Behold AIG's Narcissism
From today's FCIC hearing with Joe Cassano, who ran AIG's derivatives unit prior to meltdown:
Commissioner Peter Walliston: Did you make any errors?
Cassano: When I think about the single error that may have been made by me I think how when I retired I didn't volunteer to be the chief clear, chief negotigator for the collateral calls. You need to use all avaiable rights by you. I believe I would have been able to negotiate substantial discounts on the collateral calls and enable the company to preserve that cash. Even in September, I could have gone to the counterparties and negotiated and prevent the taxpayer from spending $40 billion. I would have negotiated a much better deal for the taxpayers than what the taxpayers got."
Granted, he's kind of right. Tim Geithner and Hank Paulson should have negotiated a better deal. But Cassano -- who is inarguably responsible for leading AIG off a cliff -- appears to think AIG's biggest flaw was life after Him. That's incredible.