Skip to comments.Exclusive: No Criminal Charges Likely in AIG Collapse
Posted on 04/19/2010 12:43:17 PM PDT by Lorianne
CBS NEWS has learned that former AIG executive Joseph Cassano - the prime focus of the investigation into its collapse - will meet with Department of Justice attorneys next week in what will likely be an end to the two year criminal investigation into the company.
Sources tell CBS News that the criminal case against Cassano - once called "the Man who Crashed the World" - has "hit a brick wall" - meaning that it is likely no one will be held criminally liable for the downfall of the company that triggered a $182 billion dollar federal bailout.
Sources tell CBS News federal investigators have been unable to uncover any evidence that Cassano lied to his bosses or shareholders about financial problems at AIG.
(Excerpt) Read more at cbsnews.com ...
Yes, and, to morph “Too Big to Fail” to “Too Big for Jail”.
If this guy is a scapegoat for the whole mess, then of course he should not be prosecuted. Thought about that after I posted.
But, certainly there was major corruption involved in the crash and people should pay. Certainly Moody's and the other ratings company (names slips me right now) should be held liable (civil and criminal).
If you still want me to name the statues violated, sorry, don't have the code in front of me. Call it crimes of corruption against the people. One day we will prosecute such crimes, not just the obvious ones like Madoff.
Look at the S&L bailout from years ago. If people had paid a criminal price then, we might have avoided the mess we are in now. The closest we came was Keating but the Congress members involved only lost their seats, no jail time and did not lose their pensions.
That's almost exactly what they called them in the Soviet Union. Don't get me wrong if actual nameable crimes were committed prosecute away.
Fraud? The fact that he sold investment insurance he couldn’t cover?
Easier to simply call it corruption; best to prosecute it to the fullest when found. If we don't, we become like that other country.
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