FBI Investigating Failed, Bailed, Financial Firms

The FBI has launched a fraud probe into Fannie Mae, Freddie Mac, Lehman Brothers and AIG. Sounds kinda like a move to placate the masses. “We’re on it.” No doubt in response to the seething outrage sweeping the nation over the size and audacity of the bailouts, however needed they might be. Sounds like an easy job. Sorta like dipping your hand in a barrel of ink and trying to pull up black stuff.

FBI probing bailout firms [CNNMoney]

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  1. Yeah they’ll even hold out the barrel. The problem is by the time they get that “black stuff” into court it will actually be Navy Blue, and everyone in charge will have skipped away scott free.

  2. Invective says:

    The truth is that the Senators & candidates that agreed to the deregulation who started the whole problem, will not allow this investigation to go to fruition. Just like the way the former Idaho Governor Interior Secretary testified recently in front of congress how they could not prosecute the man in charge and responsible for all the recent corruption that took place with the oil & gas industry royalties. (The corrupted pot calling the kettle black, while protecting the pot from any real heat.) PAC money insures and guarantees successful corruption. They’re all counting on America having a short memory.
    The same lobbyists who put forth the deregulation in 2005 are this very minute, writing the supposed bail out plan. Stupidity is doing again what it was that caused you the pain in the first place. Certain CEOs are making plans for their permanent trip to Dubai and the criminals will go free. Congress is rubbing it’s money grubbing hands together and can’t wait for their piece of the pie. The sad truth is people are without homes, families being torn apart, no support system in place, government oversight funding gutted, our medical system is a sham and the American economy is in meltdown. Let those companies burn. It’s what they’ve done to us and will continue to do if we give them a free pass.
    Greed is killing America…

  3. 4ster says:

    I just hope the poor CEOs are going to be alright. Won’t anyone think of the poor CEOs?

  4. usa_gatekeeper says:

    … “The law enforcement officials spoke on condition of anonymity because the investigations are ongoing and are in the very early stages.”

    Now even the FBI is leaking inside info for effect?

    Cripes! The FBI should first be going after all of the illegal naked shorts that have been flaunting the law for a long time!

  5. redkamel says:

    hey, maybe it will work. I kinda doubt it, but its a step in the right direction. You would rather there be no investigation? A congressional inquiry WOULD be totally awesome though.

  6. Crazytree says:

    token move aimed at appeasing some of the opponents of the bailout in Congress.

    actual net effect: 0

  7. Brazell says:

    There was an investigation … 5 years ago… It positively reported massive amounts of fraud and the biggest financial scandal in US Gov’t history. Other than John Sununu, nobody did anything about it.

  8. Trai_Dep says:

    But wait. Weren’t Republicans supposed to bring dignity and honor to Washington? Wha happened?

  9. MrGutts says:

    So what if all of them are found out they have all been naughty. So when Congress gives them money after the fact, does that mean congress is contributing to criminal activity and supporting it? Not that it matters because no one in Congress can go to jail.

    PS: I still HATE this stupid comment system that is really a forum now.

    • m4ximusprim3 says:

      @MrGutts: Not to be off topic, but I agree with gutts. Trying to follow a convoluted conversation was half the fun. This is just like, well, engadget. *shudder*

  10. alstein says:

    The best way to take action against those who ruined thing is to create a national registry like the sex offenders, post their names, pics, and properties on a website and let people shame them into self-loathing.

    Treat them like sex offenders.

  11. JustThatGuy3 says:

    Exactly what _crimes_ are these guys supposed to have committed? Specifically?

  12. Cycledoc says:

    Closing the barn door after……..

    Is it a crime to show poor judgment and believe in a economic philosophy that doesn’t work–and has led to several financial disasters over the last 20 years? If it happens once shame on you, if it happens twice (or more) shame on me. More deregulation anyone?

    Dragnet was LAPD not FBI!

  13. stacye says:

    I’m betting it’s Scooter Libby in some kind of weird old man Scooby Doo mask.

  14. wesrubix says:

    I see the bailout as a shortsighted condoning of unwanted behavior. Let’s look at this from a behavior shaping perspective: ignore the behaviors you do not want, and encourage the behaviors you do want.

    These large financial companies that are collapsing wrote their own doom, and the banking committee is advising the government to save them as if they did nothing wrong.

    The world will go on, as will the US economy, even if these investment firms fall apart. The larger banks and firms didn’t start large. We still have strong and steady smaller banks doing just fine, along with other large banks who didn’t participate in the profit driven greed and unnecessary risk that got the failing firms to where they are.

    I saw a comment a few days ago that said something to the effect of: these corporations exist and undergo fault and laws just like people do, so we should treat them that way.

  15. MerciHaruhite says:

    Interestingly enough, two former Fannie Mae CEO’s, Franklin Raines and Jim Johnson, are economic advisers to the Obama campaign. Both may likely be in the cross hairs of such an investigation.

  16. @MerciHaruhite: Yes, Johnson was a CEO…about ten years ago. And the Raines “being an Obama advisor” nonsense is known to simply be another case of McCain making stuff up.

  17. MerciHaruhite says:
  18. @MerciHaruhite: [nmorton.wordpress.com]

    I am wondering why McCain is even spouting this crap given his staff’s lobbying efforts against regulation for Fannie/Freddie. It is just more of the same flat out dishonesty that has been documented with McCain repeatedly.