It may have been a leisurely weekend for most of us but the big boyz were definitely busy meeting behind closed doors. As noted below, LEH executives suspiciously met over the weekend in a series of meetings and anti-silver AIG ousted their CEO.

The week is beginning well - VHF

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Lehman's Weekend Meetings Raise Questions

CNBC

By Charles Gasparino On-Air Editor | 14 Jun 2008 | 01:53 PM ET

Senior executives at Lehman Brothers, the embattled Wall Street securities firm, have been summoned this weekend for a series of meetings as the firm prepares to release second-quarter earnings on Monday and speculation swirls that the firm may be sold to a larger bank, CNBC has learned.

Shares of Lehman have been hammered in recent weeks amid growing investor concern over the firm's balance sheet.

On Monday, Lehman preannounced a $2.8 billion loss and that it would raise $6 billion in new capital to bolster its balance sheet, which is bleeding losses because of soured loans on its books.

On Thursday, CNBC was first to report that Erin Callen, the firm's chief financial officer, and Joe Gregory, Lehman's president, were stepping down from their posts, only adding to investor concerns about Lehman's future.

Lehman Chief Executive Dick Fuld has been working overtime to restore investor confidence in the firm a after some investors believed they were misled about the size of the firm's losses and need for new capital. Because of the eroding investors support, and damage stemming from the firm's financial troubles, speculation is growing that the firm might have to be sold. CNBC reported that private equity firm Blackstone is interested in taking a stake in Lehman. Other firms have expressed interest in buying Lehman as well. Only after the reports of a possible sale, did shares of Lehman reverse a week-long slide.

The weekend meetings are unusual, say people close to the firm. The executives summoned to headquarters include everyone from Stephen Lessing, the head of Lehman private client group to Scott Freidheim, the firm's co-chief administrative officer. It is unclear if the meetings are related to a possible deal, or just preparation for the Monday's official earnings announcement, possibly the most important earnings release for Lehman in recent years.

A spokeswoman for Lehman had no comment. Contacted at his office on Saturday morning, Freidheim had no comment as well.

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AIG Ousts Sullivan,
Taps Willumstad
As Losses Mount

Wall Street Journal

By LIAM PLEVEN and RANDALL SMITH
June 16, 2008

The board of struggling insurance titan American International Group Inc. forced out its chief executive and replaced him with its chairman, Robert Willumstad, betting that Mr. Willumstad's long experience at giant Citigroup Inc. will aid in AIG's turnaround efforts.

Mr. Willumstad, 62 years old, was appointed chief executive of AIG Sunday, effective immediately. He succeeds Martin Sullivan, a veteran AIG executive who was named CEO three years ago and had been under growing pressure recently as the company recorded the two biggest quarterly losses in its history.