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Black Wednesday For Garzarelli

In Business This Week


Situation wanted: High-profile, longtime top-ranked stock market soothsayer who forecast the 1987 crash seeks new position. Salary in low seven figures.

Interested? Call Elaine M. Garzarelli, who resigned on Oct. 26 from Lehman Brothers, where she had worked since 1984. Unofficial word was that she fell victim to the same thing claiming a lot of lesser Wall Street lights: cost-cutting. Lehman figured that her quantitative-research publication didn't pass a cost-benefit analysis. Neither Garzarelli nor Research Director Fred Fraenkel, her boss, would return calls.

It hasn't been Garzarelli's year. In July, she lost her job running a mutual fund that used her investment ideas. The reason: poor performance. She was arrested the next month in East Hampton, N.Y., for driving while intoxicated. Headhunters say even if institutional investors aren't interested, Garzarelli would be attractive to a brokerage catering to individual investors. Says Alan Johnson of Johnson Associates: "She's a celebrity and could generate a ton of business."EDITED BY KEITH H. HAMMONDS By Jeffrey M. Laderman

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