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David Einhorn/Lehman Brothers: Another NYT Hatchet Job
This week's most anticipated showdown was a complete mismatch. After defending themselves for months against charges by David Einhorn that the firm was undercapitalized and aggressive in
its accounting, Lehman's management announced this week the firm would lose more than $2 billion and needed to raise an additional $6 billion in capital.
Turns out Lehman's CFO, Erin Callan, was set up as a mouthpiece for Lehman's dastardly CEO Dick Fuld right from the start. David Einhorn understood Lehman's balance sheet better than CFO Callan ever did. And is it any wonder. Callan admitted in an April interview with Portfolio magazine that she had no "accounting background."
Which makes you wonder why she was chosen for the difficult job just six months ago? Unless, of course, CEO Dick needed someone naïve and inexperienced to help hide the ugly truth of LEH's balance sheet as long as possible. On Thursday, CEO Dick "demoted" Callan from CFO back to the rank-and-file, essentially throwing "Wall Street's Most Powerful Woman" under the bus. So Einhorn wins this round, with an assist from Fuld.
Jun 16 07:29 AM
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