Sternlicht: Banking crisis is only one-third complete

06/3/2008 | Bloomberg

Barry Sternlicht, founder and chief executive officer of Starwood Capital Group LLC, said the global banking crisis is only about one-third complete. Banks are trying to understand their balance sheets and the damage initiated by the subprime mortgage market meltdown, meaning more recovery time will be needed. "American banks are sort of apologizing. They don't even know what their own lending capacity is," Sternlicht said Monday at a hospitality industry conference in New York

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