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Why Hasn’t Joe Cassano Been Indicted?

Posted by Larry Doyle on January 27, 2010 3:41 PM |

Joseph Cassano, former head of AIG-FP

Joseph Cassano, former head of AIG-FP

What is wrong with this picture?

1. The American taxpayer injects tens of billions of dollars into a failing AIG.

2. The debate runs hot as to how the Feds executed a backdoor bailout of AIG’s creditors, both Wall Street and international banks.

3. The taxpayer remains on the hook, the banks get their dough, and AIG attempts to resurrect itself.

I will tell you what is wrong with the picture. We are now going on two years and nobody has truly been held accountable.

Martin Sullivan and Bob Willumstad, AIG executives, got pushed out the door. Big deal. Don’t tell me that an institution such as AIG can literally bring our system to the brink of total catastrophe without heads rolling and indictments being handed up.

The massive losses within AIG were housed in AIG-FP (AIG Financial Products). Who ran this division? Joe Cassano. Where is he? What is he doing? Did he sign off and approve transactions that risked our entire national economic interest? Geithner and others are saying that AIG did exactly that.

If so, then where is Joe Cassano? America needs to hear from him. Why haven’t we? What does Joe know that regulators are afraid might get out? Cassano reportedly was paid hundreds of millions of dollars at AIG and contributed to the campaigns of Chris Dodd and Barack Obama. Hmmmm.

Is somebody protecting him?

Something smells and the American taxpayer is paying for it.

Anybody seen Joe lately? Think we might be able to get him on Sense on Cents with LD this coming Sunday??

What a joke.

Whatever happened to people with real integrity never taking no for an answer.

LD

  • Truth be told, I’d never thought about these guys–too busy getting steamed at Geithner, who got REAMED today by the house oversight committee! It was beautiful and should lock up a Geithner resignation–hopefully.

    (Also–news is coming in that Societe General was willing to negotiate for less than full value on their share of derivative contracts with AIG!!)

    Let’s hope the ball keeps rolling and the AIG execs get brought in, too.

    • LD

      If Societe Generale was willing to negotiate a haircut, that is a major development.

      I wrote this piece for the very reason that although Geithner is catching the heat, the guy behind the financial fiasco is Mr. Cassano.

      Almost two years since his resignation and nothing from this guy.

      Something’s wrong with this picture.

  • Mike

    Truth. Cassano is probably so well protected due to his campaign contribution to the likes of Obama and Chris Dodd.

  • Sons of Vaval

    This is extremely off topic, but well worth a read on former Colts coach Tony Dungy…a man of strong character and principle. The leaders in our country could learn a thing or two from Mr. Dungy.

    http://sports.espn.go.com/espn/eticket/story?page=100128/TonyDungy

    • LD

      Sons of Vaval,

      Not off topic at all. In fact, I would say your link to Tony Dungy’s life is not only on topic but is THE topic.

      The message embedded in Tony Dungy’s life is not only good and necessary for the leaders of our nation, but for everybody. I am deeply grateful for your sharing it with us.

      I specifically liked these paragraphs,

      “Tony’s always been a guy with great vision and great integrity, a man for whom the words and the life match up,” says Edwards, who is an NFL analyst for ESPN. “As a coordinator or as position coach, this guy didn’t fit the profile. He wasn’t going to yell and scream for effect. Then you watch him and you’re saying, ‘Wow.’ He has faith, family and occupation. People say they have faith, but faith is something you can’t see.

      “Too often, people equate discipline with cursing. When you go to Catholic school, the nuns don’t curse a word, but you get discipline. Here’s the thing about Tony, when he backs you, what he’s saying is, ‘I’m putting my name on the line for you.’ It’s like talking to your dad. Nobody wants to disappoint him.”

      According to Edwards, there was always a force — or several forces — pulling at Dungy. When people would ask Edwards about Dungy, he would use the same line: “He works as a football coach, but that’s not who he is.” It’s a phrase Dungy confirmed when he walked away from a perennial Super Bowl contender.

      He immersed himself even more deeply in the community, visiting Indiana prisons, offering the path of re-entry — and, by extension, redemption — to the state’s inmates. Always, the backbone was the church.

      “At the time, Indianapolis had its highest homicide rate and lowest graduation rate. I asked myself, how else can I use this platform?” Dungy says. “There are other things I can do. I had been coaching 28 years. There was more the Lord had for me to do.”

      Thanks again for bringing these words to live by to Sense on Cents.






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