Sen. Chuck Grassley has asked the Treasury Department’s inspector general to investigate the potential conflicts of interest surrounding a change to bank merger tax code made as part of the bailout package. Grassley, the most senior Republican on the Senate Finance Committee, names one of Treasury Sec. Hank Paulson’s top aides, and questions whether his and others’ ties to Wells Fargo and Wachovia executives might have prompted the change, which pushed the controversial Wachovia buyout to Wells Fargo over Citi. The unprecedented leeway given to the Treasury Department to conduct the bailout has raised concerns among lawmakers and watchdog groups that there will not be sufficient oversight. (Financial Times)
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=173050