A legion of reasons, guesses and conspiracy theories keep circulating about why Lehman Brothers failed in 2008. This week, previously unreported incidents emerged that should forever keep the blame squarely focused on poor management by Chief Executive Dick Fuld and his long-time lieutenant Joe Gregory. Erin Callan is the one to thank. She has finally published a memoir, "Full Circle," almost eight years after the ignominious end to her short but high-profile tenure as the investment bank's finance chief.
According to Callan, Fuld at one point took her aside to tell her "he felt I had a tendency to be too hard on the other, all-male, members of the Lehman executive committee. My interrogatory style could be off-putting and challenging." In a separate chat, Gregory informed her that she's the only one in executive committee meetings "whose legs are showing … that some of my clothes were too provocative. So much so that he felt that some of my colleagues were distracted."