First, you crash your 158 year-old firm into an iceberg. Then the FBI shows up and wants to know whether you committed fraud while doing it.
We’ve felt bad for Dick Fuld ever since Lehman met its shocking end (Yes, it was his fault, and, yes, we feel worse for everyone else at the firm). And now we really feel bad for him.
AP: The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned.
Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. also is under investigation.
The inquiries will focus on the financial institutions and the individuals that ran them, the senior law enforcement official said.
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