I don’t know. Looks to me like Cassano perpetrated the insurance fraud scheme and cooked the books to hide it. Chris Dodd and Hank Paulson knew of it and were enablers and direct beneficiaries. Dodd the regulator was bribed. When the scheme fell apart because of the mortgage market debacle, Paulson saw the handwriting on the wall and went to Bush. His b/s story scared Bush so badly that he went along with the 700 billion dollar payoff which was really designed to plug the holes so the whole scheme didn’t collapse and expose the truth. Obviously it didn’t work. In the second round, now with Geithner calling the shots, he had Dodd write in the amendment to authorize the AIG exec bonuses which were payoffs to Cassano’s employees as hush money to keep them quiet. But that blew up too, so now these stiffed execs are talking to the prosecutors. Won’t be long until the stuff hits the fan. There’s enough here to bring down a whole boatload of big fish.
If I were a criminal investigator with the U.S. Attorney’s Office, I’d work on just such a model.
I do not disagree. If he is accused of doing some thing wrong, he should go to trial. If he is convicted he should go to jail and provide restitution.
I do object to this public flogging of a private individual before he is even officially accused of anything. The only people who benefit are the politicians who are using this guy to deflect attention from their own wrongdoings.
Popular magazines meet the financial crisis ( some very interesting theories )
Check post # 8.