The federal probe into the circumstances that triggered the near-collapse of AIG in 2008 has “hit a brick wall,” unnamed sources have told CBS News.
Joseph Cassano, the AIG exec at the center of the probe, will sit down next week with DOJ lawyers, in what will likely bring an end to the investigation. Cassano is former head of AIG Financial Products, the unit of the company responsible for the disastrous credit-default swaps that led to the firm being bailed out to the tune of $180 billion.
As we reported last year, investigators have been considering whether Cassano or other AIG execs deliberately misled investors about how much it stood to lose from the swaps.
A congressional committee also has been conducting an ongoing probe into that question.
Cassano’s lawyer, Joseph Warin of Gibson, Dunn, did not immediately respond to a request for comment from TPMmuckraker.