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Unfortunately I believe that we are limited in what we can focus on. I think that if we proceed with the partisan sideshow of prosecuting Bush admin. officials, healthcare will get lost in the brouhaha.
— Posted by denamom, Obama's Quandary...

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Wall Street Criminal Probe Widens

POSTED: 03:08 PM ET, 09/29/2008 by Derek Kravitz

As news of Congress' failure to pass a sweeping $700 billion bailout package for Wall Street sent stocks tumbling, investigators continued today to pursue potential criminal cases against firms and bankers accused of contributing to the market collapse.

Federal prosecutors on Friday issued subpoenas for mortgage-finance giants Fannie Mae and Freddie Mac to produce documents dating back to January 2007. Federal prosecutors with the Southern District of New York and officials with the Securities and Exchange Commission would not say what they are seeking.

Bloomberg reported that reviews of the two companies' books in the weeks before their Sept. 7 takeover by the federal government found that they were using accounting methods that obscured the "low quality" of capital reserves.

The FBI has already begun an investigation into the subprime mortgage collapse. Investigators are looking at 26 companies, including Fannie and Freddie.

In separate statements, both companies said they would cooperate with the investigations, The Post's Zachary Goldfarb reported today.

By Derek Kravitz |  September 29, 2008; 3:08 PM ET Economy Watch
Previous: Stevens Judge 'Livid' After Witness Sent Home | Next: Gas Firm Pleads Guilty To Releasing Pollutants in Ocean

Comments

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It's a little late for this investigation.I am all for it. They all need to be put in jail and take away all their assets. This includes all members of congress and the reporters who is smoothering the America dream that our forfathers created.Stand up an be a true American.

Posted by: john long | September 29, 2008 4:15 PM

I'm kinda glad that bailout plan did not go through. Wall Street has got itself in a pickle and you could just keep further indebting taxpayers in the hope that it will make a difference but if it makes no difference then the situation is all the much worse.

We've all lived beyond our means - in US and around the world - and there are not many left who actually went through the first depression. Maybe if we have to fight through some hard times we might come out the other end as better people?

Posted by: JayKay2 | September 29, 2008 9:44 PM

McCain’s new ad:

http://www.youtube.com/watch?v=r2RZ0sUcVcE

AND THE PROOF OF THE PUDDING:

http://www.youtube.com/watch?v=_MGT_cSi7Rs

Posted by: Chris | September 30, 2008 5:08 PM

Gee - While begin the investigation in January 2007? Is that so Obama can avoid investigation? The fact they are only going back to January of 2007 is a joke and a cover-up. These problems started ten years. Although there is a statute of limitations on grand theft and embezzlement, if the crooks (and they are crooks) are still receiving money or dividends from ill-gotten gains, the crime is still occurring and there's not an issue with the statute of limitations.

This entire crisis falls at the feet of democrats. Don't be fooled by the way the liberal press addresses this issue.
Christopher Dodd, Obama, Barney Frank, Maxine Waters, Franklin Raines - on and on... The American people deserve to hear the truth and they deserve a full investigation; not some sleazy whitewash that avoids implicating Barack Obama, Barney Frank and the rest of the democrat party. Enough is enough.

Posted by: M. J. Bee | October 1, 2008 6:31 PM

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