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24 January 2009

Paulson's $140 Billion Surprise


It's a little-known story about the financial crisis. During the frenzied events of the fall, Henry Paulson rewrote a piece of the tax code to expedite mergers. The quiet alteration amounts to an estimated $140 billion windfall for big banks. Some critics say Paulson's move was too autocratic, others argue that it was much more than that-that it was downright illegal. Will Tim Geithner and the Democrats attempt to correct the wrong?

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