How to lose 500 billions and still make 280 millions for yourself?
http://abcnews.go.com/Business/story?id=7045889&page=1
Feds, Brits Probe AIG's London Office on $500B Losses
"The disastrous deals were built up in a decade and, when the crisis hit, the man who ran the unit for the last eight years retired after making $280 million for himself and leaving with a $1 million-a-month consulting contract.
Joseph Cassano, an American who ran the group for eight years, declined through his lawyer to talk with ABC News. But ABC News obtained a tape of Cassano from August 2007 telling investors just how confident he was.
"It is hard for us with, and without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactions," Cassano bragged.
Koenig said Cassano "had total confidence in his judgment. And he put no money against the fact that he might be wrong."
..and for retirement:
"In addition, according to Cassano's signed retirement agreement obtained by ABC News, he was to be paid $1 million a month by AIG for "consulting services" through the end of last year."
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