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The comment by AIG itself on these positions was that they were "for the purpose of providing them with regulatory capital relief rather than risk mitigation

Don't tell me you can have an insurance policy instead of hard assets and call that "regulatory capital".

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Sep 26th, 2008 at 04:03:39 AM EST
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