Former vice president of Lehman Brothers: Russia will counter the threat of a banking crisis
WASHINGTON, March 22 – RIA Novosti. Lawrence McDonald, former vice president of finance firm Lehman Brothers, told RIA Novosti that Russia will be resilient to the threat of a banking crisis.
When asked if Russia would be resilient to a banking crisis, he said “Probably yes.”
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McDonald, who worked at Lehman Brothers during the 2008 financial crisis and was responsible for debt management and convertibles business, said Russia is a country with “solid assets”, including gold and silver, which will appreciate in value during the crisis.
The expert also added that oil will not provide assistance to the Russian Federation in this regard.
The bankruptcy of the American investment bank Lehman Brothers in 2008 is considered the starting point of the global financial crisis.
On March 10, regulators in the state of California closed Silicon Valley Bank, one of the twenty largest commercial banks in the United States. This was the largest bank failure in the United States since the 2008 financial crisis. All insured deposits were transferred from the SVB to a separate entity – the National Bank of Santa Clara Deposit Insurance. In addition, authorities have closed the major New York Signature Bank due to systemic risks, and it was announced that the crypto-focused bank Silvergate will also be closed.
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I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.
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