In February 1990, it was rumoured that Pyramid, a privately owned building society, was in difficulties. Ministers in Cain's government accepted assurances from Pyramid directors that the society's position was sound, and passed these assurances on to the public. In fact, it was insolvent. When it failed, causing thousands of investors and depositors to lose their money, the government was blamed by investors and the media. This was followed shortly after by the collapse of Tricontinental Bank, which threatened to bankrupt the Victorian Government-owned State Bank, Victoria's largest financial institution. The bank eventually had to be sold to the Commonwealth Bank, which was shortly thereafter privatised by the federal government.