Treasury Taps Two Accounting Firms For Bailout Fund

The Treasury Department is hiring PricewaterhouseCoopers  and Ernst & Young to help it with the Trash Asset Relief Program.

“The firms will help the Department with accounting and internal controls services needed to administer the complex portfolio of troubled assets the Department will purchase, including whole loans and mortgage backed securities,” the Treasury said in an official press release. “PricewaterhouseCoopers will help the Department establish a sound internal control posture and Ernst & Young will provide general accounting support and expert accounting advice”

PWC’s initial take will be just $191,469.27. E&Y is getting $492,006.95. But both those fees are likely to go up as attempting to run the numbers on junk assets that no one wants will be hellishly complicated.

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