Another reason to put a hold on the Paulson plan

Federal investigations of potential fraud.

The FBI has opened preliminary investigations into several financial institutions whose collapse created chaos on Wall Street, law enforcement officials tell ABC News.

Investigators are probing investment bank Lehman Brothers and insurer American International Group, or AIG, for possible fraud, according to law enforcement officials.

A senior official tells ABC News that lending giants Freddie Mac and Fannie Mae are in the government's sights, as well.

Of course, federal investigations never stopped the Bush Administration from doing anything. But that doesn't mean that Congress should give King Henry $700 billion to bestow upon his former employer and friends.

So while the FBI conducts its investigations, perhaps Congress can do its due diligence on behalf of the American people so as not to be defrauded by the same characters that brought us this financial mess. Bad decisions are one thing to ask the American people to pay for. But it's unconscionable to ask them to pay for criminal behavior.