“They may be insolvent, too,” he calmly told the room. He was worried not only about how they were valuing their assets, which struck him as wildly optimistic, but about their failure to raise any capital—not a cent. Paulson suspected that Fuld had been foolishly resisting doing so because he was hesitant to dilute the firm’s shares, including the more than 2 million shares he personally held.
