Joseph Cassano net worth Wiki, Height, Biography, Wife, Children And Early Life
Joseph Cassano net worth
Joseph Cassano Net Worth: Joseph Cassano is an American insurance executive with a net worth of $200 million. Joseph Cassano was born in March 1955. Cassano is a graduate of Brooklyn College and served as Drexel Burnham Lambert. He is considered one of the main players in the financial crisis of the late 2000s.
Cassano has been described by author Matt Taibee as “patient zero of the global economic collapse”. Cassano started at AIG in 1987 as Chief Financial Officer. He became head of the Transformation Development Group in 1994. In 1998, he accepted JP Morgan’s proposal to package credit default swaps for broad index guaranteed trust products. He sold hundreds of billions of dollars in CDS without providing any collateral. At AIG, Cassano made $315 million, including $280 million in cash and $34 in bonuses. After taxpayers had to give AIG $85 billion, he was still receiving millions in monthly payments as of September 2008. Regulators are investigating Cassano’s dealings. In 2009, he was linked to an email that solicited AIG executives for donations to Senator Chris Dodd’s campaign. Cassano resigned from AIG Financial Products in February 2008.