Crisis Commission Argues on IRS Assistance for Wachovia


The Financial Crisis Commission has put forth its argument that Wells Fargo & Co’s purchase of Wachovia was with government assistance despite the widely held belief that it was not. The IRS had changed the tax code just after the Federal Deposit Insurance Corporation (FDIC) announced it would provide open-bank assistance to Wachovia. Although the change had allowed Wells Fargo to purchase Wachovia without FDIC help, it still constituted as government assistance. According to the Commission, this has resulted in a significant loss of revenue to the Treasury.

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