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Re: coreguy post# 80243

Saturday, 10/11/2008 5:26:12 PM

Saturday, October 11, 2008 5:26:12 PM

Post# of 147228
I’ve never understood why the AIG deal was structured differently than the original $700bn deal.

Because AIG's books were much larger and far more convoluted than (even) Lehman's. Both went down at the same time, and only one of them had a hope of being unwound in something resembling an orderly fashion. If AIG had been unwound, we'd probably be at a Dow in the 6Ks right now, because the unwind would have established actual market marks for virtually every other institution of importance on the planet.

AIG was in bed with everybody - Lehman was somewhat more circumspect in sharing its affections.


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