Since when do elected officials have the right to go on television and comment on the guilt or innocence of an individual? The guy hasn’t been indicted yet. And even if he was, he’s innocent until proven guilty.
I don’t trust Democrats. Unfortunately, they’re in power.
Cassano gave excusively to Democrats.....most of the money went to Obama:
http://www.campaignmoney.com/political/contributions/joseph-cassano.asp?cycle=08
He also gave to Baucus and Chris Dodd.
Man....I’m suspicious as hell now.
First, it’s a Dem reporting this guy? Go with me here, they’re looking for a scapegoat. I think the admin, and the Dems in general, are orchestrating a big ole nasty campaign against AIG to cover the congressional involvement in all this.
WHERE THE HELL ARE THE REPUBLICANS!!!??? Why aren’t they holding news conferences, writing op-eds for the WSJ, on every Fox news show....complaining about Dodd, revealing what you know they gotta know.
We have no opposition party and for this the country suffers.
The pubbie tans, however, and head hairs, remain perfect for the respect they must show for their friends across the aisle.
He is as guilty as all hell of fraud, as AIG could never cover the risk if it was ever called.....but so are many, many other banks etc that sold these derivatives.
As are the rateing agencies, as are the lawyers for writeing the contracts, the auditors for signing off the books, the regulators for allowing it, the politicians for both recieving donations attained fraudulently and allowing it all to happen.
But what is even madder is that as Fraud was involved, they could cxl all these deals and not only save taxpayers from -paying for it all, but once all the toxic derivatives are removed, the banks would be healthy again.
All they have to do is prosecute for fraud, tear up the deals, jail and seize all the perps assets and a huge amount of the problems are over....so why won’t they do it.
Cassano had something like $500 billion of AIG money at risk in credit default swaps by early 2008, an increase of something like $450 billion since Hank Greenberg left the company in 2004. That’s an ABSURD risk, totally unjustifiable and ridiculous. And AIG did not hedge its CDSs!
Nobody knew about all this except the bosses at AIG. $500 billion at risk! Where were the risk management people at AIG? How do you get arrogant enough to take that kind of risk and still sleep soundly at night?
Cassano truly is the archetype of the kind of insane traders who bear the greatest blame for the current economic crisis, which effects every last American citizen, and billions more people around the world.
Hang ‘em all.
Cassano should pass “GO” and go directly to “JAIL.”