Tags: Dick Fuld, Erin Callan, Lawsuits, Lehman Brothers, nothing was fucked, Repo 105, that's just like your opinion man
Remember when Lehman went bankrupt? Good times. The thing about that was that pretty much right up until the minute Lehman filed, people like Dick Fuld and Erin Callan were going around saying things like “we stand extremely well capitalized to take advantage of these new opportunities” and “[w]e have maintained our strong liquidity and capital profiles even in this difficult environment.”
Knowing what happened next, some people thought that was kind of fucked up of them. And so a team of spoilsports including among other luminaries the Northern Ireland Local Government Officers’ Superannuation Committee sued Fuld, Callan, Joe Gregory, and a bunch of enablers like Ernst & Young (Lehman’s auditors) and UBS (who underwrote a lot of Lehman structured note offerings).
Today a federal court ruled on a motion to dismiss. It’s mostly bad news for Fuld, Callan & co., as the court let the lawsuit proceed on most of the important claims, including claims that Lehman misrepresented its net leverage using “Repo 105” transactions, lied about its “strong risk management culture with regard to the setting of risk limits” by repeatedly exceeding those limits, and misrepresented its credit-risk concentration in real estate.
But some bits of the ruling should make the ex-Lehman crowd happy: Read more »
Tags: "help", can't breathe I'm LOL'ing so hard, Dick Fuld, Lehman Brothers, threats
It could also be interpreted as the greatest veiled threat since Angelo Mozilo said Bank of America “will reap the benefits of what [Countrywide] has sowed.” Read more »
Tags: Dick Fuld, Erin Callan, Joe Gregory, Lehman Brothers, rebukes, SEC
Remember Lehman Brothers? Bank that went under in 2008? Had some maybe questionable business going on with its balance sheet? The SEC has been trying its darndest for a while now to prove the company and its senior staff, led by a guy named Dick, violated securities laws but in over two years have come up with nothing and are pretty tuckered out. The Commission knows some people will be pretty ticked off if no lawsuits are ever brought against Richard Fuld and his backup dancers, which is why they’ve come up with an alternative that they think is nearly as good. No civil actions but instead- tell them what you think of this- Lehman Brothers is publicly rebuked? That’ll send a message, eh? Read more »
Tags: assets, bank CEOs who coast by on their looks, easy rides, Jamie Dimon, JPMorgan, Lehman Brothers, looks, serious question of the day, what is 'bankerish hair'?
Serious question- has James Dimon, he of JPMorgan, come out looking better than some other Wall Street CEO’s because of a nice face, “fluffy white, unbankerish hair” and an ass you could bounce a quarter off of? Alternatively, has Dick Fuld become something of a villain not because of that business with Lehman Brothers’ balance sheet, per se, but because he’s got a mug that will haunt your dreams? Both are theories currently being floated. Read more »
Tags: Anthony Montella, Erin Callan, firefighters, Lehman alums, Lehman Brothers, spin class, The Hamptons
Last March, we got a glimpse into Erin Callan’s post-Lehman life. It included living in East Hampton in the house she bought for $3.9 million in 2005, dating firefighter Anthony Montella, who she met in high school at St. Francis Prep, taking spin classes at Ride the Zone, where her instructor said she’s “the best student in the class” and looks “so great on her bike,” and just generally looking happy and “better than ever,” likely a result of 1) getting laid on the reg and 2) the fact that she’s been working on her ass, an effort that has apparently not gone unappreciated.
What’s she been up to of late? A lot of the same, though things with The Firefighter seem to have been taken to the next level. John Carney did a little investigating and reports that Erin is featured in Tony’s Facebook and Twitter profile pictures (so huge!); it also appears as though they’ve moved in together. Montella, for some reason, posted pictures of the love nest they’ve been co-habitating in on the internet, including one of where the magic happens. Read more »