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“They Didn`t Lose One Dollar”

“It is hard for us, without being flippant, to even see a scenario within any kind of realm of reason, that would see us losing one dollar in any of these (credit default swap) transactions”.

Quote by: Joseph J. Cassano (Financial Product Head of AIG in 2007)
Quote made on: 2007
Quote Submitted by: Bradley Woolf
Source: www.fiscaltimes.com

Editor's Notes

Well, they didn`t lose ONE dollar. AIG did, however, need to tap the American taxpayer for $182 billion the following year in order to save the U.S.A.`s largest insurance company from bankruptcy caused largely by credit default transactions.

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Published on: March 14, 2012

Category – USA Predictions and Gaffes
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What you as the City of London have done for financial services, we as a government aim to do for the economy as a whole.

Gordon Brown - 2002

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