CNBC’s Charlie Gasparino reports that Lehman Brothers has fired CFO Erin Callan* and COO Joseph Gregory. Ian Lowitt will take over as CFO and Bart McDade will be named president and COO. Gasparino said Fuld felt the reorganization was necessary because the dropping stock indicated the market had lost confidence in his team. We’re not buying that the ugly green suit didn’t factor into Fuld’s decision.
*Supposedly she’ll “rejoin” the investment banking unit. That won’t be weird or anything.
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Take those fashionable outfits somewhere else, Erin.
that was quick. everyone though they would scapegoat her in the fall. maybe she can work at the tanning salon now.
Joe Gregory – VERY Rich and not giving a F&@%…
Erin Callan – The perfect patsy…OUCH!
Dick Fuld you betta hwerk B!T$H
I am surprised at how quickly they sacked her. I betcha it has to do with all the money they are raising — something’s fishy there.
nail in the coffin. it’s not like she built up the sub-prime positions! this is just putting lipstick on the pig to sell it off to market!
Another female Wall St exec bites the dust.
Another high profile wall street woman bites the dust – first Zoe Cruz – now Callan.
Hatchet Man’s comment the other day probably nailed the conversation between Fuld and Callan, verbatim.
Buh Bye Callan…now you will have all the time you need to pose for your glamour shots…maybe you can make some $$ posing for playboy.
Buh Bye Gregory….job well done…almost as good as Bear!!
All I can say is Buh Bye Lehman. Maybe someone will bis $5 bucks in a take under soon.
The firm has no credibility regardless of whether Callan and Gregory are in charge. More prime NY real estate up for sublet!
no 9:10, first sallie
BX should buy the firm
@ 9:07
All the lipstick at Loreal couldn’t save this pig!!
BX is a p.o.s.
BLK should buy it.
@9:11–given the history between Fuld/Glucksman and Schwarzman/Peterson, that would be ironic indeed.
callan too well dressed, gregory dressed like a shlub, damn theres just no pleasing dick these days
Where are all the wall street pretty boys going to work now that Bear is cooked and lehman is imploding????
did anyone else catch that CNBC said she had outright lied on CNBC about the company receiving a bid ?
But wait…it gets better…Erin Callan will rejoin the IB unit. Smoke and mirrors baby…smoke and mirrors.
Bear pretty boys? ummmmm when did it get THAT reputation?
How many of the clients that bought the offering at 28 the other day are going to DK the trade now that the stock is at 21 and change and it is clearthat Callan lied????
This deal should be revoked!
She will be the local ho.
@9:17 – i’m suprised she didn’t get the boot outright.
@9:17 Is there a link to the clip?
@9.20–it sure looks like a material adverse event………good night LEH and all who work there….hahahahaha
Bear has always had pretty boys…all dressed up in their suits while the rest of the street is casual…Lehman had the ones that thought they were blue bloods…lol
Wonder what was she wearing today.
Usually when a that hot woman sucks that much she gets a sweaty $50 on a cheap motel night stand.
They couldn’t give her the outright boot…she would sue for sexual harassment somehow….the SEC should give her the outright boot right out of the business though for LYING!!!
… cue the angry women complaining that erin was sacked for being a woman, and that you guys are all enjoying this way too much. you sexist pigdogs.
I guess she WONT be on the Q2 call this Monday.
I can hear the screams from the Bergdorf personal shoppers from my 23rd floor office.
9:00 am post from BL.
Should be a great day!
thank you bess i’d say you’ve done your work for the day, carney should give you the rest of the morning off
@ 9:26 yes you can hear the gasps and screams from personal shoppers all along 5th avenue this morning, they just saw their commissions dry up!!
Deck chairs, meet Titanic
which of Lehman’s counterparties will pull the plug on them first??
@9:31
no counterparty would leave because Erin is gone. nobody thought of her as holding up the firm. go back to your cube, intern
mother effers, I can’t believe I sold the LEH June $25 puts two days ago!!
Yes 9:30AM
Think the Titanic.
Something must be wrong with Lehman’s books for Fuld to fire Callan and Gregory so soon after the equity raising and the announcement of the proforma Q2 losses. Maybe situation has deteriorated since.
Now I feel sorry for those took part in the equity raising last week. Damn fools!
I told you so.
I’d still hit it
None of you people should be surprised at Erin’s “early” departure. I told you late last week that it was imminent. I even wrote part of the script for the dialogue between Fuld and Erin. I told you that I’d “witnessed that line of questioning” in the past.
My very recent visit to Erin was brief. Very brief, very swift. Then Charlie G. was told.
The Hatchet Man
hatchet man you are definitely one of the less interesting characters around here
once again, terrible p.r. play by them. her fault for starting the media cat fight with einhorn, but this all could have been corrected by telling her to get knocked up and making it out to be a maternity leave thing. there’d be a lot of sympathy and flowers coming, not a stock sell off.
@9:31
“Dude”…If you haven’t noticed Lehman has been in a shambles for quite some time now. They have been tetering on the brink of disaster for a year. Erin was brought for no other reason than they needed a pretty face to put on this mess. She just intensified the problems by lying and now there was a financing done at 28 a few days ago based on LIES!! Doesn’t take a genius to figure out the firm will be in for some major money issues very soon if not already. Therefore it is safe to assume counterparties will get nervous and oull the plug on them just as they did with Bear. Hedge Funds who do not have confidenece in LEH will stop doing business with them as they have their investors interests to protect. Wake up and read the writing on the wall…LE is cooked.
I guess you are a low level cubicle dweller at Lehman who got an ego boost this summer cause you have a pimply faced intern helping you file this summer.
If i were you i’d start packing me prettu green and tan Lehman tote now!
@9:41 i dunno she’s got nice legs but i’m not sure the rest of her body would match up. i envisions lots of wrinkles and age spots.
dude she is still smoking and is now all vulnerable
erin,
if youre listening im planning to pull a bank heist and an israel very soon adn will need a cfo/ball washer for those hot summerst in mustique. please contact bess for contact info
love,
ham05
@9:50AM
Doesn’t Erin Callan look like ‘Magda’ in the movie ‘Something about Mary’?
Magda was solarium-tanned old bird that lived with Cameron Diaz in the movie.
Erin Callan and David Einhorn are obviously the same person, it just took Fuld a while to figure it out….
http://www.youtube.com/watch?v=knYBw2aRTtk
Let’s get the Credit Crisis over with.
Last August it was said that two big Wall St Investment houses had to fall before this debacle could end.
Bear, and now Lehman. Let’s not prolong LEH. Sooner is preferred over later.
My only question is what will the Fed do? Maybe nothing.
Laugh at my comment, and ridicule me personally, but I’m glad to see this development.
The Guy from Delaware
@ 9:57
Finally a voice of reason. Can’t we all just let Lehman go already.
Why prolong their demise here.
Let her take out all her stress, just sit back and ride ‘em cowgirl
HAM05 what are you like 23? You are in your early 20s and living in NYC and working in finance if old ladies like Erin Callan are turning your head something is seriously wrong.
Assuming Lehman goes down.
Will they go for a Fed-supervised sale or liquidation? Many Bear Stearns staff thought at the time that more value would have been realised if Bear was liquidated instead of sold to JPM for a pittance.
She was total nonsense.
That “intro” on the last earnings call was a joke…did she last 12 mos in the job?
I remember in ’96 when she was a glorified Sr. Assoc. in “Fixed Income Solutions” which reported to FIG.
She would blabber in the monday morning meetings about 5yr non-call 10, Perp Trust Pref’s or whatever and we would all turn to ourselves and say who is this bimbo….?
She played the short skirt and bad cream Lord & Taylor shoes card as far as it would go…
ps, CFOs need some financial training, not some bs “soultions” pitching spin nonsense.
When the NYT does its Sunday story on a female exec its the beginning of the end.
Hope she doesnt come back to FIG.
My $300K of LEH is finally going up!
They will go for liquidation…just to say they did not go down like Bear.
The question is who would want them? There is not much worth buying there.
“Many Bear Stearns staff thought at the time that more value would have been realised if Bear was liquidated”
goes to show how little those staff understand how a bankruptcy would work, i doubt even subordinate debtholders would have got more than a nickel
Clearly LEH is up for sale here. They cannot survive on their own.
Who would be a buyer though?? If anything this will be a take under. Seems like $10 is the magic number these days.
The posters who keep typing “LIES” all caps in various spelling permutations are starting to sound like OSTK shareholders.
Has Lehman blocked employees from accessing the DealBreaker website yet?
@ 10:10
If you are referring to “LEH” that is Lehmans stock symbol numb nuts. But perhaps when they hit the pink sheets they can change their symbol to “LIES” it does seem more fitting…LOLOLOLOLOL
Guest@10:00am…
I like the older ladies myself. Everyone knows that.
Problem with Erin is that she’s barely old enough and that she fits my definition of a “skank”. I’ve written about her before, and I’ll take a pass.
I guess Mr. Fuld didn’t care for her style either.
HAM05…If you like it, make yourself known to Erin. Who knows? You might get lucky and get some good experience in the process. You youngsters need to tap into some of that older stuff. You don’t know what you’re missing. I found that out long ago.
The Guy from Delaware
@10:13 maybe you are lost this is a financial website not an AOL teens chat room
@10:13
Thanks for the heads up…you can go back to cruising the AOL teen chat room for a BJ now.
Sucks being a pedifile doesn’t it??? (no pun intended)
wonder how many unique ip’s the above comments came from, I’m guessing about 5
its gotta be more than that. i personally posted 8 of them but i have fuck all to do today so dealbreaker is my main activity.
The legs of Lehman is out.
Too depressed to go on…
LEH Employee Here… Not really worried about failure, the capital raises have given the company plenty of liquidity. I could definitely see Fuld sell the company a year from now though. At the end of the day, most of the client businesses at LEH are still generating money, but there is too much RE stuff on the balance sheet. Bear had one or two good businesses and a lot of marginal businesses, LEH has one bad business (RE) but a lot of other good businesses. Firm will survive
@ 10:26
Has it occured to you guys at LEH that the capital raise was based on lies???
This will lead to bigger problems in the future.
she should have used the phrases, “who is this? stop being such a jerk” a bit more liberally in the monday call. it would have saved her
Where are all my foot fetish friends today? You know there are some hot feet without socks in and out of loafers today! Where are the barefooted dudes, Lehman? Bear??
10:26:
Hey Kool Aid!!!!
get out of lehman while you still can.
Have a Bear day.
OK, cut the bullshit
You all would love to pound her pussy.
She is 42, thin, blonde, pixie-cute and has $.
That beats 85% of the 50% obsese, dumb, poor, ugly women in the USA
WTF this is like the yahoo finance message boards today, che ridic!
10:26, have you read the policy regarding postings on public bulletin boards?
You are first NOT supposed to identify yourself as being from the firm. And then, you are not supposed to hand out information which may be considered to be insider information.
Clearly landing that internship has gotten to your head. I would have suggested that you look up the intranet for the policy buy nah, bigmouths like you are better let go of.
-Erin C: “Want to caveat: the info I’m talking about is preliminary; still subject to refinement and change”
sounds like the kick off to a sorority pledge drive review…not a multi billion Wall St. CFO
The New Bimbo Summit:
Meredith Whitney, an analyst at Oppenheimer & Co., is impressed with Ms. Callan’s performance so far.
“She is going out on a limb to provide more transparency in Lehman’s earnings, business and strategy,” Ms. Whitney says. “As long as things play out according to her guidance, she will solidify her reputation among investors.”
takes one to know one
Guest@19:45am…
Go pound it man. You youngsters should experience some of that. You absolutely will not be disappointed. She’s just not for me.
Your comment about those other women in the USA isn’t very becoming. Don’t repeat that in front of an older chick. You might get a pounding you don’t want.
The Guy from Delaware
@10:45
Have you seen the what age does to a woman’s rack? check milf hunter if you need visuals. Unless she has silicone.
If I want to fantasize about thin blonde pixie cute chicks I’m never gonna get to do, I’m going with a early 20 something. Also, you can easily find one that doesn’t like to talk about serious shit.
Pardon me. I meant Guest@10:45am.
The Guy from Delaware
Time can tear down a building, or destroy a woman’s face.
Hours are like diamonds, don’t let them waste.
pixie cute? have you ever met her or are you just looking at her wsj picture?
Lehmen employees, keep drinking the company kool-aid and telling yourself it will be fine. After all, when have massive writedowns ever crippled a bank?
Lehmen is definitely hitting up the Fed for money. Watch for them to have big problems in September when it closes. BIG problems.
okay can we please lay off the term “kool-aid” already you all sound like management consultants c. 1995
TGFD – you’re slowly going the way of slimjim. stfu.
ditto big r
So tell me guys – who doesn’t have problems on their book? GS? MER? It’s just the nature of the beast. Grow up!
MER? you are smoking rat poison?
big r & Anal_yst…
What’s up with you two clowns? Why all the vitriol? Having a bad day, are we?
BTW, big r…Slimjim? Snack Food? Something Else? What’s your point?
The Guy from Delaware
Del, slimjim had the distinction of being the most reviled poster in the history of Dealbreaker
What’s with the absolute relish that posters have h for seeing a firm go under? It’s a fucking mob here who need to be entertained by turmoil and strife, and a business death spiral.
Stick to jerking off.
Guest@12:34pm…
Thank you. If I might ask, what happend to slimjim?
The Guy from Delaware
@ TGFD
Just sayin stoking the fire with other posters you’re likely to shoot yourself in the foot brosef
@ 12:42
Its everyone from Yahoo! Finance msg boards (and 2 disgruntled former employees i’d imagine)
@ TGFD. he stopped posting (at least under that name) and we all were grateful.
slimjim increased my ‘urban’ vocabulary at least 50x. I had never heard of ‘space-docking’ before, and once I started following the other links from there-on on urban dictionary, I was astounded. I thought I was into some stuff, guess not.
What the hell is going on? Callan’s out?
Obviously I’ve been spending too much time at the Shake Shack.
-mrp
we took him out back and space-docked him.
Me and slimjim went to MA and got married. I’ve kept him under close lock and key.. A.K.A. W H I P P E D :-)
Then I made sure he got a nice job at Lehman. Someone needs to pay for my personal shoppers.
-mrp
I usually care way less than I probably should about misogynism, but hot damn – the posts in here are outrageously disgusting today.
It’d be interesting if DB required users to sign up in order to comment, just a thought…
Really doesnt seem any worse than some of the stuff I have heard out of Sex and the City
Mr P,
Its good to see your back…
my bank shorts have started to pay divie’s… I hate learning patience…
What kind of trouble are you up to lately?
~SEG
what’s misogynist about saying the chick had nice legs that you would like to pound her muff?
what’s misogynist about saying the chick has nice legs that you would like to pound her muff?
Anal_yst, big r, & Guest@12:56…
Thank for the slimjim history.
I can’t change who I am though. I never posted anywhere before db, and I stumbled upon db back during the Bear meltdown in March.
I have tried to keep my comments in line with those of a particular thread, and often threads turn into sex/women/wealth/antics discussions. I don’t turn them, but I chime in and get blasted. Comments I think are fairly benign get hammered vituperatively. Others make much more vile postings, and nothing happens.
I never have worked in the investment business, but I do have investments that depend upon what happens on Wall St.
I also like db. I think it’s a great site. I’ve learned much from the many thoughtful and knowledgeable postings I see here. Anal_yst in particular is quite impressive.(I do enjoy calling you ‘clown’ though).
No one wants to intrude where one’s presence is actually painful to others. I’m no exception.
If my postings are really so offensive to and reviled by the db community, I imagine I should stop. Is that really the situation? If I sense that it truly is, then I’ll cease. I won’t post anonymously either. I’ll probably just give up on db altogether.
The Guy from Delaware
yeahhhhh…the idiot from delaware is going back to tipping cows
@ TGFD
its not the offensive part. its the constant reminder of how much you appreciate older women. we get it, you had a mrs robinson experience as young man. fucking sweet.
Well, TGFD, I’ve been busy burning the phones up, harassing the folks outside Shake Shack..
And… I have some potential good job news in the brewing…. Unfortunately, It may be in Chi-town, but hey… Pay me the NY $$, and I’ll get a killer pad… (I started looking, I can get a 2br place with a lake view for $1200-1500/mo..
More later…
-mrp
Appreciate the shoutout (buddy), and agree with big r. I believe the phrase the kids use these days is tmi (too much info), and thats the issue I think is grinding some people’s gears
Golden girl is losing it. My guess is that she’s not getting any these days.
I’m not your buddy, guy!
They were just saying on CNBC that the bosses of firms don’t understand the risks their traders are taking. Sadly, way back in ’98 Lehman fired John Succo for saying the same thing:
“The trouble started when John Succo, trading manager at Lehman Brothers’ equity derivatives volatility desk, agreed to speak at an investment conference sponsored by Grant’s Interest Rate Observer.
After discussing the pricing of risk and the correlation between equity derivatives and the underlying stock market for a while, Succo was asked a question. “I don’t think my boss is here, so I’ll address that,” he responded. “I don’t think that the people running our firm, our equity floor, have any idea of the things that we actually do, of how we…(audience laughter) I’m serious…of how we hedge, the products that we’re involved with, the amount of risk we take or the lack of risk we actually take.”
He went on to describe a 26-year-old derivatives trader at a big bank who believed that his senior management’s understanding of the risks at the institution was “probably off by a factor of 10.” “And I think that’s probably pretty accurate. I think as I said before, management, if you’re making money, kind of leaves you alone until there is a crisis situation. And I don’t think that’s a way to run a firm.”
topset72
10:18
Yes, I met her every Monday mogning for 3 yrs, till I found better $
She is (was) “pixie cute” back in ’96-99
lots of jowls, small head, etc.
Dont sound shocked, comapred to the 50% of obese women or Tipper Gore (aka Merdith Whitney) or the avg pear shaped NYC ann-taylor/stepford coporate chix, she aint that bad
Compared to a hot Russian intern, yes shes not
To: Delawarienne
re: 50% obesity
I didnt know it also led to violence in women…
2:21,
10:18???
sorry 11:08,
hate that inverse-dyslexia, lots of CEOs have it though
apparently she has now quit LEH
apparently she has now quit LEH
its okay, i knew he meant me. 10 years is a LONG time for a lady of that age. TGFD is partly right about erin in that way.
anyone have any idea why this post is credited to Gasparino?? he did not break this story or anything. did he call bess personally to let her know?
3:03PM- tell us, what was the first news outlet to have this story?
@3:03 PM
CNBC staged it as if it were a scoop by the gasman. Bess ate it up?
ok then, 3:03/diablo- then who got the story first?
Guest@2:54pm…
Curious. Where was I partly right about Erin?
The Guy from Delaware
the “For someone who is only 42, Erin is remarkably poorly preserved. That leathery-looking, too much sun, heavily blemished skin for starters. She has the hands of a 60+ year-old woman” part.
RACEEEEEEEEEEE WAR. WHITE’S WIN. WHITE’S WIN AGAIN.
guest @3:09PM
OK, OK, CNBC broke the story. Was it leaked to the gasman? By whom?
if CNBC broke the story, then obviously it was leaked to gasparino. how else would he have gotten it? thin air? geniuses.
Hope she doesnt McMahon the $6.5 Million apt
http://www.observer.com/2008/15-cpw-alert-0
you know, taking another look at that picture of erin callan, to whatever girl was saying its not an upskirt but just taken from below to make her look powerful – it doesn’t look like it is from below at all. both photos are straight on, and she has her legs out in front of her in both, i.e. between her body and the camera, the emphasis is more obvious the second time i have looked.
Shit, if gas really did break this story he is going to come here and put me and my spin bike through the wall
Anal_yst, it’s nice to see you acting so gentlemanly towards TGFD/TOGFD. He is not deserving of your kindness.
Mr. Pink, good luck on landing the Chicago gig! The apartment sounds great!
TGFD/TOGFD, I don’t have the time to list the reasons I LOATHE your posts.
Here are just a few.
The Delaware boosterism is just unnecessary and annoying. Nobody cares.
Your remarks during the Bear collapse and buy-out were nasty and harsh, and betrayed a lack of understanding of what was at stake.
Your frequent hostile remarks about how little people on Wall Street do and how much they earn have been duly noted.
You frequently rage about older women who lack “dignity.” Don’t you think your clumsy attempts to engage in sexual camaraderie with guys in their 20s and 30s (when you are approaching 60) lacks a certain dignity?
Your remark that you “attract chicks of all ages” is patently absurd. Most women who post obviously can’t stand you. I doubt that it’s any different in person.
You can’t seem to stomach women of any age who have a certain amount of spirit.
Your sexual remininsces read like a cheap 50s romance novel.
I haven’t read a single post from you that has taught me anything or made me laugh.
You constantly name call and insult people. The names and the insults are always the same.
This puts aside all the identity issues that are so transparent and tiresome. You have struck this pose of asking for reassurance and suggesting that you could go away and never come back before. But you never do. Please make good on your threat!
@mrp – good work on the quick turn around on the chi-town job. hope the shake shack crowd is treating you well. lake view for $1,200 with a 2nd bedroom to boot, nice. but what about the night life? you better get a bulk package on ord-lga flights, gonna get lonely on the weekends.
@anal_yst – brosef? c’mon man. I can’t think of any posters on this site who are from the hood (not even me)…
RE: @6:30 – Alright sports fans, TOGFD is now offically out of here. I’m terribly sorry to have crashed your party and stunk up your beloved board. I should have known this wasn’t going to work when I tried to register and nothing happen….never got the return e-mail. Oh, well. Lessons learned. . But, wtf, it was a lot of fun while it lasted. Good luck. I really do not know what TGFD will do, as we are, honest to God, two seperate people, regardless of the mythology that has been adopted here. (Hint: He calls you “clowns; whereas I call you “asswipes.)
TOGFD has left the house.
Later.
I can’t see how anyone could wanna pipe Callan, I wouldn’t hit it with TGFD’s dick.
Is it me or does Gas P. always look real greasy? I might send Kernan an email to tell him to hand that guy a deep cleaning facial cleansing wipe… a paper towel or something..
But yeah, he broke the story… sounded out of breath while he was reading it too. Must’ve sprinted to the phone after that second year analyst at LEH tipped him off….
cauxion @ 8:33PM
All I know is that the gasman was in the West coast so it was before 6:00 AM over there when he got the call. He could have got the call from someone from CNBC who knew exactly how to reach him, or someone from LEH who is using the gasman as a tool. Make your bet.
Did Callan put on hedges that resulted in $ billion losses?
Callan is hot. I would drink her bath water.
Call me baby.
Black Banker
@cluzo oh do they say ‘brosef’ in the hood?
it seems unlikely but if you say so i’ll believe it
Do you guys work much? Sounds like a battery of croaking retail brokers with too much time on the left palm.
For all you pseudo-intellects, also known as air-heads, Gasparino is the only news hound CNBC can produce. He knows Wall Street and the shit that goes on and no, he doesn’t call Bess…he reports it on TV. Remember..Tattletale told you this a long time ago and right here.
I like how they put an African-American in to take over for Callan. JoBurg in the hizzy! Zimbabwe style economics here we come!
Androgyny@6:30PM, 06/12…
‘Androgyny’. I like that name for you. I define it as “one who bears both antlers and ovaries at the same time”. It is not a slam at you. I believe it is a complement to your skill at masking your gender. I think you’re a man, but I’m not sure. I ask that you adopt ‘Androgyny’ as your moniker. It suits you well. Total anonymity is what you’ve told me you prefer. You’ve ‘rattled my cage’ before; I recognize your style. I know also that you don’t like the word ‘moniker’; you’ve told me that too. Please don’t let that or your “LOATHING” for me prevent you from using ‘Androgyny’; you would be depriving yourself of a very fine name just for spite. Try it on for size. See what happens. You might like it.
Thank you also for “taking an inventory” of my many flaws and “character defects”. I’m sure there are quite a few others, but time wouldn’t permit you to list them.
The Guy from Delaware
Geez, Delaware just get lost please.
@1:11 = tool
@1:11=asswipe
@3:12,
Hey TOGFD, welcome back. Not everyone on db hates you and TGFD. Most of us know you’re two different people. “asswipe” gave you away.
Some posters on db do have some issues though. They need to chill out.
A Friend on DB
@3:12 Thanks!
T_G_F_(incognito)
Damm! I messed that up:
T_G_D – That’s what it should have been…..Sorry,fans!
@TOGFD,
Hey, a couple of douches are beating up on TGFD over on the Layoff Watch ’08 thread from 10:25 this morning. He might need a hand.
Friend (again)
Gregory gets out of Hofstra as avg. Takes 30 years to rise, no other formal ed…how does a COO get there as avg?
Paying $56M, how about a Harvard man with McKensie style leadership?
Oh well, he lingers on as a troll, and 1000′s will lose their jobs, and 10,000′s will lose money supporting these people.