Notorious AIG Executive’s Home Is Disappointingly Modest


Joe Cassano, the former AIG financial-products head who has been called the person most responsible for bringing the insurance company to the brink of collapse, has returned to his home in Westport, Connecticut, from London, where he had been living while working for AIG. Reuters drove over to check out his digs, and found them somewhat disappointing, especially compared to his his "posh" home in the U.K.

The home, which the bespectacled Mr. Cassano bought in 1993 for about US$750,000, according to real estate records, is most notable for how modest it is compared with some of the far grander houses nearby. The records show it only has two bedrooms, although it does have four bathrooms, an in-ground pool, a bathhouse and two fireplaces.

Instead of the flashy BMWs that dot the driveways in the town, which is part of an area known as the "Gold Coast" because of the area's prosperity and concentration of hedge funds, the couple still make do with the his-and-her Jeep Cherokees they bought 12 years ago and which are parked out front.

We can't say we blame them; having traveled all that way, we'd be disappointed, too. The guy made $300 million while working in financial products! Where are the marble statues with his face carved into them, the hedgerows carefully sculpted into the shape of dollar bills, the gold fountains filled with live mermaids? What kind of story is this? What is the Working Families Party supposed to get outraged about here? Jeep Cherokees? This will not do at all.

Former AIG executive slips back into U.S. as probes continue [Reuters]