Almost two years after AIG fell into the crapper, federal prosecutors have decided not to bring charges against the former head of its financial-products division, Joseph Cassano. “This result was the product of two things: An innocent client and fair prosecutors and agents. The system worked,” a statement from his lawyer said. Another AIG executive, Andrew Forster, was cleared as well, but the firm itself isn’t quite out of the woods. The SEC is still looking into the financial-products division and could bring a civil securities-fraud case. [NYT, AP]
We apologize, and will immediately start a thorough review of our exhibit policies and procedures so that this does not happen again.