One -- private capital sources like hedge funds don't want the same scrutiny that AIG is getting. Two -- the Obama government will want to go out of its way to make sure the assets aren't overvalued.... they'll be worried that the public and Congress are going to demand even tougher scrutiny of these contracts. Politics might force the government to low-ball its part int the valuation process. So -- the worry is that there won't be enough potential sources of capital to buy a substantial portion of the assets. Note that that targets of the sales pitches will be community bankers before hedge funds; the Obama administration is much more keen on distributing the risk this way.
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