Boss of London unit that caused AIG’s problems cleared
The Securities and Exchange Commission (SEC) has dropped its investigation into Joseph Cassano, former head of AIG Financial Products in London, Reuters reports.
Cassano is no longer the target of the SEC’s probe, according to a statement from his lawyers, F Joseph Warin and Jim Walden of Gibson, Dunn & Crutcher. Last month, the Department of Justice dropped its criminal probe of Mr Cassano’s activities.
Relief
“We are pleased that the Commission, like DoJ, has decided to close its inquiry, which is completely appropriate in light of the facts”, the statement said.
“The Commission staff demonstrated the utmost professionalism in this matter. We think they realized that our client acted in good faith, kept his superiors informed, and was honest with investors.”
The SEC has also dropped its probe of Andrew Foster, who worked for Cassano at AIG’s FP unit.
AIG pleased
AIG said: “We welcome the SEC’s decision and we continue to cooperate with other authorities on their assessment of these events as we focus on strengthening our businesses and repaying America’s taxpayers.”
The SEC had no comment.
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