NU Online News Service, June 30, 3:45 p.m. EDT
The former chief executive officer of the American International Group Financial Products Division said that the collateralized debt obligations (CDO) that undermined the company's financial foundations should not have caused the losses they did.
In written testimony before the Financial Crisis Inquiry Commission, Joseph J. Cassano, former CEO of AIG Financial Products (AIG-FP), said that the CDOs that the company wrote credit-default swaps (CDS) on were thoroughly reviewed and analyzed.
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