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FBI probing bailout firms
Investigators start search for fraud at Fannie Mae, Freddie Mac, Lehman Brothers and AIG, sources say.


Last Updated: September 23, 2008: 7:54 PM ET

WASHINGTON (AP) -- The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration.

Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), Lehman Brothers Holdings Inc. (LEH, Fortune 500), and insurer American International Group Inc. (AIG, Fortune 500)

The inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them, a senior law enforcement official said.

Officials said the new inquiries brings the number of corporate lenders under investigation over the last year to 26.

http://money.cnn.com/2008/09/23/news/companies/fbi_finance.ap/index.htm?cnn=yes
 
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