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Bankers all claim to be shocked by investors’ inability to see just how much more robust the financial system is now than in the run-up to the Lehman bankruptcy when banks were over-leveraged and had used an excess of cheap short-term wholesale funding to fill their balance sheets chock-full of rotten mortgage-related assets that did not deserve the high credit ratings they had been assigned. That was then, bankers say, this is now and it is not a second Lehman moment.
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