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« 'And a Little Unknown Agency Shall Lead Them': ... | Main | BP, Calculating "Good Faith" Offsets, Figures $30 Billion in Liabilities ... »

August 02, 2010

Good Faith Takes On a New Meaning.

   Upon the occasion of the "Settle Every Claim" SEC closing its investigation of Mr. Joseph Cassano, Mr. Cassano's lawyers issued a statement:

   We think they realized that our client acted in good faith, kept his superiors informed, and was honest with investors.

Gibson, Dunn & Crutcher LLP Statement of June 16, 2010 quoted by KarenFreifeld, "Cuomo Reopens Probe of AIG's Cassano After U.S. Ends Its Case" (Bloomberg.com, Friday, July 23, 2010).  [Emphasis added.]

   Mr. Cassano headed American International Group's defunct Financial Products Unit until March, 2008, in which capacity he was in charge of making "derivative bets on subprime loans that forced A.I.G. into a U.S. bailout."  Id.

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Posted by on August 02, 2010 at 05:58 AM in Bad Faith, Credit Default Swaps, Credit Insurance, Current Affairs, Market Performance |

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