Former head of AIG’s derivatives unit is unapologetic about his role in firm’s meltdown

Former head of AIG’s derivatives unit is unapologetic about his role in firm’s meltdown

The man who led American International Group Inc.’s derivatives unit insisted that despite his company’s meltdown – and acceptance of billions of dollars in taxpayer aid – it wasn’t engaged in risky business.

“We never diluted our underwriting standards at any time,” said Joseph Cassano, former chief executive of AIG Financial Products.

Cassano testified Wednesday before the Financial Crisis Inquiry Commission, which is tasked with determining the causes of the near- collapse of the nation’s financial system.

Cassano, who was unapologetic about his role in AIG’s downfall, said his greatest regret about his time at the company was not sticking around longer.

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