Very revealing. I believe in the conservation of value. In the end there are losers of value and those that made off with real value. This article explains the convoluted pipes and flywheels through which the most massive theft of value in history was performed.

Now if someone (or some article) can explain what the deal is with the black hole that is AIG and why they are so special to get such huge transfusions of capital (and Lehman didn't), I would really appreciate it.