Breaking: FBI launches fraud investigation of Fannie, Freddie, Lehman, and AIG

Just broke on CNN.

and it becomes a fully owned subsidiary of the Republican Culture of Corruption.

FBI investigating companies at heart of meltdown

By LARA JAKES JORDAN – 21 minutes ago

WASHINGTON (AP) — The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration.

Two law enforcement officials said the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc.

A senior law enforcement official says the inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them.

Officials say the new inquiries brings the number of corporate lenders under investigation over the last year to 26.

http://ap.google.com/article/ALeqM5gCoFFAAVoRoOM6HXGudGtpjfjcpwD93CNHL80

Some poor low level schmuck will go to jail. Mukasey isn't going to do anything substantive.

:grr:

MUST

Fannie , Freddie, Lenman & AIG are just the first ones to get caught. Pay attention to the man behind the curtain.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4068923

He's a good guy, so I hope nothing's wrong with Goldman Sachs, plus he doesn't make investment mistakes. I can't imagine he'd invest that kind of lettuce without knowing exactly what he was doing.

I wonder how this will play out.

Is it possible that it was Cox from the SEC and that is why McCain wants to fire him?

:shrug:






edited for clarity

Being a teacher, I notice every time someone declares they're being ripped off by their schools.

The thing is, there is very very little fraud in public schools because of the sadistic auditors who crawl through every single receipt and payroll log. It's nearly impossible to get away with anything above a couple of dollars in a public school for more than one year: They get audited at least once a year.

But the huge wall street investment houses are rife with it. It's standard operational procedure.

So, while you've been obcessing about your school tax bill, the lobbyists have been redistibuting your wealth, and they're just getting started, and your congress and senate are most likely complicit, as are your "media."

But that's OK. Just keep on blaming your local school for all your troubles. Remember that I told you, they're the last people capable of ripping you off.

Let alone the Democrats. This could turn out not so good if they drum up false charges against Dems.

False security thinking they have it under control so the money will be approved.

!