I have been reading Andrew Ross Sorkin's Too Big To Fail.
The following is a quote from the book regarding Lehman Brothers:
"While the firm did employ a well-regarded chief risk officer, Madelyn Antoncic, who had a PhD in economics and had worked at Goldman Sachs, her input was virtually nil. She was often asked to leave the room when issues concerning risk came up at executive committee meetings."
I added the bold face. Perhaps there is some explanation, but more than a bit odd...no frightening. At least for anyone who had lent money to Lehman brothers.