LORD IN VAIN AS SALLIE IS SLAMMED

Sallie Mae’s shares were hammered yesterday after the student lender’s beleaguered chief Albert Lord failed to calm investor fears on a nasty conference call that ended with an expletive-laced goodbye.

Lord, who returned as CEO of Sallie less than a week ago, said the company may have to cut its dividend or sell more stock in order to raise cash and earn a higher credit rating.

Sallie shares plunged 21 percent, or $5.98, to $22.89, its lowest level in more than a year.

But the highlight of the call came at the end, when Lord, frustrated at analysts’ questions, blurted out, “How [inaudible] is this? [Fellow exec] Steve [McGarry], let’s go. There’s no questions, let’s get the f- out of here.”

Lord’s comments came after Sallie lowered its fourth-quarter and 2008 earnings forecasts, citing an increase in borrowing costs.

Last week, billionaire investor J. Christopher Flowers and his partners at JPMorgan Chase and Bank of America abandoned any chance of salvaging their busted $25 billion takeover.

On yesterday’s call, Lord declined to answer several questions in detail.

“We’re trying to put together projections here, Al,” analyst Bill Cavalier said. “We’re trying to figure out what your stock is going to be worth, and you have got to give us some numbers.”

Lord refused to answer the question and suggested Cavalier call McGarry, Sallie’s investor relations head.

The tough-as-nails chief was recently forced to sell nearly all of his shares at depressed prices because of a prior arrangement. The sales cost him nearly $200 million in forgone profit.

“I suppose you might say, one more victim of an unfinished deal,” said Lord, who added that he was embarrassed by the stock moves.

Lord said his first goal would be to improve the balance sheet and boost Sallie’s credit rating. The company paid a quarterly dividend of 25 cents a share prior to reaching the buyout agreement: an annualized payout of $414 million.