Banking Turmoil Sparks Fear of Lehman-Style Market Event

Art Cashin, the director of floor operations at UBS, warned that the market is nearing a Lehman moment as a global banking crisis unfolds. He blamed the Fed's monetary tightening for the fall of a slew of specialist banks. Cashin said investors could bet against major financial institutions after the failure of Silicon Valley Bank, warning of an event comparable to the downfall of Lehman Brothers, which triggered the great financial crisis in 2008. Panic has spread oversees to Credit Suisse, which saw its stock plunge 30% in a day after a top shareholder said it could not provide further financial support due to a regulatory limit.