Well, we didn't have long to wait. Barely three weeks ago we told you about the fawning Wall Street Journal article profiling Lehman Bros CFO Erin Callan. Ms Callan had a number of important attributes that the WSJ wanted to bring to its readers' attention (not least a pair of legs that would grace any of Rupert Murdoch's other titles). A tax lawyer-turned-investment banker, she was, unlike her predecessors, an accountant and - get this- had never worked in the finance department. She was reported to receive ""a slimmer daily financial summary than predecessors", her preferred means of information-gathering being "the trading floor contacts built during her 13-year Lehman career".

A lot of good they've done her. Lehmans has just announced a Q2 loss of $2.8bn - worse than expected, thanks in part to "negative net revenue" (we'll leave it to you accountants to figure out how that's possible). The bank also unveiled plans for a $6bn capital injection - $4bn in shares and $2bn in convertible stock yielding 8.75%. Moreover, Moody's has put Lehman's credit rating on watch, calling into question the bank's risk management practices.

Last month the WSJ quoted Ms Callan as saying, ""Sometimes in hindsight, your forecast will not have been accurate based on the real world outcome." Maybe we're doing her down. Maybe that was a coded warning that Wall Street had it wrong. Or maybe her CFO-lite approach is partly to blame for the bank's undoing.