TITLE

FCIC Challenges Official View of Wachovia's Aftermath

AUTHOR(S)
Borak, Donna
PUB. DATE
September 2010
SOURCE
Mergers & Acquisitions Report;9/6/2010, Vol. 23 Issue 36, p26
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the arguments of members of the Financial Crisis Inquiry Commission (FCIC) during a hearing on the collapse of Wachovia Corp. They wonder how the Internal Revenue Service (IRS) helped Wells Fargo & Co. purchase the banking company without direct government support. The panel's chairman, Phil Angelides, says they should have done more to head off a collapse, citing multiple warning signs. Robert Steel, a former chief executive officer (CEO) of Wachovia, argues that the IRS deal was not a government bailout.
ACCESSION #
53455509

 

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