Praise Jesus! No Criminal charges for AIG executives.

[Levi Jones]

In a story sure to warm your cockles, no criminal charges will be filed against Joseph Cassano or anyone else at AIG.

Just to think, in godless China they execute people for things like practicing capitalism.

Cassano Walks: No Criminal Charges Against AIG Bigs


No criminal charges will be filed against Joseph Cassano or anyone else at AIG, lawyers have announced. At first blush, this sounds outrageous--yet more failure to punish those responsible for the financial crisis--but in at least one important respect, it's very good news.
Criminal charges against Cassano and other AIGers would have been greeted with near-unanimous applause, no matter how flimsy the case. Prosecutors who brought the charges would have been acclaimed for their toughness and heroism--and, even if the case eventually failed, would long since have moved on to the more lucrative side of the business (defense). Politicians would have cheered the toughness of the new regulatory regime. The public would have felt that in some small measure, justice would have been done. And so on.
So why is it good news that charges weren't filed?

[Rev. Jim Osborne]

Re: Praise Jesus! No Criminal charges for AIG executives.

Fortunately, common sense prevailed and the feds realized there was no crime to speak of. What people are mad about is AIG made some risky, bonehead manuevers and lost money. But, how is that a crime?

Cassano & Co. gambled so recklessly that they destroyed their entire firm and forced taxpayers to step in with a ~$150 billion bailout. They also got paid hundreds of millions of dollars to do this--because AIG's incompetent management and board of directors applauded their every move.

Taking risks with other people's money should NOT be against the law. I bet if the opposite happened -- if those crazy risks they took worked out after all and a huge cash windfall happened -- investors and the public wouldn't have minded. In fact, they would be hailed as business heroes!