No Criminal Charges Against AIG Execs

[Joanne98]

Hhhm, are investigations disappearing into the night just like FDIC resolutions, Friday night massacres so as not to upset the great unwashed public?

Joe Cassano, head of AIG’s Financial Products Group and individual most responsible for the insurer’s collapse, will not be prosecuted. Per the Wall Street Journal:

Federal prosecutors will not bring criminal charges against current and former American International Group Inc. executives for their role surrounding financial contracts that nearly brought down the insurer about two years ago

Yves here. Now how could this possibly have come to pass? Wellie, if you rope your advisors like your accounting firm into signing off on your stupid or possibly even criminal behavior, then you get off scot free:

But after a series of meetings with the targets of their probe, prosecutors obtained information about Mr. Cassano’s disclosures to AIG senior executives and AIG’s outside auditor, PricewaterhouseCoopers LLP. That changed the course of the investigation, these people said.

Yves here. Now why hasn’t the bright spotlight been turned on PwC? They are too big too fail. Now that there are only four accounting firms deemed capable of auditing Fortune 500 companies, no one in the officialdom is about to launch an action against them that might lead to their demise, no matter how well deserved it might be. Francine McKenna has written at considerable length about the fact that PwC was auditor to both Goldman and AIG, and was clearly signing off on valuations of the SAME instruments at DIFFERENT prices at each firm:

http://www.nakedcapitalism.com/2010/05/no-criminal-charges-against-aig-execs.html

[indepat]

1. How special: it doesn't get much better than this

:grr:

[bvar22]

2. If very rich white people do it....

..its NOT against the law.
.
.
But you have to be really rich.
Martha Stewart rich is not rich enough.

[clarence swinney]

3. FRAUD

when you cover a $4,000 bet with only $100 in your pocket it is fraud
A simple analogy but correct.

How can they get by?

Goldman let Paulson pick out Toxic Mortgages.
Turned into Securities for suckers.
Goldman and Paulson made money with Bets against them?????

Fraud Fraud No doubt. Punish.

How Wall Streeters are in charge of all our Federal Finances.

Kill Wall Street Choke it.

Force back to raising money to build and expand businesses and jobs not big time Gambling.

Stop this boat I want off.Prosecute.

180B for AIG would cover all state shortages.

What is wrong with us to allow this nonsense.