Former Goldman Sachs CEO Lloyd Blankfein says the latest crisis not like 2008 as the banking system is in much better shape
Lloyd Blankfein, the former CEO of Goldman Sachs, says the global banking sector is in"much better shape" than it was in 2008, when a spate of bank failures sparked the worst financial crisis since the Great Depression.
Silicon Valley Bank collapsed after a run on the bank in which depositors panicked and withdrew over $40 billion in a single day. The episode was sparked by fears of a liquidity crunch at the bank after it reported a nearly $2 billion loss on a portfolio of bonds that had soured as interest rates soared over the last year.
"It's a lot different. In 2008, you had bad assets and people didn't know whether they were very valuable or valueless," he toldon Wednesday."And that was a very big issue [because] they turned out to be more valueless than valuable."
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