Commodity Online
WASHINGTON : Federal Bureau of Investigations joined other bureaus in investigating whether any fraud involved in the financial crumbles involving top US companies.

The FBI is investigating whether fraud played a role in the troubles at Fannie Mae, Freddie Mac, Lehman Brothers and American International Group.

At the same time, the Securities and Exchange Commission has opened more than 50 investigations into disclosure and valuation of housing-related investments at banks, insurers and credit-rating agencies, Chairman Christopher Cox told the Senate Banking Committee Tuesday.

The wide-ranging probes are operating at different stages of development and no charges are imminent.

Analysts cautioned that mortgage-related cases presented significant challenges for investigators because of their complexity, which they said surpassed even the five-year-long probe into wrongdoing at Enron.

The news of fresh investigative interest comes as lawmakers fiercely debate the merits of a Bush administration bailout package that would help lenders unload more than $700 billion of underperforming assets on a taxpayer-funded entity.

Public outcry over the rescue plan is heightening calls for accountability in corporate suites. Lehman Brothers filed for bankruptcy protection earlier this month. Mortgage finance companies Fannie Mae and Freddie Mac are operating under the auspices of the federal government, and insurer AIG recently received a federal loan of up to $85 billion in return for government control of the company.