[CutePuppy]

Joe Cassano at AIGFP London office thought he had invented a money printing press in the form of CDSs...

[dennisw]

Joe Cassano at AIGFP London office thought he had invented a money printing press in the form of CDSs...

His compensation should be taken and he should be tossed in prison. He made $28,ooo,ooo in his best year

[DB]

Joe Cassano, at a minimum, should be stripped of every asset he has or has passed to his family.

[dennisw]

For years, the system worked fine for Cassano and, during his eight-year reign as head of the Financial Products Group, Cassano pocketed $280 million in salary and bonus. But about one year after Cassano boasted that he wasn't worried about losing a single dollar, AIG began bleeding billions.

[tcrlaf]

bookmark

[tcrlaf]

WELL, DUH!!!
Of COURSE he is a DEMOCRAT!!!!!!
And a Close friend of one SENATOR CHRIS DODD!!
WHO’D A THUNK IT???!!!!!

Cassano, Joseph
WESTPORT, CT
06880 AIG Financial Products Corp/Fincial $2,500 07/24/2008 P OBAMA VICTORY FUND - Democrat

Cassano, Joseph
WESTPORT, CT
06880 AIG Financial Products Corp/Fincial $2,300 01/10/2008 P OBAMA FOR AMERICA - Democrat
CASSANO, JOSEPH
WESTPORT, CT
06880 AIG/PRESIDENT $2,000 03/16/2007 P FRIENDS OF MAX BAUCUS - Democrat

Cassano, Joseph
WESTPORT, CT
06880 AIG Financial $2,100 11/22/2006 P CHRIS DODD FOR PRESIDENT INC - Democrat

CASSANO, JOSEPH
WESTPORT, CT 06880 AIG FINANCIAL/PRESIDENT & CEO $2,100 FRIENDS OF CHRIS DODD - DEMOCRAT P 11/22/2006

CASSANO, JOSEPH
WESTPORT, CT 06880 AIG FINANCIAL PRODUCTS $718 FRIENDS OF CHRIS DODD 2004 - DEMOCRAT P 04/28/2004

CASSANO, JOSEPH
WESTPORT, CT 06880 AIG FINANCIAL PRODUCTS $1,200 FRIENDS OF CHRIS DODD 2004 - DEMOCRAT P 04/18/2004

[PGalt]

The supremacy of finance capital over all other forms of capital means the predominance of the rentier and of the financial oligarchy; it means that a small number of financially “powerful” states stand out among all the rest. The extent to which this process is going on may be judged from the statistics on emissions, i.e., the issue of all kinds of securities. - Vladimir Ilyich Lenin

We the people, our children, our grandchildren are being economically $ubjugated by our overlord$ and master$. We have become economic pawn$/peon$/involuntary $ervant$.

[Darkwolf377]

"It may have started here, but it's an American company," Sugar said. "It just happened to be their place where plots were threaded." Sugar said that British Prime Minister Gordon Brown -- a "good friend of mine," he said -- "secretly blames the American businesses, banks that Europe looks up to." Sugar described the American fiscal atmosphere before the crisis as "over enthusiasms in business, greed. You maxed out over there, as you say."

It's pretty funny how quickly some Brits, who are so quick to brag about any connection, however tenuous, to any good thing on the planet, are even quicker at distancing themselves from any part in a disaster.

What's that about failure being an orphan?

[ScaniaBoy]

Good post - but is ABC really in the business of NEWS???

This story about Joe Cassano and the London office of the AIG was published in the Daily Telegraph months ago. (Yes, I think it was our good old friend Ambrose Evans-Pritchard who was on the ball again.)

Anyway, better late than never...

:)

[mewzilla]

An FR thread from '08, mentions Cassano....

Man who destroyed AIG an Obama-Dodd man [semi-vanity]

[Moonman62]

Joe Cassano at AIGFP London office thought he had invented a money printing press in the form of CDSs...

He did, and so did a lot of others. Theses things should have been regulated, and corporate management should have known the risks, regardless.

[dirtboy]

The group's traders "found a crack in the system that was unregulated," Koenig told "GMA."

Crack? By design, credit default swaps were unregulated (thanks for nothing, Phil Gramm). By design, they were set up to be a time bomb for European banks, who were allowed to purchase credit default swaps in lieu of reserves.

There was nothing sneaky about it.

[Moltke]

The disastrous deals were built up in a decade and, when the crisis hit, the man who ran the unit for the last eight years retired after making $280 million for himself and leaving with a $1 million-a-month consulting contract.

Those $280 million should come with $280 million worth of culpability.