(CBS) As recently as 2007, a discreet office in the heart of London made a vast fortune for insurance giant AIG.The man who ran it, 54-year-old American Joseph Cassano, and his team at AIG Financial Products were selling a financial instrument called credit default swaps.
In simplest terms, reports CBS News correspondent Elizabeth Palmer, Cassano and AIG Financial Services sold big banks and brokerage firms insurance against their investments dropping in value.
Now he — and those deals — are being blamed for AIG’s collapse.
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