AIG-FP: Criminal Or Just Stupid?

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Apparently the Justice Department is now hot on the trail for answers. Good for them! Not so good for Joseph Cassano, Andrew Forster (an executive vice president), and Thomas Athan (a managing director). Or possibly no big deal. Apparently the "investigation" consists of "looking at email traffic to try and see who was saying what to whom," and if Team AIG-FP wasn't in fact just a bunch of morons, perhaps they were careful about what they put in writing. But who knows. Obviously they could be criminals and dumb asses, and it's unlikely they had an insane boss who cleaned the office in the buff and "decreed that e-mails would no longer be stored electronically," though that'd add a delightful twist to this story.

CBS News has learned investigators are honing in on statements like one in a September 30, 2007, quarterly report, where potential accounting losses tied to its Cassano's unit, known as AIGFP, were $352 million. And the company said it was "highly unlikely..{it} will be required to make payments." To clients, it was an indication the company was saying it was healthier than it actually was.
Also under scrutiny is a November 7 press release where AIGFP upped that potential accounting loss to $550 million.

Earlier: Retirement Agreeing With Joe Cassano

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