Joseph Cassano Net Worth
Joseph Cassano Net Worth: Joseph Cassano is an American insurance executive who has a net worth of $200 million. Joseph Cassano was born in March 1955. Cassano graduated from Brooklyn College and worked as Drexel Burnham Lambert. He is considered one of the major players in the financial crisis of the late 2000s. Cassano was described as "Patient zero of the global economic meltdown" by writer Matt Taibbi. Cassano started working at AIG in 1987 and he served as Chief Financial Officer. He became head of the Transition Development Group in 1994. In 1998 he accepted a proposal by J.P. Morgan to package credit default swaps on Broad Index Secured Trust Offering. He sold CDSs in the hundreds of billions without putting up any collateral. While with AIG Cassano made $315 million including $280 million in cash and $34 in bonuses. As of September 2008 he was still receiving monthly million dollar payments after the taxpayers had to give AIG $85 billion. Regulators were investigations Cassano's dealings. In 2009 he was linked to e-mails that solicited contributions from AIG executives for Senator Chris Dodd's campaign. Cassano resigned from AIG Financial Products in February 2008.