FBI 'struggles with wave of white-collar crime'

The United States' Federal Bureau of Investigation (FBI) is facing a shortage of investigators and resources to deal with a wave of corporate fraud and white-collar crime related to the country's economic crisis, it has been reported.

According to the New York Times, the agency is "seriously exposed" to white-collar crime because since September 11th, government focus has been on counter-terrorism work. Since the 2001 attacks, it adds, approximately one-third of all FBI agents in criminal work have been assigned to national security roles.

However, with criminal investigations underway into institutions such as Fannie Mae and Freddie Mac - who between them guaranteed around half the home loans in the US - there are concerns the FBI does not have enough boots on the ground to respond.

Amid a mood of "national alarm", the FBI has developed plans to double the number of agents assigned to financial crime - although some observers have questioned where the reinforcements will come from.

Figures from the Justice Department covering other federal agencies show a decline in overall financial crime prosecutions, with fraud cases down 48 percent between 2000 and 2007.