Portfolio magazine pronounced 42-year old Erin Callan the most powerful woman on Wall Street, the only one in the foreseeable future with a legitimate shot at someday running her firm, Lehman Brothers. But as CFO of a rumor-plagued shop, there's at least a chance that she won't survive the current crisis. A crashing tide topples lots of ships, men's and women's. Still, what a rise it has been for her. Born the daughter of a New York City cop, she graduated Harvard, and went on to become a star banker to hedge funds at Lehman, helping take the likes of the Blackstone Group public. She's a keeper all right; as long as her firm doesn't go all Bear Stearns on us.  

For more:
- here's the Portfolio profile

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