10 years after Lehman Brothers failed, risk has migrated. In 2008, the six largest banks had $9 trillion in assets; the four largest asset managers, $5 trillion. Today, the same banks have $10 trillion, but the same four lightly regulated asset manager behemoths have $16.5 trillion. Similarly, at its 2009 nadir, non-banks originated 9% of home mortgages, now those less-regulated entities originate 52%. Banks are stronger, is the financial system?