Tuesday, October 21, 2008

Thank Goodness Pricewaterhousecoopers and Ernst & Young will be watching our money....

Treasury hires PricewaterhouseCoopers, Ernst & Young to help with bailout plan

WASHINGTON (Thomson Financial) - The accounting firms of PricewaterhouseCoopers and Ernst & Young have been hired by the Treasury Department to help the government implement the $700 billion Wall Street bailout program.


Treasury said today it signed blanket contracts last week that will allow both firms to perform tasks on an as-needed basis related to the implementation of the bailout program. Both contracts last through September 2011.

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Hmmm, where have I heard those company names recently?

Tough Questions for AIG's Auditors (Pricewaterhousecoopers)

PricewaterhouseCoopers was Freddie Mac’s auditor

Lehman Brothers was audited by the New York office of Ernst & Young. On Jan. 28, 2008, the firm gave a clean bill of health to Lehman for the year to Nov. 30, 2007.

To be fair, there are only about 4 big accounting firms any more and whoever they picked to work with the TARP was going to be tainted by one of the collapses. Again, anyone with two seconds and an Internet connection might think that it is worthwhile to check to see if PWC and E&Y had worked for any of the collapsed firms.

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