by Daniel Costello

The Feds are investigating the possibility that fraud may be partially to blame for the demise of four financial institutions at the heart of the current crisis, according to reports late Tuesday.

The FBI is investigating Fannie Mae, Freddie Mac, insurer American International Group, brokerage house Lehman Brothers and the people who ran them, the reports say.

It's still early and skeptics are already saying this could be more about politics than any real criminal activity. We're just going to have to wait and see.