“[Cassano] even went so far as to claim that he might have been able to help minimize the government’s bailout of AIG. Part of the money spent to save the company was funneled to more than a dozen banks that had taken out insurance contracts against AIG defaulting on its debt. “I think I would have negotiated a much better deal for taxpayers,” said Cassano, who left the company in March 2008 after the insurer reported more than $11 billion in losses within his division for the fourth quarter of 2007.” [CNN Money]
Joe Cassano
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.
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