Thursday, September 18, 2014
Inquirer Daily News

Will ex-AIG bosses go to prison?

Grand jury to review AIG Financial Products leaders' role in collapse

Will ex-AIG bosses go to prison?

Hey everyone who's been asking whether anyone's going to prison for wrecking the financial system: 

The Wall Street Journal says prosecutors in Brooklyn are gathering a grand jury to review whether American International Group Financial Products' top trader (and, we hope, the folks he reported to):

A)  lied about the true and alarming low value of the questionable financial arrangements his firm made with most of Wall Street and large chunks of corporate America; or

B) was just unlucky in mispricing contracts and sparking the massive government intervention that drained taxpayers and helped blow up the credit and equity markets, grinding business to a halt and throwing millions out of work? 

Story here.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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