Former Lehman Brothers Investment Bank Head May Not Do Time For Misunderstanding Re: Forging Oxycontin, Ritalin Prescriptions

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On the whole, things have been on the up and up for most of the late Lehman Brothers brain trust. Erin Callan is said to be wildly happy with her new life out in the Hamptons, which includes spinning classes and a firefighter's hose. Barclays has allowed Hugh "Skip" McGee to continue his writing career on the side. Dick Fuld has started a new firm and has retained enough pride to not be embarrassed about telling Wall Street he's "here to help." Bella, God rest her soul, is in a better place. Late last month, it appeared as though former LEH IB head Bradley Jack might be the one exception to the success stories, after he was accused of forging a prescription for 12 Oxycontin pills and 9 Ritalins, and nailed suspicious pharmacist who called the cops. Fortunately, today brings news he'll probably get off just fine.

Jack, charged with forging prescriptions, applied for a drug treatment program that would keep him out of jail. Jack, 52, of Westport, Connecticut, made the request today in Bridgeport, Connecticut, before Superior Court Judge Earl B. Richards III. If he’s accepted and completes the program successfully, he won’t have to admit guilt and will have no criminal record, said his lawyer, Robert G. Golger.

Reputation intact, he might be able to land a new gig working for Fuld. Jail time would most certainly derail the opportunity, as Dick's strict moral code precludes him from working with ex-cons.

Ex-Lehman Executive Jack Applies for Drug Treatment in Connecticut Court [Bloomberg via BI]

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Some Lehman Brothers Alums Doing Demonstrably Better Than Others

Joe Gregory has been forced to put his Long Island-chic manse on the market. Dick Fuld's been pounding the pavement for months with nothing to show for it.  Bella is still dead. Not a lot to celebrate and yet some people have managed to do pretty okay for themselves despite having spent time at 745 7th Avenue. Erin Callan, as may have heard, is happily married to firefighter Anthony Montella and living in a $3.9 million house in the Hamptons and Evelyn Stevens, who actually worked at another firm before leaving Wall Street but should know that if you so much as set foot in the lobby of the building, you'll be branded a Lehman Brother or Sister for life, just competed in her first Olympics and no longer counts herself among financial services employees who spend their days fantasizing about a life that doesn't so closely resemble hell. The 5-foot-5 (1.7-meter) Stevens said she’s using savings from banking bonuses to “cushion” the blow of lower earnings. She began her career as an investment-banking analyst at Lehman Brothers Inc., leaving in 2007 before the bank collapsed. “I was able to save a lot of my bonuses,” Stevens said. “I don’t have to survive on a $10,000 or $8,000 purse from cycling. If I hadn’t been in investment banking, I wouldn’t have been able to be at the Olympics.” She was 24th in yesterday’s Olympic women’s road race, finishing among a group including teammate Shelley Olds that was 27 seconds behind gold-medal winner Marianne Voss of the Netherlands. There were 66 riders at the start. While there’s a “big discrepancy” from what she once earned, Stevens said her quality of life has improved. After leaving behind a 90-hour working week in banking, she lives in Girona, Spain during the European racing season and Boulder, Colorado. “In New York there’s pressure, and it’s kind of negative, everyone was stressed,” Stevens, dressed in U.S. team tracksuit and lycra three-quarter length pants at the London Olympic Park, said July 27. “I don’t get so much money now but my quality of living has gone up.” Ex-Lehman Banker Parlays Bonuses Into Cycling Berth At Olympics [Bloomberg]

UBS's Investment Banking Head May Have To Slash His Own Expenses "Like A Jewish Shopkeeper"

As those of you keeping up with the many trials and travails of UBS know, the last couple years have been fairly brutal for investment banking chief Carsten Kengeter. Pre-tax IBD profit was down 55 percent YoY through June, employees are constantly on his ass about getting paid, the comments he made in attempt to "rally the troops" re: "slashing expenses like a Jewish shopkeeper" were totally taken in the wrong way, some guy perpetrated a $2 billion fraud (which was partially to blame for CK getting passed over for the promotion he was gunning for), and to top it all off, the higher-ups actually accepted his offer to forgo a bonus for 2011, which he would never have put out there if he thought they'd actually go for it. And now, as a thanks for all his hard work, management is publicly mulling the idea of lightening his load and paycheck. UBS is weighing a shakeup at the top of its investment bank that would give a reduced role to Carsten Kengeter and increased responsibilities to his co-head Andrea Orcel, three people with knowledge of the matter said. The board is meeting in New York today to consider a reorganization of the unit that will include cuts centered on the fixed-income operations that Kengeter has been responsible for since 2008, said the people, who asked not to be identified before the matter is made public. An announcement may come when UBS reports third-quarter earnings on Oct. 30, they said...Three senior executives who declined to speak publicly said they expect Kengeter to leave the bank before long. A person with knowledge of Kengeter’s thinking said he doesn’t plan to go. A UBS official declined to comment. Ermotti told staff in a memo this month he’ll take “all actions necessary” to tackle the “paradigm shift” in banking and will continue “remodeling” UBS. He said in July that the market environment has completely changed since the bank announced reorganization plans for the securities unit in November. UBS May Reduce Kengeter Role in Overhaul of Investment Bank Unit [Bloomberg] Related: Was That Wrong? Should Carsten Kengeter Not Have Done That?