Photo: Too Big To Fail
Erin Callan has formally “retired” from the securities business, according to a report from Charlie Gasparino citing “people with knowledge of the matter.” Callan was a central figure in the destruction of Lehman Brothers, overseeing its finances in the months before its historic bankruptcy. Gasparino reports:
In February of 2009, amid federal investigations into the collapse of Lehman, Callan took a leave of absence from Credit Suisse.
A spokeswoman for Credit Suisse said her last day on the job was December 31. An attorney for Callan declined to comment.
Callan’s decision to leave Wall Street comes as the investigation of Lehman has dragged on for more than a year. The U.S. Attorney’s Office continues to investigate whether senior executives at the firm, including Callan, and the firm’s former CEO, Richard Fuld, misled investors about problems with the firm’s balance sheet just before its implosion.
During the spring and summer of 2008, Callan became the public face of Lehman, defending the firm’s financial health against short sellers including prominent short seller David Einhorn, the founder of Greenlight Capital. After Lehman was forced to announce massive losses in the summer of 2008 — essentially confirming much of Einhorn’s research — Callan stepped down as CFO, and soon left the firm altogether.