Does it feel like it’s been so long you can hardly remember what his sweet drawl and slight stammer sound like? You get a little reminder here, with his Financial Crisis Inquiry Commission testimony. Continue reading »
FCIC
No, just messing with you. Banker pay “fueled risk that hobbled the economy,” according the Financial Crisis Inquiry Commission’s report, released today. Continue reading »
According to the Financial Crisis Inquiry Committee: Continue reading »
And also that he thinks he’s too good to read his prepared testimony? And finally, am I the only one getting a serious, “love child of Jon Lovitz and Jimmy Cayne” vibe? (Previously I though it was just “spawn of JoLo…but there’s definitely seeds of JC in there.)
Joe Cassano, Most Selfless Individual In All The Land, Begged His Bosses At AIG To Let Him Not Take A Bonus
By Bess Levin
Just trying to do the right thing.
But they said no, Joe, no. You, our adorable little Jon Lovitz lookalike, deserve this. We won’t have it any other way. You have done so much for this company! Letting you walk away without $315 million would be practically criminal. Would you like that in unmarked, non-consecutive twenties? Singles? Briefcase or g-string?
Joe Cassano’s Testimony
In November 2007, it became apparent that AIG-FP’s accounting losses would be substantial and would require a change to our compensation structure to ensure that employees stayed with the company to help it address the issues surrounding the AIG-FP portfolio, but also would not be immune to AIG-FP’s losses if they were actually realized. I had several discussions with my superiors at AIG about this change, emphasizing the need to recognize the accounting losses while also noting the importance of keeping our employees together during this critical time. For that reason, I suggested that AIG-FP adopt a special-incentive plan (”SIP”), which would place any compensation in excess of a set amount in a special deferred-compensation account. The funds in that account would remain subject to AIG-FP’s business performance and the risk of realization of the accounting losses.
Charles, in an “undisclosed location,” reporting: Continue reading »
As you may have heard, the Financial Crisis Inquiry Commission is none too pleased with Goldman Sachs. First, the bank didn’t turn over requested documents as quickly as Chairman Phil Angelides and his wingman, vice-Chair Bill Thomas asked for them. Then the slippery little devils dumped twenty million pages on the commission’s asses. Somewhere in that pile of crap is probably the information the FCIC is looking for but Christ on a crutch it’ll be Labor Day before they get through the damn thing! I mean really! Some of us wanted to wrap this up and have that den of sin shut down before the Fourth. You know, so they could enjoy the long weekend without it hanging over their heads. But you know what? No, it’s cool. No one’s gonna get angry here because Goldman Sachs actually did Angelides and Thomas a favor. Because this little stalling tactic can only mean one thing. Continue reading »
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