We have a hard time imagining a future in which Joseph Cassano, the former head of AIG’s Financial Products unit, doesn’t get into serious legal hot water.
Even if he didn’t break any laws, the government would find something to get him on. It’s a matter of when, not if.
And in fact ABC reports cryptically:
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.