Economics
Banks Seen at Risk Five Years After Lehman Collapse
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Ruth Porat didn’t see it coming.
The Morgan Stanley banker who advised the U.S. Treasury Department on its rescue of Fannie Mae and Freddie Mac in September 2008 and thought she understood the risks to the financial system had just spent a weekend trying to save Lehman Brothers Holdings Inc. when she got a message: Would she come back to deal with American International Group Inc.?