Henry Kaufman, one of the first economists to earn the now overused sobriquet “Dr. Doom” because of his generally bearish views on interest rates during the 1970s and '80s, is now warning that the conglomeratization of financial institutions, the continued securitization of non-marketable assets and the extreme leveraging which led to the most recent crash leave the global financial system vulnerable to new and potentially more devastating crises.

Kaufman had an inside view of the last economic crash while serving as chairman of the finance and risk committee of the board of directors of Lehman Brothers when the venerable investment banking firm collapsed in 2008.

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