Big Crimes
July 28, 2016 at 4:25 p.m.
By -
I hear federal prosecutors will not charge AIG executives over credit default swaps, the Wall Street Journal reported.
The decision not to prosecute the executives concludes a two-year investigation by the Department of Justice, according to the report.
The probe focused on Joseph Cassano, who headed a London-based unit of AIG called Financial Products. Other executives at the unit, Andrew Forster and Tom Athan, also were investigation targets, the Journal said. A spokeswoman for AIG, which received $182 billion in bailout money, was not immediately available for comment. AIG Financial Products nearly brought down AIG in September 2008 after writing tens of billions of dollars worth of insurance-like contracts on complex securities-backed mortgages that turned out to be toxic. Proving once again crime pays. Enormous crime pays even better.
Tom Metzger
Warsaw, via e-mail[[In-content Ad]]
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I hear federal prosecutors will not charge AIG executives over credit default swaps, the Wall Street Journal reported.
The decision not to prosecute the executives concludes a two-year investigation by the Department of Justice, according to the report.
The probe focused on Joseph Cassano, who headed a London-based unit of AIG called Financial Products. Other executives at the unit, Andrew Forster and Tom Athan, also were investigation targets, the Journal said. A spokeswoman for AIG, which received $182 billion in bailout money, was not immediately available for comment. AIG Financial Products nearly brought down AIG in September 2008 after writing tens of billions of dollars worth of insurance-like contracts on complex securities-backed mortgages that turned out to be toxic. Proving once again crime pays. Enormous crime pays even better.
Tom Metzger
Warsaw, via e-mail[[In-content Ad]]
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