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.
______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to fastmoney@cnbc.com.
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
For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DLUEY)
Virtus Investment Partners own more than 1% of (DRYS)
For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own (RIMM)
Accounts managed by Kanundrum Capital own (ALK)
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital are short (OIH)
Accounts managed by Kanundrum Capital are short (IAI)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (BA)
For Tim Seymour
Seygem Asset Management owns (MSFT)
Seygem Asset Management is short (FCX)
Seygem Asset Management owns (BAC)
Seygem Asset Management owns (INTC)
For Patty Edwards
Edwards owns (PM) for clients
Edwards owns (KFT) for clients
Edwards owns (KMB) for clients
Edwards owns (TAL) for clients
Edwards owns (LEG) for clients
Edwards owns (WDFC) for clients
Edwards owns (JNK for clients
Edwards owns (LQD) for clients
Edwards owns (SPY) for clients
Edwards owns (VXX) for clients
Edwards owns (TIF) for clients
Edwards owns (JCG) for clients
Edwards owns (MSFT) for clients
Edwards owns (JPM) for clients
Edwards owns (C) for clients
Edwards owns (BAC) for clients
Edwards owns (HPQ) for clients
Edwards owns (CSCO) for clients
Edwards owns (INTC) for clients
Edwards owns (GLW) for clients
Edwards owns (V) for clients
Edwards owns (AEO) for clients
Edwards owns (SBUX) for client
For Lou Kerner
Wedbush Securities makes a market in (YHOO)
For Heather Bellini
ISI does and seeks to do business with (MSFT) and has received non-investment banking compensation in the past 12 months.
For Richard Bernstein
***No Disclosures***
For Pete Dawkins
***No Disclosures***
For Mike Khouw
***No Disclosures***
For Peter Boockvar
***No Disclosures***
For Carter Worth
***No Disclosures***
