"And even AIG's own employees warned the company that it had no way of knowing how much risk it was exposed to. In a letter (PDF) to the committee, Joseph St. Denis, the firm's former vice president for accounting policy in AIG's Financial Products division, accused AIG executives of stymieing his attempts to make sure the company was properly reporting the liabilities stemming from its involvement in risky financial products, including the $62 billion credit derivative swap (CDS) market. St. Denis, who worked as a Securities and Exchange Commission (SEC) enforcement official before joining AIG, said Joseph Cassano, the head of the division, 'took actions that I believed were intended to prevent me from performing the job duties for which I was hired.'"
We saw the same pattern with Enron and WorldNet. Greed seems pervasive.
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