Joseph Cassano was chief executive of the unit that insured mortgage-related securities at AIG.
People close to the case are claiming that AIG executive Joseph Cassano will not face federal charges related to allegations that he misled investors over the company’s handling of mortgage-related securities prior to the economic crash and subsequent Wall Street bailout.
The New York Times:
Federal prosecutors investigating the events leading up to the collapse of the American International Group in 2008 will not bring charges against Joseph Cassano, the chief executive of the unit that insured mortgage-related securities with calamitous results, according to two people briefed on the matter.
Mr. Cassano and other executives at A.I.G.’s Financial Products unit, which had insured almost $80 billion in mortgage-related securities, came under scrutiny by the Department of Justice after the insurer failed in September 2008. Investigators were examining whether Mr. Cassano misled investors when he stated in December 2007 that the company’s obligations on the mortgage securities it backed were unlikely to produce losses.
The Federal Reserve Bank of New York and the United States Treasury rescued A.I.G. with a taxpayer backstop totaling $180 billion. Nearly $30 billion of that went directly to banks like Goldman Sachs and Société Générale, which bought insurance on mortgage securities from A.I.G. during the credit boom.
The people briefed on the decision not to bring charges spoke on condition of anonymity because they were not authorized to speak publicly on the matter.
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Isn’t that lovely. The people making the decisions for the populace are not the populace, therefore they never take harm done to the populace into consideration. The populace will have to pay all that bailout money back with interest, so the populace should be taken into consideration, if so, this man would be behind bars, instead of sliding through like the greased pig he is.
We’re the ones with the tattooed bullseye but, it
isn’t on our foreheads. I remember R.Reagen. After
that everything became a painfull blur. Lie to me—
tell me it’s going to be all right.
There is something about that malodorous stench associated with the American executive class. The smell is said to be similar to that of burning sulfur.
““The people briefed on the decision not to bring charges spoke
on condition of anonymity because they were not authorized to
speak publicly on the matter.”“
*******************************
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By truedigger3, May 24, 2010 at 4:03 am Link to this comment
truthdig wrote:
“Former AIG Exec May Be Off the Hook”
__________________________________________________
It is not that he MAY BE off the Hook, but he WILL BE OFF the hook. I guarantee it.!
Report thisBy MarthaA, May 23, 2010 at 2:14 pm Link to this comment
Isn’t that lovely. The people making the decisions for the populace are not the populace, therefore they never take harm done to the populace into consideration. The populace will have to pay all that bailout money back with interest, so the populace should be taken into consideration, if so, this man would be behind bars, instead of sliding through like the greased pig he is.
Report thisBy REDHORSE, May 23, 2010 at 9:35 am Link to this comment
We’re the ones with the tattooed bullseye but, it
Report thisisn’t on our foreheads. I remember R.Reagen. After
that everything became a painfull blur. Lie to me—
tell me it’s going to be all right.
By BOGI666, May 23, 2010 at 4:17 am Link to this comment
(Unregistered commenter)
Surprise, surprise, surprise, just shocking I tell you just shocking!I could have never seen this coming.
Report thisBy thebeerdoctor, May 22, 2010 at 11:07 pm Link to this comment
There is something about that malodorous stench associated with the American executive class. The smell is said to be similar to that of burning sulfur.
Report thisBy samosamo, May 22, 2010 at 6:27 pm Link to this comment
““The people briefed on the decision not to bring charges spoke
on condition of anonymity because they were not authorized to
speak publicly on the matter.”“
*******************************
Paid is way out of this one.
Report thisBy PatrickHenry, May 22, 2010 at 3:10 pm Link to this comment
He needs to be made destitude.
All assets seized here and abroad.
Sentenced to spend the rest of his life working a minimum wage job at Walmart as a greeter or bathroom attendent.
Report thisBy Eugenio Costa, May 22, 2010 at 2:49 pm Link to this comment
Target tattooed on the forehead is better than jail.
More economical.
Report thisBy diamond, May 22, 2010 at 1:21 pm Link to this comment
He won’t go to jail. Nixon didn’t go to jail and he won’t either.
Report thisBy Eugenio Costa, May 22, 2010 at 10:42 am Link to this comment
Yu mean he’s still walking the streets without bullseye tattooed to his forehead?
Report this