Welcome to Brooklyn, Mr. Cassano. On the menu this afternoon is one of our house specials...we call it 'step on over and eat this punk pie, bitch." Hope you enjoy your meal.
The WSJ is reporting that criminal charlatan, Joe Cassano, the man who cost your kids $182 Billion (and there's more coming) will soon face a Federal Grand Jury in Brooklyn:
- Federal prosecutors, capping an 18-month investigation, are preparing to impanel a grand jury in Brooklyn, N.Y., to consider an indictment of a former senior American International Group Inc. executive, according to people familiar with the matter.
- The Justice Department and the Securities and Exchange Commission have been investigating whether Joseph Cassano, whose AIG Financial Products unit nearly brought down the insurer a year ago, committed securities fraud in allegedly misleading investors by overstating the value of mortgage-related contracts and failing to disclose material facts about them to AIG's outside auditor, the people said.
DB here. Authorities are examining Cassano's actions in an attempt to find a distinction between 'criminal' and 'village idiot.'
You want proof that his actions were criminal, wander no further than right here:
- Joseph St. Denis, former vice president of accounting policy, AIG Financial Products. American International Group Inc. hired this former Securities and Exchange Commission accountant in June 2006 to help clean up its financial-reporting systems. Within a year, St. Denis said he had found serious errors. Soon after, the head of AIG Financial Products, Joseph Cassano, began excluding him from discussions about the “super senior” credit-default swaps that ultimately sank the company. Cassano also demoted him. St. Denis did the right thing: He quit, at great personal cost.
- In an October 2008 letter to congressional investigators, St. Denis said Cassano had told him: “I have deliberately excluded you from the valuation of the super seniors because I was concerned that you would pollute the process.” When St. Denis resigned in October 2007, he walked away from a $325,000 guaranteed bonus.
- According to his letter, St. Denis told the division’s general counsel he “could not accept the risk to AIG and myself of being isolated from corporate accounting policy personnel.” He also briefed AIG’s internal and outside auditors.
- By September 2008, AIG had collapsed. Today, the 45-year- old St. Denis leads the Office of Research and Analysis for the Public Company Accounting Oversight Board in Washington, which regulates the auditing profession. His job includes helping the board’s inspectors spot accounting tricks that auditors miss.
The WSJ piece discusses other ongoing federal prosecutions of Wall Street criminality. It's an important read. Here is the link thru google (click the top search result) so that you can see the entire piece without a sub. Yes, we care about our readers.
Complete Joseph A. Cassano Archive
Click To Scroll Our List Of Recent Stories
Click To Get The Daily Bail By Email