almost caused a run on St George Building Society in 1987 when he told his listeners a big building society “is going to go bust”.
St George kept its doors open and paid out every withdrawal. Then NSW premier Neville Wran later stood outside a branch and said he could personally guarantee the society’s financial security.
Read more about this topic: St.George Bank
Famous quotes containing the word collapsed:
“William James once said: “Progress is a terrible thing.” It is more than that: it is also a highly ambiguous notion. For who knows but that a little further on the way a bridge may not have collapsed or a crevice split the earth?”
—Johan Huizinga (1872–1945)