Erin Callan

Many of you got your panties in a twist yesterday over that fact that Lehman Brothers CFO Erin Callan “stands out” by wearing designer clothes, has a personal shopper and just generally doesn’t look like a slob when she comes into the office, because it means she’s not “focused.” (If she wore unattractive pantsuits and had cookie crumbs running down her shirt, the climate at LEH would be markedly different than it is today. It’d practically be Goldman!* Erin says she wants everyone to stop comparing the Brothers to Bear, but at least sartorially speaking, they’re looking pretty similar, considering that on the days he made it into the office, Jimmy Cayne was known to wear micro-minis, pearl thongs, and stilettos that could take an eye out, which BSC chronicler Charlie Gasparino believes was a major factor in the firm’s demise.)
But apparently, Callan’s focus on fashion isn’t so much a “chick thing,” or a sign that she doesn’t have what it takes to hack it than it is a requirement of the job, lest she be taken to task by clotheshorse Dick Fuld who, on the DL, is placing calls ’round the clock in the hopes of landing a guest spot on the next season of Project Runway.
*Kidding, of course, though it’s pretty well-known that the secret to GS’s success = shlubbs.

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  • 09 Jun 2008 at 1:07 PM
  • Lehman

Were You Impressed With Erin Callan?

Lehman Brothers chief financial officer Erin Callan this morning faced what was perhaps the biggest challenge of her career: explaining Lehman’s losses and need to raise capital to the markets. She began by lowering expectations–saying the Q&A on this morning’s conference call would be limited because this was a preliminary announcement and more granular numbers were still being worked out–and wound up answering many questions in great details.
She’s getting mixed reactions. Many are impressed by her confidence and competence with talking about Lehman’s large asset sell-off and deleveraging. Others, however, aren’t sure that Lehman really has a enough of a grip of the risks faced by its portfolio. So we decided to ask the experts, you.
After the jump, our poll on Callan’s Monday morning performance.

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  • 09 Jun 2008 at 10:08 AM

Live Blogging The LEH Conference Call

-Per usual, I’m late. Erin is being introduced. She sounds slightly intimidating, like if this thing were being held in an auditorium and I was walking in late while she was speaking I’d be scared. On the subway this morning, I saw a guy who looked like a cross between the Austrian crazy who had his daughter locked in a basement for like 24 years and Nick Nolte. I think I’m going to start living beyond my means and taking cabs every day. That or I’ll afford it through a cost cutting initiative wherein I stop paying into my 401k, since I think (know) I actually lost money on that p.o.s. this year.
– Apparently the Q&A will be “more limited than usual.” Dick Fuld will not be answering questions about his relationship with Angelina Jolie. So don’t even ask.
-Erin C: “Want to caveat: the info I’m talking about is preliminary; still subject to refinement and change
– Estimated netloss: $2.8 billion
– Book value slightly over $34/share
– It sort of just sounds like she’s reading off the press release but I haven’t read it so maybe not. Carnoi?
– Finally, the pink pot smoking elephant in the room is mentioned: BSC. I wonder if J. Cay is listening in on the call.
– Archstone
– The failure of Lehman’s hedge funds was an “abberation.”
– LEH employs a hedging strategy of “confidence.” When I open my hedge fund, Human Capital (or Ransom Capital, where we raise money by kidnapping/blackmailing hf managers), I might use this.

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  • 19 May 2008 at 4:36 PM
  • CFOs

Erin Callan: CFO As Media Celebrity

Erin Callan Is Smart And Beautiful.jpgThe Wall Street Journal ran a profile over the weekend of Erin Callan, the 42-year old chief financial officer of Lehman Brothers, just in time for the six months semi-versary of her promotion to the c-suite. Many on Wall Street were skeptical of Callan stepping into the role. She started out with several strikes against her: she started her career as a lawyer, she has very little formal hardcore financial accounting experience and her frequent appearances on television had led many to suspect she was more of an extremely well-paid spokesperson than a hands-on executive. Oh, and there’s this whole women-on-Wall Street thing too.
More after the jump.

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