Patricia McCoy

One of those banks was Continental Illinois, which happened to be the largest client of my law firm.

One of those banks was Continental Illinois, which happened to be the largest client of my law firm.

All of us new baby associates at the law firm were wondering, would we hang on to our jobs?

All of us new baby associates at the law firm were wondering, would we hang on to our jobs?

Because the firm was in danger of losing its biggest client.

Because the firm was in danger of losing its biggest client.

These companies, some of them have borrowed financing.

These companies, some of them have borrowed financing.

They've taken out loans.

They've taken out loans.

They've borrowed money through the bond markets.

They've borrowed money through the bond markets.

The payoff, A, is uncertain, and B, for some of these companies, it's readily becoming apparent that the payoff will be pretty far down the line.

The payoff, A, is uncertain, and B, for some of these companies, it's readily becoming apparent that the payoff will be pretty far down the line.

The question is, will they be able to honor those debts or will they default on them?

The question is, will they be able to honor those debts or will they default on them?

That could trigger the failure of at least one large financial firm to whom it owes money.

That could trigger the failure of at least one large financial firm to whom it owes money.

And then the financial firm's failure could

And then the financial firm's failure could