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Erin Callan Out Of Credit Suisse - Charlie Breaks Another One, CNBC Likely Fuming

Tyler Durden's picture





 

From Fox Business News and its latest addition, Charlie Gasparino:

“What we hear is, as you know, she’s one of the central figures in the financial crisis, was at Lehman when it was imploding, left for Credit Suisse… she is now out of the securities business as of December 31st she has resigned.  The speculation is wide, and from what we understand, it’s these investigations.  She’s one of the central figures in a federal investigation into the collapse of Lehman.”

“She went to Credit Suisse and then she went on a lengthy leave of absence.  It was pretty bizarre—she was gone from the scene, until, from what I understand—I checked yesterday—December 31st she’s officially out of there.”

Note: not a single mention of this on CNBC yet. Of course, nobody gives a rat's ass about Lehman's former CFO, or this news in particular. What is interesting, are the dynamics at play now that CNBCOMASTAGANDA (49/51) is stuck without even one investigative reporter in possession of even half a rolodex. Sure, flashing wire headlines are great, but anybody can do that, even fringe bloggers. Absent Rick Santelli (and on occasion David Faber), the network does not have a single person worth unmuting the TV for. And if we want to listen to propaganda ad nauseam we are sure someone will recreate Goebbels constant radio droning on some 24/7 stream relatively soon. And this is precisely what Bloomberg TV and Fox Business are waiting to pounce on.

 


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Tue, 02/23/2010 - 17:19 | Link to Comment besodemuerte
besodemuerte's picture

CNBC must pay Santelli millions to stay there.  It's unfortunate he gets about 3 minutes worth of air time a day, tops. 

I was unaware of Callan's investigation, and even that of the Lehman collapse.  I thought the government was successful in swiftly sweeping that one under the rug no?  Either way, if they're 8 months into the investigation, maybe they'll have it wrapped up in another what?  2 or 3 decades?

Tue, 02/23/2010 - 18:13 | Link to Comment jEnron
jEnron's picture

I can't listen to Rico "do we want to subsidize the losers' mortgages?" Santelli, either.  Combined, cnbs talkers = one-half wit.

My tube stays tuned (and mostly muted) on Bloomberg all day.  I just wish they had spent some of that nyc campaign money on better graphics.

I am with you on 1000% on the lack of accountability and justice re: financial fraud (and torture).

It is a sad United State of Affairs.

Tue, 02/23/2010 - 17:19 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

It is quite obvious that the CNBC absurdity will eventually collapse into a stinking smoking heap of inflated breasts and egos. The only real question is how much damage will it do before it does.

Tue, 02/23/2010 - 18:52 | Link to Comment Edna R. Rider
Edna R. Rider's picture

I am hopeful it does no damage to the inflated breasts.

Tue, 02/23/2010 - 17:23 | Link to Comment hayleecomet
hayleecomet's picture

"Absent Rick Santelli (and on occasion David Faber), the network does not have a single person worth unmuting the TV for."

LOL!  You nailed it.  I keep CNBS on the tube only because the ticker is on top of the screen (Bloom's is on the bottom).  THE only time I un-mute is for Rick.

Tue, 02/23/2010 - 17:37 | Link to Comment assumptionblindness
assumptionblindness's picture

+1000

Tue, 02/23/2010 - 17:52 | Link to Comment Anonymous
Tue, 02/23/2010 - 17:40 | Link to Comment strike for retu...
strike for return to reality's picture

Never to be seen on any of Goebbel's network.

http://vimeo.com/9614190

Tue, 02/23/2010 - 17:40 | Link to Comment carbonmutant
carbonmutant's picture

 CNBC gets the news from their "White House Liaisons".

No investigative reporting needed.

Tue, 02/23/2010 - 18:01 | Link to Comment rrbluefin
rrbluefin's picture

I think you mean lesions.

Tue, 02/23/2010 - 17:40 | Link to Comment Gordon Freeman
Gordon Freeman's picture

Erin Callan rose far, FAR above her abilities--just another example of the bullshit that goes on in the C-suites of large American corporations.

Is it any wonder these companies suck?

Tue, 02/23/2010 - 18:03 | Link to Comment macfly
macfly's picture

What part of those companies was she sucking, and will that come up in the investigations?

Tue, 02/23/2010 - 18:05 | Link to Comment deadhead
deadhead's picture

her tenure at LEH was covered by Larry McDonald in his (outstanding) book about LEH (a collosal failure of common sense) and the part about her first conference call as CFO is a most interesting read; think of any of the usual cnbc cheerleader types repeating the "buy, buy, buy" mantra and that is what analysts were getting in that conf call.  einhorn saw through it as we know...

Tue, 02/23/2010 - 19:55 | Link to Comment Astute Investor
Astute Investor's picture

The CFO of a broker dealer is faced with a broad array of incredibly complicated issues - risk management, mark-to-market, duration mismatch, etc.  Much more than the CFO of a manufacturing company.

It's no surprise that Erin Callan (or Sallie Krawcheck for that matter) totally failed as the CFO of their respective organizations and were subsequently removed (i.e. FIRED).  The both had zero experience in treasury, risk management, etc. (Callan a banker, Krawcheck a research analyst).  Fuld and the Board at Lehman should have been sued for appointing Callan as CFO when she clearly did not have the requisite experience and background.

Tue, 02/23/2010 - 21:41 | Link to Comment deadhead
deadhead's picture

excellent point Astute, I agree.  I've often heard/read that treasury is an almost must have.  Dick Fuld is truly an idiot and a phucknut.

Tue, 02/23/2010 - 18:36 | Link to Comment SteveNYC
SteveNYC's picture

Beautifully said. I kind of feel sorry for her, she was way, WAY out of her league. A perfect scape-goat of sorts.

Tue, 02/23/2010 - 17:46 | Link to Comment MarketTruth
MarketTruth's picture

What? People actually still watch CNBC? Seriously, i mean it, people actually still watch their dribble and spin-cycle up the Greek-style 'reporting'?

Tue, 02/23/2010 - 17:51 | Link to Comment Anonymous
Tue, 02/23/2010 - 17:52 | Link to Comment alexdg
alexdg's picture

What this video conference/interview about Housing's Bumpy Road. Minute 2:20, a CNBC anchors props up Steve Liesman report or investigation about what the Fed is doing with MBS, and asks what one of the guests thinks about it.... "I would have to disagree 100%". Steve goes haywire and doesn't shut up, the other 3 CNBC anchors give Steve a hand and keep raving him.

Tue, 02/23/2010 - 17:54 | Link to Comment alexdg
Tue, 02/23/2010 - 20:33 | Link to Comment Get_to_the_choppa
Get_to_the_choppa's picture

From the video..."Steve Liesman is one of the best reporters out there covering this."

Still cleaning up the coffee that came flying out of my nostrils from that one.

Tue, 02/23/2010 - 17:58 | Link to Comment Paper or plastic
Paper or plastic's picture

Any idea when live streaming ZH tv will be avail? I figured Robo would pick the anchors,...live "steaming" ZH tv.

Tue, 02/23/2010 - 18:04 | Link to Comment carbonmutant
carbonmutant's picture

Marla doing ZH on Fox....

Tue, 02/23/2010 - 18:20 | Link to Comment seventree
seventree's picture

C'mon, the ZH people are working around the clock already, they don't have the exta hours for makeup and hairdressing ... and how could they afford eye-catching 3D CGI graphics, signifying nothing...

Tue, 02/23/2010 - 18:25 | Link to Comment Paper or plastic
Paper or plastic's picture

I bought a "Gold Bitches" mug last week. I gues I could spring for a hat,...no thong.

Tue, 02/23/2010 - 18:03 | Link to Comment Anonymous
Tue, 02/23/2010 - 19:23 | Link to Comment deadhead
deadhead's picture

let me guess....you are one of the FM crew and need ratings.

Just to take the other side of the trade, I will beg Tyler to please never put a FM clip here, unless, of course, Rosie goes back on. 

 

 

 

Tue, 02/23/2010 - 22:20 | Link to Comment Anonymous
Tue, 02/23/2010 - 23:18 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

+1

DH is spot on.  Watching FM makes everyone stupider and will probably give people eye cancer for watching it (I threw the cancer part in there for humor).

Tue, 02/23/2010 - 18:09 | Link to Comment Ted K
Ted K's picture

Personally, I didn't even know Santelli was worth turning the mute off for. What is it for, to listen to the white man bitch about capital gains taxes and he has to pay taxes on the house maid??? I stopped watching business TV around the time Rukeyser passed away and Paul Kangas started scowling all the time.

Tue, 02/23/2010 - 18:30 | Link to Comment Anonymous
Tue, 02/23/2010 - 18:22 | Link to Comment Anonymous
Tue, 02/23/2010 - 19:50 | Link to Comment Anonymous
Tue, 02/23/2010 - 18:25 | Link to Comment Anonymous
Tue, 02/23/2010 - 18:56 | Link to Comment strike for retu...
strike for return to reality's picture

Maybe she is achieving the objective.

Silently Encouraging Corruption

Tue, 02/23/2010 - 18:49 | Link to Comment Anonymous
Tue, 02/23/2010 - 19:00 | Link to Comment johngaltfla
johngaltfla's picture

I thought this was the last year of Santelli's contract?

Ah well, Charlie is going to have a ton of fun at Fox with the WSJ to back him his resource pool is now twenty times of those clowns at Bubblevision I.

If only FBN would just stream live on the internet so I can watch/listen to it on my phone during the day...

Tue, 02/23/2010 - 19:03 | Link to Comment BlackBeard
BlackBeard's picture

Pop quiz: How many dicks does an incompetent person need to suck in order to rise to a high enough position to be instrumental in a global financial collapse?

Tue, 02/23/2010 - 19:16 | Link to Comment lizzy36
lizzy36's picture

I think one should not merely look to Erin Callan for that answer.  One might ask the same question of Tim Geithner, Chuck Prince, Angelo Mozilo (to name a mere 3), any number of Senators, Congressmen (Barney Frank....for his role in FNM/FRE) and a couple of Federal Reserve Chairmen.

Tue, 02/23/2010 - 19:52 | Link to Comment Argonaught
Argonaught's picture

Barney suck dick?  That's pwepostewous.

Wed, 02/24/2010 - 00:33 | Link to Comment andy55
andy55's picture

rofl

Tue, 02/23/2010 - 20:25 | Link to Comment MsCreant
MsCreant's picture

+thousands

Lots of c@cks@ckers Lizzy. Too many to list. Good point. Or do they, in fact, give new meaning to the term cock-roach?

Tue, 02/23/2010 - 19:59 | Link to Comment perpetual dilution
perpetual dilution's picture

Callan a fine example of the Peter Principal. Punsters can take it from here.....

Tue, 02/23/2010 - 20:22 | Link to Comment williambanzai7
williambanzai7's picture

Callan would make a fine CNBC reporter

Tue, 02/23/2010 - 20:24 | Link to Comment 35Pete
35Pete's picture

Has anyone noticed that nearly EVERY finanical blog in the milky way absolutely trashes CNBC on a regular basis? 

II wonder if CNBS even cares. 

Tue, 02/23/2010 - 22:54 | Link to Comment Anonymous
Tue, 02/23/2010 - 21:20 | Link to Comment Anonymous
Tue, 02/23/2010 - 22:18 | Link to Comment Anonymous
Tue, 02/23/2010 - 22:18 | Link to Comment Anonymous
Tue, 02/23/2010 - 23:05 | Link to Comment Problem Is
Problem Is's picture

"the network does not have a single person worth unmuting the TV for."

Ouch Tyler.

Without sound they look like used car salesmen... Cheesy Chrysler K car used car salesmen to be exact...

And well for Bartiromo et al... you don't need to "unmute" to see silicon or saline...

The demise of the bag of idiots that IS CNBC is pure Schadenfreude love to ZH readers...

Tue, 02/23/2010 - 23:47 | Link to Comment Anonymous
Tue, 02/23/2010 - 23:58 | Link to Comment mrgneiss
mrgneiss's picture

I can't believe no one's thrown in a comment about Dennis Kneale..............my dog has more insight on the market.......

Wed, 02/24/2010 - 00:33 | Link to Comment Irrational Exub...
Irrational Exuberance's picture

Erin Callan is hot!

She's going to come out of this just fine!

Wed, 02/24/2010 - 06:12 | Link to Comment Anonymous
Wed, 02/24/2010 - 13:40 | Link to Comment Anonymous
Wed, 02/24/2010 - 14:37 | Link to Comment Augustus
Augustus's picture

Except for Santelli, the whole staff of CNBC is simply another part of the media shilling for Obama. If Obama announces Nationl Dog Poop Day, CNBC will have it on live. Harwood is now even stumbling with his explanations of the Obama nonsense. Stevie the doofus can find something in some communist economics principles to justify any spending program.

One of these days it will all come out. GE makes promises to shill for Obama and gets the debt guarantees and bailouts for GE Credit to survive. CIT does not own a network so it goes under.

Cramjob now has two programs to spread the nonsense. Of course he was deep in the bag for Obama. Now he cannot get away fast enough. On today's little rant he mentioned that energy companies are being driven by Obama policies to develop resources in other countries. That's your baby doing that Jimmy. Man up and ask for forgiveness every day.

Sat, 04/17/2010 - 10:12 | Link to Comment Tom123456
Tom123456's picture

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