ABC: Cassano Hid Deals Off AIG Books

[babylonsister]

And he lives in London-how convenient. :grr:


The Executive Who Brought Down AIG
Joseph Cassano Made More Than $300 Million at the Insurance Firm He Virtually Bankrupted
By ANNA SCHECTER, BRIAN ROSS, and JUSTIN ROOD
March 30, 2009


The FBI and federal prosecutors are reportedly closing in on the AIG executive whose suspect investments cost the insurance giant hundreds of billions of dollars. The government is investigating whether or not 54-year old Brooklyn-native Joseph Cassano committed criminal fraud in virtually bankrupting the company.

"He almost single-handedly is responsible for bringing AIG down and by reference the economy of this country," said Rep. Jackie Speier (D-Ca.)

Cassano, who lives in London, made more than $300 million running the infamous Financial Products Division of AIG where he, with about a dozen others, committed AIG to insure what turned out to be more than a trillion dollars worth of junk quality loans held by banks.

"He is the golden boy of the casino," said Rep. Speier. "They basically took peoples' hard earned money and threw it away, gambled it and lost everything. And he must be held accountable for the fraud, for the dereliction of his duty, and for the havoc that he's wrought on America."

more...

http://abcnews.go.com/Blotter/story?id=7210007&page=1

[soothsayer]

1. Wow, so they found a scapegoat to pin it on, eh? There is corruption on a massive scale.

They need to poke around in all these shady investment houses and banks and then a whole lot more of these casino boys will be found.

[babylonsister]

2. He's far from a scapegoat...

this is from last October.

http://voices.washingtonpost.com/livecoverage/2008/10/joe_cassano_the_man_who_brough.html

Joe Cassano: The Man Who Brought Down AIG?

[aquart]

3. Yes, dear. But this one needs to go to jail first.

Then he can tell us what he knows about all his little friends.

[Stephanie]

4. Cassano is Patient Zero

http://www.rollingstone.com/politics/story/26793903/the_big_takeover