You have 12B so far - how much left to sell? If I told you everyone would be trading on it
(Just what would they be trading? only 4 tickers trading that I know of!!!)
He was talking about trading on the bonds. The higher the recovery, the higher the bond recovery would be.
I don't understand the $12 bil figure though. It sounded like that is what he sold so far, and he implied he did not have much more to go. In 2010 they were estimating $12 bil in real estate alone.