You're right - I missed that the 'fair market' value is still in the $15's billion.
But it's clear the bonds are worth a heck of a lot more broken up than AIG's bid for the whole lot - the proof is that many others are lined up to get their hands on them. And the Fed got slapped around for originally paying far too much in the 2008 AIG deal. So I should retract the characterization of AIG's offer as "gall" and rephrase it as, "pipe dream".
"A long list of potential bidders has emerged for the bonds, now with a face value of around $30 billion. Barclays (BCS) and Credit Suisse (CS) are both reportedly weighing bids, as is Blackrock, who would actually run the auction, should the Fed choose to auction the assets. The team of bidders for Blackrock would be walled off from the auction team to avoid any conflict of interest. Goldman Sachs and Morgan Stanley are also possible bidders, as is PIMCO, and several large hedge funds are reported as being interested in the auction." http://seekingalpha.com/article/260269-maiden-lane-ii-raises-interest-and-questions
^^^^^^^^ CB: Proceeds from sale should be contributed toward bailing out states and cities, which are too important to the American way of life to fail or cut services, wages, benefits and pensions.