Effective or not, bailouts somehow seem unjust. Why use taxpayer money to save the companies that actually caused the meltdown, the banks that made the reckless loans, and insurance companies that wrote too many credit- default swaps? More broadly, why save the state and local governments that offered overly generous pensions? Or auto companies too fat and lazy to match foreign competitors? They deserve to suffer the consequences of their behavior.
New York Attorney General Andrew Cuomo reopened his probe of former American International Group Inc. executive Joseph Cassano after federal authorities closed theirs, according to a person familiar with the matter.
Federal prosecutors won’t bring charges against former American International Group Inc. executive Joseph Cassano related to the insurer’s collapse, according to a person familiar with the investigation.
Lehman Brothers Holdings Inc. sued JPMorgan Chase & Co. to recover tens of billions of dollars in “lost value,” accusing the bank of precipitating its downfall and preventing it from winding down in an orderly fashion.