The market is on the verge of a Lehman-style event as the financial world thrashes in the wake of global banking turmoil, veteran trader Art Cashin says

• The market may be nearing its Lehman moment yet again, Art Cashin told CNBC.
• The Wall Street vet said certain investors could use the banking crisis for their own financial gain.
• Cashin blamed the Fed's monetary tightening for the fall of a slew of specialist banks. 

Art Cashin, the director of floor operations at UBS, said the market is nearing a Lehman-esque event as a global banking crisis unfolds.

The Wall Street trading veteran said investors could bet against major financial institutions after the failure of Silicon Valley Bank, warning of an event comparable to the downfall of Lehman Brothers, which triggered the great financial crisis in 2008.