Who says crime doesn't pay?

Insure every financial asset in the world against an economic downturn…

$500 BILLION

Trigger global financial collapse and endless taxpayer bailouts?…

UNTOLD TRILLIONS

“Earn” $280 mil plus $1 mil/month consulting contract…

PRICELESS

ABC News reports:

Ground zero for AIG’s spectacular implosion, which has soaked up more federal bailout money than any other entity, appears to have been a small London branch office that may have lost nearly half a trillion dollars in bad deals.

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 [Joseph Cassano] retired after making $280 million for himself and leaving with a $1 million-a-month consulting contract…

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.

Posted by James on Tuesday, March 10, 2009