Erin Callan, Hedge Fund Superstar?

We know one hedge fund client that's not likely going to be seeking business from Credit Suisse anytime soon. David Einhorn's Greenlight Capital.

That's because Erin Callan, who was demoted from her job as chief financial officer of Lehman Brothers last month, has found a new gig in the New York office of the Swiss bank as head of its global hedge fund business.

Callan and Einhorn, you might recall, didn't exactly see eye-to-eye on Lehman's financial stability. Einhorn was publicly short Lehman stock and tearing apart its 10-Q while Callan struggled to paint a pretty picture for anxious shareholders.

In June, Callan was demoted from her position as the highest-ranking female on Wall Street. At the time, Lehman chief executive Dick Fuld said Callan would be rejoining the firm's investment banking division "in a senior capacity."

That's human resources' parlance for "don't let the door hit you on the way out."

Her position at Credit Suisse is a newly created one. She oversaw many of the hedge fund relationships with Lehman before her ill-fated promotion to C.F.O.

"I'm excited to be joining Credit Suisse and look forward to working with their talented people," she said in a statement. "This gives me the opportunity to return to my roots covering the hedge fund community, which is playing such a critical role on the Street."

It also gives her the opportunity to build relationships with money managers who short financial stocks. Welcome aboard!

by Megan Barnett