Tuesday, March 31, 2009

Let the Show Trials Begin

A scapegoat has been found. NyPo reports:

A former AIG executive could be brought up on federal fraud charges for his role in precipitating the global economic crisis, according to published reports.

FBI investigators and federal prosecutors are eyeing Joseph Cassano, 54, whose shady investments cost the insurance giant hundreds of billions of dollars, according to ABC News.

Cassano, who grew up in Brooklyn and now lives in London, earned upwards of $300 million running the company's now-infamous Financial Products division. That department insured what have since become more than a trillion dollars in virtually worthless bank loans.

"He almost single-handedly is responsible for bringing AIG down, and by reference the economy of this country," said Rep. Jackie Speier (D-Calif.) told ABC.

Prosecutors are still trying to determine if Cassano's actions are criminal.
While the real criminals get away:

There is no way that Cassano is in the same league as Ben Bernanke, and his forerunner Alan Greenspan, when it comes to "precipitating the global economic crisis." Not even the crook Henry Paulson matches up to Bernanke and Greenspan. Casssano. a criminal? Give me a break. Stupid maybe, criminal no.

This crisis was caused by Federal Reserve manipulation of the money supply creating the boom and bust business cycle, pure and simple. Last I looked, Cassano didn't have a printng press.

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