91:, investment banks requested insurance money for their collapsing derivatives, AIG was unable to deliver and received a bail-out from the taxpayers. Just one year earlier while discussing the company's CDS portfolio with analysts, he said "It is hard for us, and without being flippant, to even see a scenario within any realm of reason that would see us losing $ 1 in any of those transactions."
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His employees characterized him as a "bully", and said that the culture of fear helped to create the downfall of AIG, as
Cassano would often yell at employees who tried to warn him about the dangers of subprime bonds. AIG later suffered a $ 99 billion loss and got bailed out by the U.S. government.
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In fact, Cassano remained on the payroll and kept collecting his monthly million through the end of
September 2008, even after taxpayers had been forced to hand AIG $ 85 billion to patch up his mistakes. When asked in October why the company still retained Cassano at his $ 1 million-a-month rate
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During his career at AIGFP from 1987 until he was forced to retire in March 2008, Cassano received $ 315 million: $ 280 million in cash and an additional $ 34 million in bonuses. An initial $ 1 million-a-month consulting fee was later canceled. According to
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A two-year investigation by the U.S. Department of
Justice ended in May 2010 with no criminal charges brought against Cassano, who was represented by lawyers Jim Walden and F. Joseph Warin of
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In March 2009 Cassano was linked to e-mails he authored in 2006 which solicited contributions from AIG executives for Dodd's campaign due to Dodd's position as incoming chairman of the
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Cassano sold hundreds of billions of credit protection in the form of CDSs without having to put up any real money as collateral as this form of insurance had been deregulated with the
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a key event: "It was a watershed event in 1998 when J.P. Morgan came to us, who were somebody we worked with a great deal, and asked us to participate."
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that AIG wanted to "retain the 20-year knowledge that Mr. Cassano had." (Cassano, who is apparently hiding out in his lavish town house near
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from the division's founding in 1987 until his resignation in
February 2008. Cassano is considered a key figure in the
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began investigating
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Dennis, Brady and Robert O’Harrow Jr. (January 5, 2009). 1998–2005: AIG & the anatomy of the crash.
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appointed
Cassano as head of the Transaction Development Group. Cassano accepted the 1998 proposal by
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Pin AIG woes on
Brooklyn boy: Joseph Cassano walked away with $ 315 million while company staggered.
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In 1987, AIG hired
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Cassano was a political contributor to the campaigns of
Democratic Senators
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In the wake of the scandal, United States regulators and the United
Kingdom
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559:"NEWSMEAT ▷ Joseph Cassano's federal campaign contribution search results"
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despite his role in the probable downfall of Western civilization, CEO
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The United States Life Insurance Company in the City of New York
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AIG and the Long Con By Matt Taibbi Rolling Stone March 23, 2009
525:"No criminal charges for executives in troubled AIG subsidiary"
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Voreacos, David and Elliot Blair Smith (November 26, 2008).
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in 1977. He worked in the back office at investment bank
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National Union Fire Insurance Company of Pittsburgh, PA
432:"Behind Insurer's Crisis, Blind Eye to a Web of Risk"
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Statements on AIG Probed by Prosecutors, People Say.
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Behind Insurer’s Crisis, Blind Eye to a Web of Risk.
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The Variable Annuity Life Insurance Company (VALIC)
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248:The big short : inside the Doomsday machine
626:Joseph Cassano's Involuntary Profile, LittleSis
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638:, Matt Taibbi, Rolling Stone, March 19, 2009
631:Joseph Cassano Retirement from AIG Agreement
295:"U.S. offers more funds to help fraught AIG"
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85:Commodity Futures Modernization Act of 2000
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279:: CS1 maint: location missing publisher (
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799:American General Life Insurance Company
509:AIG Credit Swapper Under Investigation.
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339:"The Big Takeover : Rolling Stone"
87:, signed by Bill Clinton. When, in the
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607:: CS1 maint: archived copy as title (
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507:Palmer, Elizabeth (March 19, 2009).
19:(born 12 March 1955) is an American
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430:Morgenson, Gretchen (2008-09-27).
151:and the Republican Representative
43:of the global economic meltdown."
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229:The Man Who Crashed the World
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89:financial crisis of 2007–2008
29:financial crisis of 2007–2008
682:American International Group
640:(no longer available online)
523:Markon, Jerry (2010-05-22).
463:Cassano retirement agreement
347:. 2009-03-22. Archived from
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727:(current president and CEO)
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160:Senate Banking Committee
75:Subprime mortgage crisis
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495:March 27, 2009, at the
245:Lewis, Michael (2015).
139:Political contributions
53:Chief Financial Officer
17:Joseph J. "Joe" Cassano
919:Drexel Burnham Lambert
871:PineBridge Investments
696:Cornelius Vander Starr
188:Drexel Burnham Lambert
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25:AIG Financial Products
783:Ronald A. Rittenmeyer
108:told Congress with a
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887:Corebridge Financial
792:Current subsidiaries
773:Suzanne Nora Johnson
704:Maurice R. Greenberg
126:Serious Fraud Office
65:credit default swaps
838:Former subsidiaries
763:John H. Fitzpatrick
719:Robert H. Benmosche
530:The Washington Post
384:The Washington Post
170:Cassano grew up in
745:Board of directors
709:Martin J. Sullivan
436:The New York Times
172:Brooklyn, New York
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180:political science
35:Political writer
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182:degree from
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924:1955 births
861:Philam Life
397:Matt Taibbi
233:Vanity Fair
97:Matt Taibbi
83:-sponsored
63:to package
61:J.P. Morgan
55:. In 1994,
47:Work at AIG
37:Matt Taibbi
903:Categories
689:Key people
594:2009-03-31
569:2009-03-22
544:2017-12-14
449:2020-07-13
355:2021-09-05
305:2021-09-05
251:. London.
198:References
166:Early life
145:Chris Dodd
81:Phil Gramm
889:(spinoff)
699:(founder)
539:0190-8286
444:0362-4331
402:Griftopia
372:Bloomberg
275:cite book
267:935674374
192:junk bond
176:policeman
21:insurance
714:Ed Liddy
603:cite web
512:CBS News
493:Archived
299:NBC News
880:Related
194:phase.
114:Harrods
537:
442:
413:
265:
255:
118:London
863:(now
857:(AGF)
850:ALICO
609:link
535:ISSN
465:via
440:ISSN
411:ISBN
281:link
263:OCLC
253:ISBN
147:and
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116:in
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