This news isn’t all that surprising . After all bubbles create greed and greed creates criminals , so it’s just a matter of time before the prison parade begins. Deja vu.
The FBI isn’t disclosing which companies are under investigation but undoubtedly some big, recognized names are in this group. The investigation began in spring of 2007 and includes companies across the financial services industry, from mortgage lenders to investment banks that bundle home loans into securities sold to investors.
Chief of economic crimes unit Neil Power said, "We’re looking at the executives to see if they were committing insider trading."
Who’s in cuffs first? Angelo Mozilo of Countrywide? Stanley O’Neal of Merrill Lynch? Let the wagers and blame game begin.
Should be interesting to watch these guys testify to Congress on Feb 7th.