Lloyd Blankfein, the Goldman Sachs CEO between 2006 and 2018, has said he’s developed a sense of foreboding around economic crises.

In an interview on CNBC’s Squawk Box on Thursday, he listed some potential risks lurking in financial markets.

“I look at credit spreads being so narrow, so much money going to private credit, people trying to goose their returns a little bit by leveraging up in kind of odd ways at the portfolio level,” Blankfein said.

He added that plenty of assets are being placed in insurers as a way for those companies to generate higher yields on long-term liabilities. However, he said if he were an insurance regulator, he might begin to question the true value of those assets.

“There’s a lot of 1% risk, but it’s not a 1% risk that something bad will happen,” he c

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