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 ...
They should be in jail for 25 years to life!
“Sources tell CBS News that the criminal case against Cassano - once called “the Man who Crashed the World” - has “hit a brick wall””
Who was the brick wall they ran against?
Can you name the Statute he violated and present evidence admissible in Court that did so?
AIG needs to be put down, as long it should have been already.
AIG couldn’t meet it’s obligations. It should be in Chapter 9.
As in all cases like this, the coverup is worse than the crime.
No this is a setup.....this crisis was setup by the White House to create the crisis of getting Wall Street regulation reform
The reaction of the stock market to this news shows beyond a doubt that the market is enthralled by GS’ capture of the government and its regulatory agencies. Great stuff, eh?
AIG was stolen by the Governor of New York and transformed into a company that swept sins under the rug. The sweepers will never be convicted of any thing.
The governor was done in by those from which he stole AIG
I think you mean Chapter 7.
Subtract 2. They should be already liquidated and parted out.
Well hell no they were trying to be sharia compliant!
Delete Chapter and substitute Cell Block.
The extent of this crime and it's effects haven't been felt yet...but will linger for generations(green shoots my azz)
And to the RINO's who joined in on the candy...may you burn equally in hell also.
I was referring to the business units and not the people. The upper folks should certainly be studying old Elvis songs/movies.
Too big to jail.
There are thousands of white collar criminals associated with the housing bubble/collapse who should be doing 20 years behind bars, along with hundreds of fraudulent politicians.
It is sinful how a person smokes a marijuana joint and they are locked up for a year, but a white collar criminal defrauds thousands, causing hundreds of millions or even billions in fraud, and they get off scott free.
I really despise seeing these criminals operate with impunity and doing so with the help of our government.
I’m used to it. The market reaction in defiance of logic is becoming typical. The manipulation is self-evident.
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.