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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 | 242236 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 | 242324 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 | 242239 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 | 242385 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 | 242244 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 | 242263 assumptionblindness
assumptionblindness's picture

+1000

Tue, 02/23/2010 - 17:52 | 242291 Anonymous
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.

Tue, 02/23/2010 - 17:40 | 242266 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 | 242267 carbonmutant
carbonmutant's picture

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

No investigative reporting needed.

Tue, 02/23/2010 - 18:01 | 242310 rrbluefin
rrbluefin's picture

I think you mean lesions.

Tue, 02/23/2010 - 17:40 | 242269 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 | 242313 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 | 242318 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 | 242468 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 | 242595 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 | 242358 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 | 242279 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 | 242288 Anonymous
Anonymous's picture

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

http://www.globalresearch.ca/index.php?context=va&aid=17736

Tue, 02/23/2010 - 17:52 | 242292 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 | 242294 alexdg
Tue, 02/23/2010 - 20:33 | 242531 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 | 242302 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 | 242316 carbonmutant
carbonmutant's picture

Marla doing ZH on Fox....

Tue, 02/23/2010 - 18:20 | 242331 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 | 242339 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 | 242314 Anonymous
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.

Tue, 02/23/2010 - 19:23 | 242423 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 | 242633 Anonymous
Anonymous's picture

BRING BACK JEFF MACKE.

Tue, 02/23/2010 - 23:18 | 242695 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 | 242321 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 | 242349 Anonymous
Anonymous's picture

Well good for you, Teddy! Thanks for sharing.

Tue, 02/23/2010 - 18:22 | 242332 Anonymous
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..."

Tue, 02/23/2010 - 19:50 | 242466 Anonymous
Anonymous's picture

Would that be her husband speaking or other management?

Tue, 02/23/2010 - 18:25 | 242340 Anonymous
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.

Tue, 02/23/2010 - 18:56 | 242390 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 | 242380 Anonymous
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

Tue, 02/23/2010 - 19:00 | 242397 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 | 242402 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 | 242415 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 | 242470 Argonaught
Argonaught's picture

Barney suck dick?  That's pwepostewous.

Wed, 02/24/2010 - 00:33 | 242782 andy55
andy55's picture

rofl

Tue, 02/23/2010 - 20:25 | 242518 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 | 242479 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 | 242507 williambanzai7
williambanzai7's picture

Callan would make a fine CNBC reporter

Tue, 02/23/2010 - 20:24 | 242513 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 | 242661 Anonymous
Anonymous's picture

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

Tue, 02/23/2010 - 21:20 | 242581 Anonymous
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..

cheers!

gene inger
www.ingerletter.com

Tue, 02/23/2010 - 22:18 | 242630 Anonymous
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.

Tue, 02/23/2010 - 22:18 | 242631 Anonymous
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.

Tue, 02/23/2010 - 23:05 | 242671 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 | 242736 Anonymous
Anonymous's picture

Best show on CNBS would be Santelli & Liesman. Cancel Cramit and fast money and put these two on for two hours yelling at each other. Ratings would go thru the roof.

Tue, 02/23/2010 - 23:58 | 242751 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 | 242781 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 | 242899 Anonymous
Anonymous's picture

g inger you are absolutely right. Its complete proof of the negligence of the SEC and Finra that they allow buy and sell or hold opinions on these illegal shows like fast money, mad money with just a bogus scrolling disclaimer somehow absolving them from security law compliance. The people that run these shows are reckless and irresponsible and the shows should be shut down. One more case of corrupt regulators asleep at the wheel.

Wed, 02/24/2010 - 13:40 | 243417 Anonymous
Anonymous's picture

Just to play devil's advocate here - I don't really understand the point of this post.

Tyler himself admitted that this story is not important (I'm assuming important = market moving)

So how in the world is Charlie Gas. a person to "unmute" the TV for? So far, he's broken this story, the Tiger Woods story (although Bloomberg technically beat him on that), and some other nonsense BoA story.
Pretty mundane stuff, to say the least.

If this is the work of one of Biz-TV's "best" investigative reporters, then I don't think CNBC is missing out on much.

Wed, 02/24/2010 - 14:37 | 243540 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.

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