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The most detailed write-up of what happened with AIG I've come across. This is not without complexity. Two important points which are discussed in great detail below:
- Dan Jester was "as useless as tits on a bull" in securing forbearance from the ratings agencies. This sealed AIG's fate and guaranteed a bailout.
- Seeking to avoid public scrutiny into the role he played while CEO of GS, Paulson installed former Goldman executive Edward Liddy as CEO of AIG to quietly pay out $18.7 billion (highlighted below) to AIG counterparties, thereby sealing the fate of any negotiations.
Read this one carefully. There's a lot in here.
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