Cassano Blames Bailout For AIG Derivative Losses

Law360, New York (June 30, 2010, 12:27 PM EDT) -- In his first public testimony since his former employer's collapse, Joseph Cassano, ex-CEO of American International Group Inc.'s financial products unit, said Wednesday that AIG's massive losses on its credit default swap portfolio would have been far less had the government not stepped in to unwind the trades.

Cassano took a defiant tone in his testimony before the Financial Crisis Inquiry Commission on the role derivatives played in the recent economic crisis, standing firmly behind the decisions he made about the risk management and valuation strategies...
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