The market is on the verge of Lehman-style event amid banking turmoil

Art Cashin, the director of floor operations at UBS, said the market is nearing a Lehman-esque event as a global banking crisis unfolds.

In the span of a week, Silicon Valley Bank and Signature Bank were seized by regulators, while Silvergate announced it was winding down operations and liquidating positions. Cashin said the"game is afoot" as certain market participants may try to"agitate things as much as possible" for their own financial gain.

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