FBI Investigated LEH FNM FRE AIG for FRAUD

[Adam Brooks]

http://www.marketwatch.com/news/story/story.aspx?guid={D8614DC5-8659-4306-BCDF-9B0682462A3C}&siteid=rss

WASHINGTON (MarketWatch) -- The FBI is investigating four big U.S. financial institutions whose collapses helped trigger the government's proposed $700 billion plan to rescue troubled financial markets, according to media reports late Tuesday.
The Associated Press, citing unnamed law enforcement officials, reported that the FBI is investigating potential fraud at mortgage giants Fannie Mae and Freddie Mac and insurance giant American International Group Inc. Wall Street brokerage Lehman Brothers Holdings Inc is also under investigation, the AP reported, citing a senior law enforcement official.

Sounds good to me, accounting fraud is well known about LEH :thumbsup

[Prince Valiant]

Hasn't freddie and fannie LONG been targets of fraud investigations? Not to mention being fined as much as over 100 million (iirc) as well as other significant fines, they are seemingly always being found guilty/paying for one accounting malfeasance or another.

[Adam Brooks]

That i don't know actually but it wouldn't surprise me. I do know that they've been using the mark to market accounting method forever which allows for lots of creativity.

[Karps TA]

You mean Sarbanes Oaxley didn't cure the world of corporate accounting fraud? Wow shocking.

[GRNDNL]

and these are the same people that want to run your health care.......:shades

[Cryptic]

I wanna see some high rollers in cuffs... Its bullsh!t that some company and their employees going to keep getting a paycheck when they failed.


http://www.msnbc.msn.com/id/26837854[/url]"]There were a number of actors: borrowers who reached too far, mortgage brokers who pocketed big commissions on loans they knew were bad and Wall Street banks that packaged those bad loans, applied a little alchemy and sold them to investors, who didn’t bother to check carefully what they were buying and relied on rating agencies who gave their unfounded blessing on the investments.

Seriously, all these bastards are probably making stupid money and now the company goes under. So now the tax payer's have to bail their ass out so the economy doesn't tank. pure bullsh!t

[Prince Valiant]

Here's but ONE of the problems though Andy...mortgage guys COULD put in loans they knew were bad because Fannie/Freddie garunteed them...IE, the point of the Hybridization of gov't and private lender (which both fannie/freddie were) was to ensure that there was no "redlining" (a loaded term simply because it implied that loans were denied for reason of race or was arbitrary instead of being based on a sound supportable business case that the loan was a *high risk* and therefore, not a wise loan to make).

Make bad decisions, the taxpayers will cover you if you lose.

[Cryptic]

shinanigans

[Adam Brooks]

PV thats correct.

update:

heres what i got back from Feingold regarding my complaint abut the bailout:
"
Message from Senator Russ Feingold - DO NOT REPLY <senator@feingold.senate.gov>
to adam.@gmail.com
date Wed, Sep 24, 2008 at 12:08 PM
subject Responding to your message
mailed-by feingold.senate.gov

hide details 12:08 PM (3 hours ago)


Reply


Dear Mr. ,

Thank you for contacting me to share your thoughts on the administration's proposal to purchase up to $700 billion of bad mortgage debt. I very much appreciated hearing from you.

The Administration has sent its proposed plan to Congress for consideration. Before I decide whether or not to support it, I want to know how the taxpayers' interests will be protected, what the real cost of the plan could be, if the plan will be funded or just piled on top of our already mountainous debt, if it will include protections to prevent something like this in the future, and if the executives of the companies that are rescued by taxpayers will continue to receive multimillion dollar compensation packages. I recognize that Treasury Secretary Paulson and Fed Chairman Bernanke have a tough job, but the administration is asking Congress to provide nearly one-third of the total federal budget to the Treasury Department for this rescue plan.

Again, thank you for contacting me. Please feel free to do so again on this or any other issue."

nothing back yet from kohl. i also placed phone calls in to another senator in NV cant think of his name. Republican totally against the bill

[4eyedstang]

a little of topic but how much money per man,women and child in the US would 700 billion dollars break down to ? just curious.
i just cant figure out how buying 700 billion in bad paper is going to help our economy

[MurphysLaw88GT]

i think 700 billion with 132 million taxpayers near 5303.03 USD (using 2006 census info)?


132 million taxpaying people as of 2006
http://www.census.gov/compendia/statab/tables/08s0467.pdf

http://www.census.gov/compendia/statab/cats/federal_govt_finances_employment/federal_individual_income_tax_returns.html

[4eyedstang]

thanks my calculator couldn't handle all those digits. think i would just take the $ and stimulate the economy with some new mods :goof
f#uck fanny and freddie

[Karps TA]

a little of topic but how much money per man,women and child in the US would 700 billion dollars break down to ? just curious.
i just cant figure out how buying 700 billion in bad paper is going to help our economy

Cause if the govt doesn't then the banks have no money to borrow anyone else. And if that happens, good luck going to the ATM and pulling out any cash. Banks will stop lending, which means lots of people won't get paychecks because lots of companies have credit lines in order to make payroll while their recievable get collected.

This baillout has to happen. And it could actually turn around and be a good thing for people in the long term from everything I've read and heard. There's some real smart people who are all for it and say it needs to happens.

[Adam Brooks]

http://tw.youtube.com/watch?v=mbD62gNi9WE