How to lose 500 billions...

Discussion in 'Professional Trading' started by Pekelo, Mar 11, 2009.

  1. Pekelo


    ...and still make 280 millions for yourself?:

    Feds, Brits Probe AIG's London Office on $500B Losses

    "The disastrous deals were built up in a decade and, when the crisis hit, the man who ran the unit for the last eight years retired after making $280 million for himself and leaving with a $1 million-a-month consulting contract.

    Joseph Cassano, an American who ran the group for eight years, declined through his lawyer to talk with ABC News. But ABC News obtained a tape of Cassano from August 2007 telling investors just how confident he was.

    "It is hard for us with, and without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactions," Cassano bragged.

    Koenig said Cassano "had total confidence in his judgment. And he put no money against the fact that he might be wrong."

    ..and for retirement:

    "In addition, according to Cassano's signed retirement agreement obtained by ABC News, he was to be paid $1 million a month by AIG for "consulting services" through the end of last year."
  2. I don't think this board likes stories like this. If you want to get the most views you need to rail on how the credit crisis is Obama's fault and the reason people don't have confidence in the markets is because Obama will destroy wealth. Nevermind that there a probably thousands of this guy on a lesser scale in the financial services industry
  3. Are you one of Nobama's ACORN loving supporters living off government entitlement programs?
  4. Humpy


    There seems to be little fear of the law in the USA or are these

    crooks just ones off ?

    In some parts of the world it would be a very public execution

    well something needs to be done about all these crooks demolishing The West !!

    and the present setup isn't deterring enough really big crooks
  5. For the record, one can only lose 500 billion, not billions.