Could Lehman Brothers Happen Again?

It is a day few investors will ever forger—the collapse of Lehman Brothers two years ago.

Despite a slew of new financial regulations, one question continues to haunt investors: could Lehman happen again?

Yes, said one seasoned veteran of the financial world on Wednesday's "Fast Money." Pete Dawkins headed a business unit at Lehman Brothers in the 1980s, is a former vice chairman of Citigroup's global wealth management and a senior partner with Flintlock Capital Management.

Dawkins said many lessons were learned as a result of Lehman Brothers, like the "perils of leverage," that regulators "have to have teeth" and "how crucially important a keen awareness of risk is." The most important lesson, he said, is the importance of leadership. Financial institutions continue to grow and managing them is increasingly difficult. He thinks strong leadership is of the utmost importance.

Watch the video to see the full conversation with Dawkins.

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Trader disclosure: On Sept. 15th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman’s firm owns (IBM); Finerman’s firm owns (ORCL); Finerman’s firm owns (HPQ); Finerman’s firm owns (JPM); Finerman’s firm owns (BAC); Finerman’s firm owns (BBY); Finerman’s firm owns (GLW); Seymour owns (AAPL); Seymour owns (MSFT); Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (DO), (EOG), (FCX), (FTO), (XBI), (GS), (HES), (IBM), (JOYG), (NBR), (NOV), (OXY), (ORCL), (PEP), (POT), (RSH), (GLD), (SLB), (SWN), (SU), (SPLS), (RIG), (UPL); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (ARST) calls; Jon Najarian owns (CSCO) call spreads; Jon Najarian owns (RHT) call spreads

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