DOJ’s Pelletier To AIG: “We’re Not Done.”

DOJ Fraud Section Principal Deputy Chief Paul Pelletier took a page from Karen and Richard Carpenter after yesterday’s guilty verdicts against former Gen Re and AIG executives, telling reporters, in effect, “We’ve Only Just Begun.” The trial was notable in a number of respects: spotty and superficial news coverage, the inclusion of the high-ranking Pelletier on the trial team, and the naming of the current and former AIG CEOs as unindicted co-conspirators. “The investigation continues,” Pelletier said. “We’ve got a lot of work to do to work up the ladder.” This is the kind of tough, classic, old-fashioned prosecutor-speak we haven’t heard in a long time, sending a clear message to the just-convicted defendants and to AIG itself. Not surprisingly, it comes out of the Fraud Section, the most aggressive, mad-dog white-collar unit within all of DOJ. Today’s WSJ($$) has an excellent story on the trial, the verdict and the larger implications.