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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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?

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.

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.

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.

Anonymous's picture

I think it went to mute a year ago. Since, I listen to Faber and Santelli. Literally, everything else is simply not relevant.

My grocery store tells me all I need to know about the economy.

strike for return to reality's picture

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

carbonmutant's picture

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

No investigative reporting needed.

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?

macfly's picture

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

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...

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.

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.

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.

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'?

Anonymous's picture

A must read for an overall understanding of where we are heading:

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.

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.

Paper or plastic's picture

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

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...

Paper or plastic's picture

I bought a "Gold Bitches" mug last week. I gues I could spring for a hat, thong.

Anonymous's picture

Tyler, can you devote a post to 'Fast Money' someday? It seems like the type of show that most of your commenters would watch since most people here are day traders, and FM is bascally catering to day traders. Your opinion would be interesting.

deadhead's picture

let me 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. 




Anonymous's picture


Fish Gone Bad's picture


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).

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.

Anonymous's picture

Well good for you, Teddy! Thanks for sharing.

Anonymous's picture

Quick Becky is still on Buffett's speed dial so CNBC has that going for them.

Management to Becky: "We'd like to see you start really putting out..."

Anonymous's picture

Would that be her husband speaking or other management?

Anonymous's picture

WHY is Mary Shapiro still allowed to take up space at the SEC??

Never has anyone done more damage from sheer incompetence, ignorance and cronyism.

strike for return to reality's picture

Maybe she is achieving the objective.

Silently Encouraging Corruption

Anonymous's picture

There is some wired connection between Charlie and ZH .... Right about the time zh got a new website... Charlie made those stupid remarks on cnbc... Almost like advt ZH ;) ... But then I like conspiracy theories

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...

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?

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.

Argonaught's picture

Barney suck dick?  That's pwepostewous.

MsCreant's picture


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?

perpetual dilution's picture

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

williambanzai7's picture

Callan would make a fine CNBC reporter

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. 

Anonymous's picture

NBC has allowed MSNBS to be a loser in ratings for years. Why would they start worrying now?

Anonymous's picture

Oh my... and to think how much work it was to fill 6 hours a day of live market coverage back when I pioneered much of this; well before CNBC. Almost forty years ago they called my show the 'mouth marathon' but we managed to call most of the key turns in history; amidst a lot of time to fill with no budget and only a couple staffers.

The majority of trading days are tedious; so aside the bias in some cases, it's not easy to fill. I won't comment about the individuals, as I know most of them (a couple got their first jobs from me at the then-independent financial stations long ago). I am appalled though at the persistent soft-pedaling of serious issues by some would-be analysts; and that's why I always (then and now on our website) tried to be truly balance (both sides of the coin) with a bias.

We would never back then tell anyone to 'buy or sell' as (is still the case I believe) laws and regulations prohibit that unless you have a fiduciary relationship. That today is the same as 'at least' a subscriber not a viewer; and that's a big difference. So I apologize for starting this, so many years ago, but we expressed both sides and opinion without purporting to tell anyone else how to trade without knowing anything about their risk tolerance or other facts .

And yes, I wish Bloomberg would belatedly finally go HD.

great website here too; caution very appropriate now... in my always humble opinion..


gene inger

Anonymous's picture

Fast Money and Squawk Box Europe (not the American one) are the only two shows on CNBC worth watching. Don't even get me started on that idiot Dennis Kneale.

Anonymous's picture

Fast Money and Squawk Box Europe (not the American one) are the only two shows on CNBC worth watching. Don't even get me started on that idiot Dennis Kneale.