Has Wall Street’s mighty hero Hank Paulson slipped off his pedestal? Stayed tuned later today when the government watchdog overseeing the financial bailout releases a report criticizing Paulson’s handling of the Troubled Asset Relief Program.

The report accuses Paulson of making “misleading” statements about the health of the nation’s banks last fall, according to a sneak preview in The New York Times this morning.

Paulson...