Age, Biography and Wiki

Joseph Cassano was born on 12 March, 1955 in Brooklyn, New York, United States, is a Joseph J. Joe" Cassano is American insurance. Discover Joseph Cassano's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 69 years old?

Popular As N/A
Occupation N/A
Age 69 years old
Zodiac Sign Pisces
Born 12 March 1955
Birthday 12 March
Birthplace Brooklyn, New York, United States
Nationality United States

We recommend you to check the complete list of Famous People born on 12 March. He is a member of famous with the age 69 years old group.

Joseph Cassano Height, Weight & Measurements

At 69 years old, Joseph Cassano height not available right now. We will update Joseph Cassano's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.

Physical Status
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Dating & Relationship status

He is currently single. He is not dating anyone. We don't have much information about He's past relationship and any previous engaged. According to our Database, He has no children.

Family
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Joseph Cassano Net Worth

His net worth has been growing significantly in 2023-2024. So, how much is Joseph Cassano worth at the age of 69 years old? Joseph Cassano’s income source is mostly from being a successful . He is from United States. We have estimated Joseph Cassano's net worth, money, salary, income, and assets.

Net Worth in 2024 $1 Million - $5 Million
Salary in 2024 Under Review
Net Worth in 2023 Pending
Salary in 2023 Under Review
House Not Available
Cars Not Available
Source of Income

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Timeline

1955

Joseph J. "Joe" Cassano (born 12 March 1955) is an American insurance executive who was an officer at AIG Financial Products from the division's founding in 1987 until his resignation in February 2008.

1977

He earned a political science degree from Brooklyn College in 1977.

He worked in the back office at investment bank Drexel Burnham Lambert during their junk bond phase.

1987

In 1987, AIG hired Cassano as one of the first ten people in the Financial Products unit, as Chief Financial Officer.

During his career at AIGFP from 1987 until he was forced to retire in March 2008, Cassano received $315 million: $280 million in cash and an additional $34 million in bonuses.

An initial $1 million-a-month consulting fee was later canceled.

1994

In 1994, Thomas R. Savage appointed Cassano as head of the Transaction Development Group.

1998

Cassano accepted the 1998 proposal by J.P. Morgan to package credit default Swaps (CDS) on Broad Index Secured Trust Offering (nicknamed Bistros).

Cassano considered these collateralized debt obligations a key event: "It was a watershed event in 1998 when J.P. Morgan came to us, who were somebody we worked with a great deal, and asked us to participate."

2000

Cassano sold hundreds of billions of credit protection in the form of CDSs without having to put up any real money as collateral as this form of insurance had been deregulated with the Phil Gramm-sponsored Commodity Futures Modernization Act of 2000, signed by Bill Clinton.

2007

Cassano is considered a key figure in the financial crisis of 2007–2008.

His employees characterized him as a "bully", and said that the culture of fear helped to create the downfall of AIG, as Cassano would often yell at employees who tried to warn him about the dangers of subprime bonds.

AIG later suffered a $99 billion loss and got bailed out by the U.S. government.

Political writer Matt Taibbi nicknamed him "Patient Zero of the global economic meltdown."

When, in the financial crisis of 2007–2008, investment banks requested insurance money for their collapsing derivatives, AIG was unable to deliver and received a bail-out from the taxpayers.

Just one year earlier while discussing the company's CDS portfolio with analysts, he said "It is hard for us, and without being flippant, to even see a scenario within any realm of reason that would see us losing $1 in any of those transactions."

2008

According to Matt Taibbi: In fact, Cassano remained on the payroll and kept collecting his monthly million through the end of September 2008, even after taxpayers had been forced to hand AIG $85 billion to patch up his mistakes.

When asked in October why the company still retained Cassano at his $1 million-a-month rate despite his role in the probable downfall of Western civilization, CEO Martin Sullivan told Congress with a straight face that AIG wanted to "retain the 20-year knowledge that Mr. Cassano had."

(Cassano, who is apparently hiding out in his lavish town house near Harrods in London, could not be reached for comment.)

In the wake of the scandal, United States regulators and the United Kingdom Serious Fraud Office began investigating Cassano's dealings to determine whether they were just excessive and risky, or criminal.

2009

In March 2009 Cassano was linked to e-mails he authored in 2006 which solicited contributions from AIG executives for Dodd's campaign due to Dodd's position as incoming chairman of the Senate Banking Committee.

Cassano grew up in Brooklyn, New York, where his father was a policeman.

2010

A two-year investigation by the U.S. Department of Justice ended in May 2010 with no criminal charges brought against Cassano, who was represented by lawyers Jim Walden and F. Joseph Warin of Gibson, Dunn & Crutcher.

Cassano was a political contributor to the campaigns of Democratic Senators Chris Dodd and Barack Obama and the Republican Representative Nancy L. Johnson.