Gartman: Goldman, Morgan Stanley Will Survive

Investors will wake up to see their portfolios shrunk compared to close of trading on Friday and there will be some panic selling in the U.S. market Monday morning, but the Lehman collapse is unlikely to bring any more investment bank bankruptcies, Dennis Gartman, founder of the Gartman Letter, told CNBC.

"You're waking up to a materially smaller net worth than you had Friday afternoon, there's going to be margin clerk panic liquidation in the first hour or two of the stock markets here in the U.S. as we can see clearly it's happening in Europe," Gartman told "Worldwide Exchange."

In brokerages, margin clerks total customer accounts and compute the difference between the purchase price of stock and their present market value. They also compute and record fluctuations and report the need of additional collateral to secure loans.

Asked about the future for Morgan Stanley and Goldman Sachs , Gartman said "I think their names will not disappear, I think they will be viable businesses."

"We really haven't seen anything like this since 9/11, have we, nor have we seen anything like this since the Russian crisis nearly a decade ago," Gartman said. "The question really will be will we all sit back, take a deep breath, believe that daddy is here with the liquidity injections being sponsored by both Fed and treasury."

Many promoters of the concept of markets free of government intervention have criticized the emergency measures taken by the Federal Reserve to inject liquidity in the markets, notably the decision to accept shares as collateral for emergency loans, but Gartman said they were justified.

"There are times when pragmatism has to trump philosophy, and this is one of those times," he said. "I would bet in two weeks we'll look back and say that this was good decision by the Fed and Treasury."

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