Investigation into Bank Sale

An Ohio Congressman is asking the Treasury Department and a House committee to investigate the purchase of National City Corporation by PNC Financial Services. Steven LaTourette has sent letters to Treasury Secretary Henry Paulson and House Financial Services Committee Chairman Barney Frank. LaTourette says federal Comptroller of the Currency John Dugan steered $7.7 billion of taxpayer bailout money to PNC, and that Dugan was an attorney at a Washington firm that represented PNC before taking his Treasury Department position in 2005. Frank says he will look into the matter.

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