Sunday, June 15, 2008

AIG: Sullivan to resign

The board of American International Group Inc. is meeting today to accept the possible resignation of Chief Executive Martin Sullivan, according to a person familiar with the matter.
A resignation isn't a done deal but is considered highly likely, this person said.

He can golf with Chuck Prince, former CEO of Citigroup, Stan O'Neal, former CEO of Merrill Lynch, and Dick Fuld, soon to be former CEO of Lehman Brothers.

Unless you believe that Blackstone is going to buy Lehman! Oh that's right Blackstone, the party that paid $36 billion to buy Equity Office properties from Sam Zell.

The lesson Lehman should of learned from Sam Zell is that you sell when you can, not when you have to.

And the only buyers are those who need a backstop from the Fed.

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