Hundreds of companies under investigation of FBI for crisis reasons

The number of major corporations and banks under the investigation of the FBI, aimed at establishing the culprits of the current financial crisis, is growing. The figure that last year stood for 24 entities later rose to 38 which is now to climb to hundreds as reported by the bureau. Apart from investigating into the meltdown roots the officials have also launched several investigations related to the $700 billion TARP initiative.

The U.S. Congress is seeking to tighten fraud laws demanding the Justice Department to prosecute financial crimes more proactively and aggressively to protect taxpayers’ money from being pocketed by unscrupulous managers of the companies where the government allocates bailout funds.

"I want to see people prosecuted," said Senate Judiciary Committee Chairman Patrick Leahy said. "Frankly, I want to see people go to jail."

The names of the companies investigated were not unveiled by the bureau with the only remark that ‘these are companies, businesses that everybody knows about’.

Meantime, investigations related to the $700 billion Troubled Asset Relief Program are already being conducted.

Neil Barofsky, special inspector general for the program, notes: “We have already opened several criminal investigations involving multiple jurisdictions, and ... are closely coordinating our executive-compensation oversight efforts with the New York State Attorney General”.