Since nearly every financial institution has become the bearer of bad news in the past year, what would normally be astonishing developments have become standard affairs. Check out these two examples:
On Thursday, embattled investment bank Lehman Brothers
While Lehman didn't give an explanation for Callan's demotion, it isn't breaking news that she had had the spotlight pushed in her face lately. Callan's tiptoeing behavior became the centerpiece of hedge fund manager David Einhorn's short-selling attack, in which he hinted that her lack of balance-sheet transparency and holes in accounting methods proved Lehman's woes were likely much greater than was being reported. What had been reported, by the way, was pretty bleak, but the lack of complete fallout raised a few eyebrows, given that Lehman's business model looks eerily similar to Bear Stearns'.
Eight hundred million reasons for buyer's remorse
It seemed like a great idea at the time. Less than a year after purchasing Old Lane Partners for $800 million, Citigroup
Old Lane's demise isn't all that surprising, really. Much of the hedge-fund allure comes from independence and the lack of bureaucratic hurdles imposed by large corporations, like Citi. Nearly every publicly traded alternative asset manager -- from Fortress Investment Group
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