September 24, 2008

  • $700 Billion

    One of my last blogs, I wrote about a 98 billion dollar bailout for
    AIG... That's nothing compared to what's coming... 700 Billion...

    Sept. 24 (Bloomberg) -- The FBI is investigating Fannie
    Mae    , Freddie Mac, Lehman Brothers Holdings Inc. and American
    International Group Inc.     in its probe of the collapse of the
    subprime-mortgage market, according to a senior law-enforcement
    official.

    Those companies are among 26 being reviewed by the Federal
    Bureau of Investigation for possible accounting misstatements,
    said the official, who asked to remain unidentified. The
    investigations are preliminary, the official said late
    yesterday.

    The FBI has come under pressure to hold companies
    responsible as the loan crisis rocked Wall Street and led to the
    biggest housing slump since the Depression. Financial companies
    worldwide have reported more than $500 billion in losses and
    writedowns stemming from the subprime collapse.

    Housing lenders Freddie Mac and Fannie Mae, as well as
    insurer AIG, were all taken over by the government earlier this
    month. Lehman filed for bankruptcy. The crisis has led the Bush
    administration to ask Congress to approve a $700 billion bailout
    for the financial industry...

    Read more at the link below:

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a_oZZHsX.QIM&refer=home

    ~Oneazn2nv