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Wednesday, September 24, 2008
The Hot (Warm?) Breath of the Law
Maybe there's potential job growth in one sector of our economy at least ... forensic accountants.
We learn this a.m. that the F.B.I. is investigating the American International Group (AIG), Freddie Mac, Fannie Mae, Lehman Bros., IndyMac Bancorp Inc., and Countrywide Financial Corp. for accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. In fact, F.B.I. Director Robert Mueller admits that he's got 24 large financial firms under investigation.
'Bout time.
But this news does raise another, related issue. The Bush administration wants Congress to donate up to $1 trillion to this bunch of thieves for their worthless paper "securities"? Boggles the mind.
We learn this a.m. that the F.B.I. is investigating the American International Group (AIG), Freddie Mac, Fannie Mae, Lehman Bros., IndyMac Bancorp Inc., and Countrywide Financial Corp. for accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. In fact, F.B.I. Director Robert Mueller admits that he's got 24 large financial firms under investigation.
'Bout time.
But this news does raise another, related issue. The Bush administration wants Congress to donate up to $1 trillion to this bunch of thieves for their worthless paper "securities"? Boggles the mind.
Labels: bank failures, Bush administration, Bush economy
