It's not easy to sucker warren Buffett, Saul Steinberg and a half-dozen of the nation's biggest insurance companies. But John E. Pallat III, a former risk management instructor at Georgia State, initiated a complex and convoluted insurance scheme two years ago that seems to have done just that. The potential fallout is huge: the possible disintegration of Saul Steinberg's Reliance Group, the potential bankruptcy of several California insurers, numerous credit downgrades and the likelihood of big charges to earnings in several widely held insurance companies.
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