US prosecutors determining the causes for the collapse of
are scrutinising whether Joseph Cassano, former head of its London-based
financial products division, may have misled investors over the derivatives
investments which brought the insurance giant down.
Cassano, named one of CNN’s ’10 Most Wanted’ culprits of the crisis, was
reportedly in a fierce internal battle with auditors and trading partners about
the value of its credit default swaps, The Independent reports.
However, at the same time last December, he told an investor conference he
did not expect the CDS positions to generate losses, and that even the
writedowns so far would be recouped.
Cassano’s lawyer said the executive did not act unlawfully and was
co-operating with investigators.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies