The US Federal Bureau of Investigation confirmed Wednesday that it is probing allegations of fraud by 24 Wall Street firms, without naming investment giants believed to be under investigation.
US media said late Tuesday that the FBI has set its sights on investment titan Lehman Brothers, mortgage giants Fannie Mae and Freddie Mac and insurer AIG.
The wide-reaching inquiry comes as lawmakers rush to agree a 700-billion-dollar government bailout of the troubled US financial sector.
Heh. No wonder Paulson wants the $700B so fast with no questions. His Wall St. bros need the money quick! For legal fees/getaway money!
Also no wonder that these assholes absolutely need McCain to get elected so they can shut down the investigation. His campaign manager Rick Davis was getting paid by Freddie Mac until a few weeks ago.
This is sounding more and more like an inter-related criminal conspiracy by the Bush administration, Treasury, Wall St., and the McCain campaign to sack our treasury and make sure it stays sacked with no recourse for us.
You needn't go read this since he's backing Paulson's plan, but Warren Buffett is calling the meltdown 'an economic Pearl Harbor'. Very apt analogy.
Let me assign a few roles here: The investment banks are taking the role of Kido Butai, the strike force of aircraft carriers that launched the attacking planes, represented by their employees, the loan marketers, secondary marketers, bundlers, leveragers, and the janitor. Paulson is, of course, Admiral Yamamoto who planned the attack, for right now, although this part has rotated amongst several bad actors.
The people who foresaw the upshot of the attack on our financial system take the roles of the two radar operators on the North Shore of Oahu who saw the planes coming. In right-on and spectacular typecasting, Congress and the regulatory agencies play the military leaders who ignored them until it was too late, the difference being that this time they were told to ignore them by Bush and lobbyists.
(Wiki) The first wave was to be the primary attack, while the second wave was to finish whatever tasks remained
The bailout plan is the second wave.