ABC: FBI & Prosecutors "Closing In" on AIG’s Cassano

I have no idea what "closing in" means when you know someone’s name and where they live and what they did, but ABC News has a story out saying that the Feds are closing in on AIG Financial Products’ ex-honcho Joe Cassano. Maybe that means they have found good parking somewhere near his house in The City.

The FBI and federal prosecutors are reportedly closing in on the AIG executive whose suspect investments cost the insurance giant hundreds of billions of dollars. The government is investigating whether or not 54-year old Brooklyn-native Joseph Cassano committed criminal fraud in virtually bankrupting the company.

"He almost single-handedly is responsible for bringing AIG down and by reference the economy of this country," said Rep. Jackie Speier (D-Ca.)

Cassano, who lives in London, made more than $300 million running the infamous Financial Products Division of AIG where he, with about a dozen others, committed AIG to insure what turned out to be more than a trillion dollars worth of junk quality loans held by banks.

"He is the golden boy of the casino," said Rep. Speier. "They basically took peoples’ hard earned money and threw it away, gambled it and lost everything. And he must be held accountable for the fraud, for the dereliction of his duty, and for the havoc that he’s wrought on America."

When approached by ABC News outside of his London home Cassano said he did not walk to talk about the allegations against him.

More here.

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