The FBI already has 600 fraud cases involving TARP & The Stimulus Bill.

[Soul Crusher]

FBI targets fraud in TARP, stimulus fund
Tue Jun 2, 2009 2:08pm EDT  Email | Print | Share| Reprints | Single Page[-] Text

 

More Business & Investing News... By Grant McCool and Martha Graybow

NEW YORK (Reuters) - The FBI is working with other U.S. agencies to prevent wrongdoing related to government bailout money and the economic stimulus package, in what could be the "next wave" of financial fraud cases, Director Robert Mueller said on Tuesday.

Mueller said in a speech to the Economic Club of New York that the FBI, U.S. Securities and Exchange Commission and the inspector general of the Troubled Asset Relief Program were working to track where federal money is going.

"With billions of dollars at stake -- from the purchase of troubled assets to improvements in infrastructure, healthcare, energy and education -- even a small percentage of fraud would result in substantial taxpayer losses," Mueller said.

He also said the agency was shifting resources in New York, home of Wall Street and many financial institutions, to combat white-collar crime.

Mueller told the luncheon gathering that the agency had 1,300 securities fraud cases, including many Ponzi schemes.

The FBI is investigating more than 580 corporate fraud cases, he said.

The FBI has been bracing for a wave of fraud and corruption cases stemming from the government's multitrillion-dollar effort to stimulate the economy and help ailing banks.

Mueller said the FBI and other agencies wanted to be proactive in making sure that government funds will be used appropriately.

"We must collect the intelligence necessary to target potential waste and abuse at all levels, and we must do so before it fully develops," he said. "To that end, we must be able to follow the money all the way down the line."

(Reporting by Grant McCool and Martha Graybow; Editing by Lisa Von Ahn)

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Your tax dollars at work.

[24KT]

FBI targets fraud in TARP, stimulus fund

Your tax dollars at work.

Would you prefer they simply ignore the situation?
You complain about fraud, ...but then you complain if and when fraud is investigated & prosecuted.

I think you're confused... or do you just like to complain? 

[Al Doggity]

Mueller said the FBI and other agencies wanted to be proactive in making sure that government funds will be used appropriately.

"We must collect the intelligence necessary to target potential waste and abuse at all levels, and we must do so before it fully develops," he said. "To that end, we must be able to follow the money all the way down the line."

There will be fraud. That's inevitable. This article sounds like the FBI is taking preventative measures.

[Soul Crusher]

There will be fraud. That's inevitable. This article sounds like the FBI is taking preventative measures.

There is 600 investigations already underway. 

[Al Doggity]

All of these investigations aren't related to the stimulus bill. In his speech, Mueller specified that one of those cases was Madoff. Most of those cases probably predate any stimulus money even being given out.

As the article you posted also states, the fbi is using a lot of preventative measures. The intelligence gathering probably counts as cases.

[Soul Crusher]

All of these investigations aren't related to the stimulus bill. In his speech, Mueller specified that one of those cases was Madoff. Most of those cases probably predate any stimulus money even being given out.

As the article you posted also states, the fbi is using a lot of preventative measures. The intelligence gathering probably counts as cases.

that is because TARP predated the stimiulus by almost 5-6 months.

[24KT]

There will be fraud. That's inevitable. This article sounds like the FBI is taking preventative measures.

These FBI investigations could also account for the huge numbers of businesses rushing to give the money back. 

[Soul Crusher]

These FBI investigations could also account for the huge numbers of businesses rushing to give the money back. 

If we had some transparency, we would know who got the damn money in the first place and how much. 

This was Bush/Paulson/Geithner/Pelosi/reid/Bernake's biggest sin in the TARP.  It was a three page document that gave the Teres. Sect the power to do anything he wanted and give whatever to whoever without transparency.

[24KT]

If we had some transparency, we would know who got the damn money in the first place and how much. 

This was Bush/Paulson/Geithner/Pelosi/reid/Bernake's biggest sin in the TARP.  It was a three page document that gave the Teres. Sect the power to do anything he wanted and give whatever to whoever without transparency.

On whose watch did this occur?

[Soul Crusher]

On whose watch did this occur?

There were four people in the room Jag. when TARP was hatched. 

Bush/Paulson/Geithner/Bernake

Stop with your partisan immaturity.  Its embarassing. 

Dont you realize that Bush and Obama are controlled by the same people? 

 

[24KT]

There were four people in the room Jag. when TARP was hatched. 

Bush/Paulson/Geithner/Bernake

Stop with your partisan immaturity.  Its embarassing. 

Dont you realize that Bush and Obama are controlled by the same people? 
 

So Bush/Paulson/Geithner/Bernake do something while Bush is pResident, ...but Obama get's the blame?
Gotcha! Whatever was I thinking? Thanks for setting me straight! I broke a nail yesterday.
Obama wasn't even in the room, ...but you know what, ...it was probably his fault ... right?

Hey, ...Maybe Jesse ventura was right? Maybe Cheney was responsible for the Tate murders afterall?
Does anybody know where he was that night? Who cares, it doesn't matter right? 

ps: I think Michelle Obama had far less influence over Bush than you think. 

[Soul Crusher]

So Bush/Paulson/Geithner/Bernake do something while Bush is pResident, ...but Obama get's the blame?
Gotcha! Whatever was I thinking? Thanks for setting me straight! I broke a nail yesterday.
Obama wasn't even in the room, ...but you know what, ...it was probably his fault ... right?

Hey, ...Maybe Jesse ventura was right? Maybe Cheney was responsible for the Tate murders afterall?
Does anybody know where he was that night? Who cares, it doesn't matter right? 

ps: I think Michelle Obama had far less influence over Bush than you think. 

You are a blind partisan moron of worst sense. 

What dont you get?  Obama was bankrolled by these people, not the little donors. 

What you refuse to understand is that the same people are running the show under Obama as was Bush.  Goldman Sachs, Paulson, Geitner, et al run the ashow, not your boy wonder.

 

[24KT]

Goldman Sachs, Paulson, Geitner, et al run the ashow, not your boy wonder.
 

Well if Obama isn't the one running the show, ...why are you blaming him?
He's just a guy with a cool house, who get's to make a lot of fancy speeches then huh?

[Al Doggity]

that is because TARP predated the stimiulus by almost 5-6 months.

No. What I'm trying to tell you is that the quote is taken out of context. The number Mueller gave is the total number of fraud cases currently open by the FBI. He specifically pointed out that the number included Madoff, whose crimes are neither TARP or stimulus package related. There may be some TARP cases, there may be some stimulus related cases, but they aren't the majority of the cases. On top of that, there is a strong likelihood that any TARP/stimulus related cases are simply intelligence gathering. The speech Mueller gave was actually about the fact that the tidal wave of fraud he's anticipating hasn't occurred yet.