Tuesday, September 23, 2008

Oh for Pete's sake

From the AP:
The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned.

Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae (FNM) and Freddie Mac (FRE), and insurer American International Group Inc. (AIG) Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. (LEH) also is under investigation.

The inquiries will focus on the financial institutions and the individuals that ran them, the senior law enforcement official said.


Michael said...

What's the problem? Sounds like there may be very good reasons to suspect criminal activity.

Stephanie said...

Oh no, you misunderstood me which I guess is easy to do since I didn't really explain. I also suspect criminal activity. I meant, "Oh for Pete's sake, you people (financiers we'll call them) traded and mortgaged and gambled us into this thing, and then you abscond with the cash and leave the rest of us holding the bag?!"