The Executive Who Brought Down AIG
Source: ABC News
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." ABC%20News,%20which%20tracked%20down%20the%20former%20AIG%20Financial%20Products%20czar%20wearing">LinkHere
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." ABC%20News,%20which%20tracked%20down%20the%20former%20AIG%20Financial%20Products%20czar%20wearing">LinkHere
posted by Kangaroo Brisbane Australia at 8:05 PM
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