No Criminal Charges Likely in AIG Collapse
April 6th, 2010
Don’t crack the seal on the AIG mess. Oh no. The smell alone would be too much to handle.
Via: CBS News:
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.
In recent months, Cassano’s lawyers – citing internal documents – argued that he never broke the law. Instead, he simply got caught up in a financial tsunami that engulfed Wall Street.
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