The Conservative Cave

Current Events => General Discussion => Topic started by: Chris_ on May 23, 2010, 06:20:00 PM

Title: U.S. drops criminal probe of AIG executives
Post by: Chris_ on May 23, 2010, 06:20:00 PM

(http://i237.photobucket.com/albums/ff68/kayaktn/aig.jpg)
(Reuters) - The U.S. Justice Department has dropped a probe of American International Group Inc executives involving the credit default swaps that sent the insurer to the brink of bankruptcy and forced a huge taxpayer bailout, lawyers for the executives said on Saturday.

The investigation had centered on AIG Financial Products, which nearly brought down the giant insurer after writing tens of billions of dollars on insurance-like contracts on complex securities backed by mortgages that turned out to be toxic.

The U.S. government stepped in with a $182 billion bailout to avert a bankruptcy filing by AIG.

The criminal probe had focused on whether Joseph Cassano, who ran the financial products unit, and Andrew Forster, his deputy, knowingly misled investors about the company's accounting losses on its credit default swaps portfolio.

The Department of Justice declined to comment.

http://www.reuters.com/article/idUSTRE64L09W20100523

Title: Re: U.S. drops criminal probe of AIG executives
Post by: thundley4 on May 23, 2010, 06:23:47 PM

In other news there was a huge anonymous donation to the DNC.