AIG's 10(b) 5 Fraud, And Goldman's CDO Collateral Calls
Recently uncovered critical documents disclosing details about AIG's CDO portfolio and collateral calls, indicate that during a December 5th conference call with Investors, Joe Cassano, famous for singlehandedly destroying capitalism and forcing most financial companies to be subsidized by US taxpayers in perpetuity, as well as then CEO Martin Sullivan, effectively commited 10(b) 5 fraud by misrepresenting internal conditions.
The collateral disclosure, courtesy of
CBS News, which comes from an email sent by Joseph Cassano to Bill Dooley on November 27, a week before the fateful "all is good" conference call, identifies $66.7 Billion in CDO Negative basis trades with 9 counterparties, most of which demand collateral to cover mark discrepancies amounting to a total of just over $4 billion.
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