January 9, 2009

The congressional panel overseeing the U.S. Treasury’s $700 billion financial rescue has opened a review of the government’s equity purchases in Citigroup Inc. and seven other lenders to see if taxpayers got a good deal.

The five-member committee, scheduled to issue a report tomorrow, is demanding the Treasury turn over a range of documents relating to the investments. The request covers confidential materials such as bank examination reports and has sparked concern among financial services firms.