“This administration will side with those who want fundamental change. It is not tenable to leave in place the system we have today. We will not support returning Fannie and Freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support.”
“I did not expect actual, economic losses on the portfolio. That said, I was truthful at all times about the unrealized accounting losses and did my very best to estimate them accurately, in consultation with others at AIG-FP, as well as with my supervisors, AIG’s senior accounting staff, and its internal and external auditors.”
~ Joe Cassano, in his prepared testimony before the Financial Crisis Inquiry Commission
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