http://zerohedge.blogspot.com/2009/03/americas-will-yield-to-aigs-demands-or.htmlWhich leads us to another question. As everyone now knows, the reason AIG is in its current state is due almost exclusively to the hubris of one Joseph Cassano, who would have spared the world a lot of pain if he had only read one or two of Nassim Taleb's books over the past decade realizing what 6 sigma events are and how it is in fact possible to lose up to $500 billion dollars in derivative trades. A cursory google search reveals that Cassano is a big Obama-Dodd fan (the later of DPA 2009 fame). Maybe while we are on the while topic of fraudulent conveyance, it would be prudent for the President and the Chairman of the Senate Banking Committee to refund the over $8,900 that the individual at the core of AIG's CDS black hole had so generously provided to them in 2008... as otherwise it just might seem that he, along with his former organization, are getting some sort of preferential treatment... I am not suggesting that is the case at all, merely referring to the optics and the fact that many people are looking for pitchforks in their toolsheds. And while they are refunding Cassano's highly suspect generosity, they may also want to consider refunding the campaign contributions of Cassano's wife, Ellen Hooker as well, which came to $4,400 in 2008, and was targeted at the same two recipients. After all, we are talking about fraudulent conveyance here.
Now Cassano seems like a prudent man: his does not live in Madoff-type grandeur: his house, at 32 Minute Man Hill in Westport, CT was only evaluated at $1.2 million in 2007 (granted I have no idea of his environs in his London town house located behind luxury store Harrod's). Indeed, not only prudent, but generous: Cassano and wife apparently have a penchant for donating taxpayer money to worthy causes (his penchant for all things Brooklyn is likely explained by the fact that the man who ran and subsequently destroyed the world of finance is a graduate of Brooklyn College). What confuses me, is how Cassano had a job in the first place. Taking a look at his Finra brokercheck report reveals that way before the hoopla of 2007-2008, Cassano already was in deep water with the regulators. 2004 allegations filed against Cassano, which were subsequently swept under the rug via an $80 million settlement between AIG and the SEC/DOJ, contained some serious charges (click link for the charges) {. . .}
After the $80 million settlement, the complaint was dismissed "with prejudice after the DOJ and SEC agreed not to prosecute AIG or AIG-FP in connection with the PNC transactions." Hillariously, again like in the Madoff debacle, the ultimate guilty party may again end up being the SEC. And while the Madoff fallout impacted a bunch of high net worth individuals, the SEC's light treatment of Cassano's infraction resulted in the collapse of the financial system. Yet somehow, none of the individuals who are responsible for Madoff's and Cassano's $600 billion in combined losses (and the financial system's utter collapse) are behind bars...
Maybe the American public, with its infinite patience, deserves such terrorists as AIG demanding and getting whatever they want whenever they want. One thing is certain: the SEC, while going after $20 million ponzis in Arkansas and Montana, is likely currently slapping the next Joseph Cassano on the wrist with some harsh language and a token fine, as the latter prepares to once and for all wipe out whatever is left of capitalism.
I keep asking: Why won't Obama do the right thing? Oh maybe the donations helped. LOL. For fuck's sake. I just want the collapse to come after I get my bar license. I hope we (society) can hold out until then. I can't believe this is what I've been reduced to.