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

question 3

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

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Definitions:

Ethical Principle

A fundamental guideline or rule that is followed to ensure fairness, integrity, and respect in practices or research, often within a professional context.

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An individual's belief in their ability to succeed in specific situations or accomplish a task.

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