Complexity and scribbled notes rip apart inquiries into AIG's Cassano

07/23/2010 | Wall Street Journal, The

The Justice Department and the Securities and Exchange Commission each looked into whether Joseph Cassano, who led the derivatives unit that took American International Group to the brink of collapse, misled auditors and investors about the company's losses related to credit default swaps. Both investigations were closed without charges being brought against Cassano. The investigations faced challenges including their complexity and scribbled notes made by an auditor on a spreadsheet.

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