That poor guy always gets it.
Posted on 03/30/2009 8:22:15 PM PDT by Jim Robinson
WASHINGTON, Mar 30, 2009 (UPI via COMTEX) -- U.S. investigators are looking into possible criminal fraud by a former American International Group Inc. executive, ABC News reported Monday.
Federal prosecutors and FBI agents are investigating Joseph Cassano, 54, who ran AIG's Financial Products Division, the U.S. network reported. The department lost hundreds of billions of dollars and Rep. Jackie Speier, D-Calif., told ABC Cassano "almost single-handedly is responsible for bringing AIG down and by reference the economy of this country."
ABC said its own investigation determined Cassano set up dozens of companies -- some off-shore -- to keep transactions off AIG books and hidden from U.S. and British regulators.
Cassano was paid more than $300 million to run the AIG Financial Products Division, through which AIG insured junk quality loans valued at more than $1 trillion, ABC said. He was fired in 2008 after the losses were reported, but he continued to draw $1 million a month until Congress took up a bailout of AIG, using $180 billion in public funds.
"They basically took peoples' hard earned money and threw it away, gambled it and lost everything," Speier said.
Tax law specialist Jack Blum told ABC the deals worked by Cassano's division were "absolutely toxic and most of the people who were dealing in it knew how toxic it was."
ABC News approached Cassano outside of his home in London but he would not discuss the allegations.
(Excerpt) Read more at marketwatch.com ...
Pile on that one! Kick him to the curb!
Wouldn’t it be great if the investigation into Cassano’s dealings took the feds to Soros?
>”They basically took peoples’ hard earned money and threw it away, gambled it and lost everything,” Speier said. <
The FBI should go by the rule, NEVER LET A TRIP A BROAD BY THE PRESIDENT GO TO WASTE! Start investigating every nook and cranny while the TEAM and the PRES. is away. They should use this time wisely. Go for the juggler!
Yup. Cassano —> AIG fraud —> Chris Dodd campaign bribes —> Goldman Sachs —> Hank Paulson —> TARP $$$ to AIG —> $$$ to Goldman Sachs —> Hank Paulson —> Tim Geithner more $$$ bailouts —> Chris Dodd $$$ bonuses for cover-up, etc, etc, etc.
Yeah! While he has all those balls in the air, he will never notice you sneaking up behind him!
What about Franklin Raines and Jamie Gorlick at Freddie Mac
That poor guy always gets it.
Yup. These are all parallel scandals. Enough bribery, fraud, greed and graft going around to bring down our entire government.
Huh?, the (D)s have been screaming AIG collapsed due to the lack of regulations.
Read the article linked here:
The Big Takeover - AIG
http://www.freerepublic.com/focus/f-news/2217857/posts
Course congress had nothing to do w/it.
Pray for America
Scumbags are required to complete the picture. Without them, no regs works just fine.
Whose going to go after people like Jamie Gorelick for taking a bonus of $20 million or more, supposedly acquired by cooking the books to show that Fannie Mae was making a profit, when it wasn’t?
Don’t know why it took them so long to open an investigation.
AIG is a public company, and we have strong fraud laws on the books for public companies. In fact, Congress piled some more fraud laws on with Sarbanes-Oxley.
Instead of passing ex post facto bill of attainders and having the president personally demonize these people and send ACORN buses to their houses, we should use the laws on the books in accordance with the Constitution to investigate and punish people in accordance with law.
| Contributor | Occupation | Date | Amount | Recipient |
|---|---|---|---|---|
| Cassano, Joseph Westport,CT 06880 |
AIG Financial Products Corp | 7/31/08 | $2,300 | Obama, Barack (D) |
| CASSANO, JOSEPH WESTPORT,CT 06880 |
AIG FINANCIAL PRODUCTS CORP/FINCIAL | 1/10/08 | $2,300 | Obama, Barack (D) |
| CASSANO, JOSEPH WESTPORT,CT 06880 |
AIG FINANCIAL | 11/22/06 | $2,100 | Dodd, Chris (D) |
| CASSANO, JOSEPH WESTPORT,CT 06880 |
AIG/PRESIDENT | 3/16/07 | $2,000 | Baucus, Max (D) |
| Cassano, Joseph Westport,CT 06880 |
AIG Financial Products Corp/Fincial | 7/24/08 | $200 | DNC Services Corp (D) |
Interesting that Cassano was an Obama supporter even back while Hillary and Dodd were still in the presidential race.
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