The Big Bucks


Let’s go


back to Joe Cassano, former chieftain of AIG Financial Products.

As noted earlier, there is a good deal of evidence that Cassano was trying to keep his division’s book off-limits to AIG’s in-house and outside accountants and auditors going back at least several years. Here is our first draft run-down of evidence that points to a systematic effort to keep AIGFP’s books under seal and provide misleading or false information about the Financial Products’ division’s health.

He was forcibly retired in March of 2008, but kept on a $1 million per month retainer and allowed to keep living in the AIG-paid for apartment in London. It was only in September 2008 that Rep. Henry Waxman flipped out when he heard that the guy who blew up AIG and put taxpayers on the line for tens or hundreds of billions of dollars was still getting a $1 million a month retainer. That’s when they killed the retainer too.

But take a look at the ‘retirement’ agreement Cassano signed with AIG back in March of last year.


Josh Marshall is editor and publisher of