Specifically, Grassley is concerned about a tax code change that paved the way for the acquisition of Wachovia by Wells Fargo. An ex-Goldman executive was leading Wachovia at the time of that deal.

Here's the answer he'll get from Treasury and Paulson: these are dangerous times and anything that was done was for the good of the country. In other words, they'll drag out the old national security argument.

Grassley will become a minnow in the next Democrat-controlled Congress. But the Democrats need to take up the baton, turn it into a club and see just what Paulson has been up to.

As I've written before, Paulson has admitted that part of his job was to keep in touch with "market participants." Calling his friends on Wall Street - and especially at Goldman - would be an odd extension of the role of Treasury secretary and I certainly would like to know what he felt compelled to tell these folks.