Ah. It wasn’t magic afterall. Just criminal.
Dinallo says NY withdrew its offer of $20 bln to AIG after the US govt stepped in.
- From Bloomberg TV.
Update Dinallo also says:
There could be a greater need for capital [beyond $85bn], but the valuations that were done assumed a lot of worst-case scenarios; some of the holding companies and the noncore insurance companies were given very, very low valuation