Wednesday, March 11, 2009

Recommended Charges Should the Alleged AIG Half-Trillion Loss Prove to be Criminal

Earlier we linked to an astounding story "Did AIG's London Office Lose Half A Trillion Dollars?".
At minimum the same charges that Piers Gaveston, 1st Earl of Cornwall and best buds with King Edward II, faced before his third banishment in 1311, would be in order here:
"We, the Lords Ordainer, charge you, Piers Gaveston, with having a vicious tongue, a supercilious manner and an over-developed dress sense."
-via the EDWARD II blog
And why, wary reader might ask? How's this grab ya (Via ZeroHedge):
And people thought Jerome Kerviel's blow up was spectacular. In an interesting piece out on abcnews, more light is being shed on AIG's small financial products London office which even AIG now acknowledges was ground zero for roughly $500 billion in losses, as well as the person who ran it, Joseph Cassano. Joe, who previously had made waves after the Washington Post first profiled him in October 2008, had "earned" $280 million during his tenure with AIG and who left the company with a $1 million a year consulting contract, and owns houses in London and Connecticut, was so confident in his huge risky bets that he is quoted as saying
"It is hard for us with, and without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactions."
It is a little easier to see a scenario where Cassano would end up losing $500 billion....MORE