Lehman Sends Top Brass Packing

Callan's and Gregory's departures are the latest in a growing line of executive casualties amid the credit crunch. It's unclear what the future holds for Fuld, who joined Lehman nearly 40 years ago and has manned the helm for more than a decade. He helped build Lehman's reputation as a top risk manager, led a diversification effort and has seen the firm through previous rumors that it would go under. However, all of Lehman's apparent strengths did not keep it safe from the current housing mess.

Ex-Merrill Lynch(MER Quote) CEO Stanley O'Neal and former Citigroup(C Quote) head Charles Prince were among the first high-profile casualties late last year, after their banks posted big losses tied to the deteriorating mortgage market.

Ex-Bear Stearns CEO James Cayne gave up the job in January, but retained the chairman title before the firm sold to JPMorgan.

And Morgan Stanley(MS Quote) in December fired then-President Zoe Cruz, at the time regarded as the most powerful woman on Wall Street. Some had anointed Callan with the same unofficial title in recent months.

Who do you think most deserves the blame for Lehman Brothers' expected $2.8 billion second-quarter loss?
	CFO Erin Callan COO Joseph Gregory CEO Richard Fuld Activist investor David Einhorn