Ex-AIG exec says he was truthful about losses

— A former top executive of American International Group Inc. says he told the truth about the company’s losses while defending its compensation plan.

Joseph Cassano, who led AIG’s key Financial Products division, is expected to tell a special panel Wednesday that he did “my very best” to estimate the losses accurately ahead of the financial crisis, according to prepared testimony. AIG received $182 billion in federal bailout money.

Cassano and other executives of AIG and Goldman Sachs Group Inc. are appearing before the Financial Crisis Inquiry Commission, a bipartisan panel created by Congress to examine issues surrounding the crisis.

The hearing focuses on derivatives, the complex instruments at the heart of the meltdown.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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