Washington Post: Wall Street Scrutinized for Fraud, Fat Paychecks (09/24/2008)
The FBI's decision to investigate criminal wrongdoing at four troubled financial firms at the center of the market's dramatic shakeup represents one of the bureau's largest undertakings in years, a potentially more daunting task than the five-years-long investigation into Enron. Federal officials announced that they will probe Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc. and American International Group Inc., bringing to 26 the number of financial institutions under scrutiny, The Post's Carrie Johnson reports. (CNN reports that Countrywide Financial is part of the investigation, too.) ... The highest profile criminal cases related to the housing crisis so far involve two former Bear Stearns hedge-fund managers indicted in June for allegedly misleading clients about the risk of certain investments, a case that took months to establish.
Federal officials announced that they will probe Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc. and American International Group Inc., bringing to 26 the number of financial institutions under scrutiny, The Post's Carrie Johnson reports. (CNN reports that Countrywide Financial is part of the investigation, too.)
...
The highest profile criminal cases related to the housing crisis so far involve two former Bear Stearns hedge-fund managers indicted in June for allegedly misleading clients about the risk of certain investments, a case that took months to establish.
Here's one Joe Citizen's blog. It ain't purdy but, damn, it's dedicated.
http://www.auctionratepreferreds.org/
I'd be pleased if attorneys general continue to prosecute, but I don't expect that to happen since they inevitably hit the federal law wall which protects the FRB member banks from all sorts of litigation.
Enter FBI: If the next executive gives a damn, FBI material evidence could provide the basis for DoJ litigation of malfeasance defined by federal statutes. The US political economy being what it is however, I suspect prosecution to end at class action settlement, minimum civil damages award, distributed among creditors. How likely is that to occur? LOL, well, DP caucus in both chambers is "battling" for the bailout "remedy" to bar all other possible remedies.
Funniest post ever, mebe. Earth to Dems: Stop Trying to Own The Bailout I don't know everything. Diversity is the key to economic and political evolution.
