Wall Street Folly

• Report Details How Lehman Hid Its Woes as It Collapsed
• British law firm cleared way for Lehman cover-up
• Lehman report lays wide blame for failure
• EU rebuff for Geithner over rules on hedge funds
• Obama Plans to Tap Yellen for Fed Vice Chairman
• AIG Said to Query Bonus Holdouts on Pay in Push for Concessions
• Reports: Tiger Woods likely to return from hiatus at Masters Read the rest of this entry »

Tags: AIG, Barack Obama, Bonuses, Compensation, Dick Fuld, Erin Callan, Examiner reports, Golf, Hedge funds, implosions, Lehman Brothers, Politics, Sports, Tiger Woods, Tim Geithner

Will Lehman CFO Erin Callan get high fives and another standing ovation after this one?:  Lehman Brothers is having a conference call at 10am to provide much needed color on their big loss / capital raising that were announced this morning.  Here’s the information: Dial in number:  888.942.9651 Password: 9876082

Tags: Credit Crunch, Erin Callan, Lehman Brothers

Since the flame-out of Zoe Cruz at Morgan Stanley, Lehman Brothers former investment banker and current CFO Erin Callan is now the top ranked woman at any of the investment banking firms.  And arguably, the most fashionable — just ask Tina Sussman, her Bergdorf personal shopper (or for that matter, Opco’s Meredith Whitney).  This weekend’s Wall Street Journal profiles her after her triumphant handling of the Lehman earnings conference call during the height of the recent liquidity rumors…

After sifting through the numbers for
nearly an hour, Ms. Callan coolly answered more than 20 analyst questions. Then
she strode down to Lehman’s bond-trading desk and high-fived trading executive
Peter Hornick. Later that day, bond traders gave her a standing ovation, a Wall
Street rite typically reserved for CEOs. Profit had plunged, yet Lehman shares
surged 46%.

Meredith Whitney, an analyst at Oppenheimer
& Co., is impressed with Ms. Callan’s performance so far.

Read the rest of this entry »

Tags: Credit Crunch, Dick Fuld, Erin Callan, Lehman Brothers