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AIG, the nationalized insurance conglomerate, was the focus of a CBS Investigation by Armen Keteyian. His sources told him that Justice Department criminal investigators are zeroing in on AIG's Financial Products subsidiary. In the crosshairs for prosecution are Joseph Cassano, the former head of the AIGFP office in London; Andrew Forster, its Executive Vice-President; and Thomas Althan its Managing Director. Their suspected crime is lying in financial statements. The evidence is estimates of expected losses at the end of 2007 of between $352m and $550m; by February 2008 they turned out to be $11.5bn.
Cassano and Forster refused to comment to CBS. Althan's lawyer told Keteyian that "his client arrived at AIGFP after it sustained substantial losses and was working to help minimize the continuing risk."
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