Well, a small piece of good news from ABC:
The FBI and federal prosecutors are reportedly closing in on the AIG executive whose suspect investments cost the insurance giant hundreds of billions of dollars. The government is investigating whether or not 54-year old Brooklyn-native Joseph Cassano committed criminal fraud in virtually bankrupting the company
Not as exciting as Machine gun Kelly and shoot outs from the 1930's, instead assuredly the FBI and others are pouring over spread sheets, bank accounts, wire transfers and internal memos, but the idea of kidnapping an entire industry instead of a family is far more devestating!
Here's the real scam:
Cassano Kept Transactions Out of Sight of Regulators
An ABC News investigation found that Cassano set up some dozens of separate companies, some off-shore, to handle the transactions, effectively keeping them off the books of AIG and out of sight of regulators in the U.S. and the United Kingdom.
"This is the other very important issue underneath the AIG scandal," said Blum. "All of these contracts were moved offshore for the express purpose of getting out from under regulation and tax evasion."
Problem is, as far as I am aware, all of this activity was committed in the UK, assuming under Great Britain jurisdiction and law. Nice huh? Of course the United Kingdom probably has extradition rules with the United States, but still every case is different. Kind of like when some company uses offshore outsourcing and those people steal your identity.