Italy - Ambrosetti Forum : Dr. Doom Sees More than 400 U.S. Banks Failing

Nouriel Roubini, also known as Dr. Doom, told CNBC Friday that more than 400 U.S. banks will fail.

Speaking to CNBC on the shores of Lake Como, Italy at the Ambrosetti Forum economics conference, Roubini said that "The biggest banks have been backstopped, but 800-plus small- and medium-sized banks in the US remain on the critical list and half of those will go bust."

According to a Reuters report, "Roubini said corporate and consumer debt problems will get worse and that there are more problems ahead in the commercial and residential property market."

For more: Dr. Doom Sees More than 400 U.S. Banks Failing | Benzinga.com