Wolfensohn: ‘We’re Not through the Woods Yet’

Wednesday, April 30, 2008 2:44 p.m. EDT

Financial luminaries, including Goldman Sachs CEO Lloyd Blankfein and fund gurus Mark Mobius and Bill Miller, say the worst of the financial market woes are behind us.
Former World Bank President James Wolfensohn disagrees.

Wolfensohn, now an advisor to Citigroup, told Bloomberg he’s pessimistic on the outlook for financial markets.

He believes that global bank losses from the credit market crisis could reach $1 trillion.

"I’m more pessimistic than optimistic,â€