Joseph Cassano, head of the AIG Financial Products unit: “It is hard for us, without being flippant, to even see a scenario within any kind of rhyme or reason that would see us losing one dollar in any of those transactions.” Cassano racked up billions of losses while assuring investors it was nearly impossible for his unit to lose.
Before he was finally fired last March, Cassano pocketed $280 million in cash and an additional $34 million in bonuses. Under a “retirement” agreement marked “confidential,” Cassano also got a $1 million-a-month “consulting fee.” AIG subsequently cut off these payments, but Cassano still walked away with more than $315 million while the company staggered under $440 billion in liabilities. Taxpayers had to pour in $170 billion in bailout money. Full story. Also, the 10 most-overpaid CEOs.
