Report: FBI investigating bailed out companies
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Washington - The Federal Bureau of Investigation is examining possible criminal activity at 26 companies including recent bailout recipients Fannie Mae, Freddie Mac and American International Group Inc (AIG), according to media reports. Major investment bank Lehman Brothers, which declared bankruptcy last week, is also on the list of firms in the FBI's probe of accounting and other possible irregularities, the Bloomberg financial news agency reported late Tuesday, citing a senior law enforcement official. Linked in large part to failing mortgage securities, the four firms are among several Wall Street titans that have stumbled in the last year, peaking with this month's financial crisis. Even after the rescues of Fannie and Freddie, both federally chartered mortgage backers, and AIG, the largest US insurance conglomerate, the federal government is seeking authority from Congress for a staggering 700-billion-dollar package to buy up failed assets that have brought credit markets to a near standstill.
Copyright DPA
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