The A.I.G. Financial Products unit is to the global financial crisis what rickety levees were to Hurricane Katrina. But as Michael Lewis points out in his excellent article in the latest issue of Vanity Fair, F.P., as it’s called, used to be the envy of Wall Street. In 2001, the elite unit accounted for a stunning 15% – roughly $300 million – of the insurance giant’s overall profits. And it charged fees that would make most hedge fund operators blanch. (more...)