Lehman Brothers Breakdown

Monday, Lehman Brothers (LEH Quote) warned it would post a $2.8 billion second-quarter loss and announced plans to raise $6 billion in capital.

Today, the company went one step further.

The following TheStreet.com recap breaks down a range of investing angles on what happened and what you need to know.

From Lehman Brothers Gives Executives the Boot:

Lehman Brothers on Thursday said it is dumping CFO Erin Callan and COO Joseph Gregory after the firm earlier this week said it expects to report massive second-quarter losses.

A firm statement said Ian Lowitt, the firm's co-chief administrative officer, will succeed Callan as CFO and Herbert McDade III, who headed the firm's equities division, will succeed Gregory as president and chief operating officer. Callan will remain with the firm in a senior capacity within its investment banking division.

Read the full article.

From Lehman Sends Top Brass Packing:

Lehman shares are down about 70% over the past year and closed 2.6% lower to $23.13 in furious trading. Volume was more than four times its three-month average daily volume.

Read the full article.

Lehman's in for a World of Hurt (Video)

Talented Blonde and ex-Lehmanite Kristin Bentz says Lehman Brothers' replacement of its CFO and COO days before its earnings call is bad news.

Bentz: "Bart [Herbert McDade III] came in actually from fixed income, when I was at Lehman, to head-up my division, which was equities. Bart is extremely well-respected. He's the new face of Lehman Brothers. He's been there a long time. He turned around fixed income. He turned around equities. He's known for making a lot of changes... I think [McDade] is a great change for Lehman."

To watch the full video, click the player below:

Plus, don't miss Brothers Grim and Lehman CFO Ousted: Victory for Women on TheStreet.com TV.

From Cramer: Good Riddance to the Lehman CFO:

When CFOs get fired, I get panicky. But I am not going to get panicky over the firing of this CFO at Lehman Brothers. Erin Callan was put out there as if she knew the numbers and knew the business and knew the answers, and it turns out she undid decades worth of trust in [CEO] Dick Fuld in a matter of just a few months.

Read the full article. Plus, don't miss Cramer: Lehman Not Out of the Woods (Jun. 11) on TheStreet.com TV.