Joseph Cassano's Net Worth
Joseph Cassano, a renowned American insurance executive, boasts a net worth of $200 million. Born in March 1955, Cassano graduated from Brooklyn College and worked at Drexel Burnham Lambert. He is famously known for his significant role in the financial crisis of the late 2000s. Celebrated writer Matt Taibbi even referred to him as the "Patient zero of the global economic meltdown."
Career at AIG
Joseph Cassano commenced his career at American International Group (AIG) in 1987, where he served as the Chief Financial Officer. By 1994, he assumed the role of head of the Transition Development Group. A notable milestone in his career came in 1998 when he accepted a proposal from J.P. Morgan to package credit default swaps on Broad Index Secured Trust Offering. Cassano managed to sell credit default swaps (CDSs) valued in the hundreds of billions without any collateral.
Financial Gains and Controversies
During his tenure at AIG, Joseph Cassano earned a substantial income of $315 million, which included $280 million in cash and $34 million in bonuses. Even as of September 2008, he continued to receive monthly payments of one million dollars, despite AIG requiring an $85 billion taxpayer bailout. Regulatory bodies scrutinized Cassano's dealings, and in 2009, he was implicated in emails that suggested soliciting contributions from AIG executives for Senator Chris Dodd's campaign.
Resignation and Legacy
Cassano resigned from AIG Financial Products in February 2008. His actions and decisions have left an indelible mark on the financial industry, earning him a controversial yet significant place in history.
