Friday, October 24, 2008

Treasury Reports On Where Your $700 Billion Is Going

The Treasury Department has hired two big accounting firms to help keep tabs on the government's financial-industry rescue program.

The Pricewaterhouse Coopers contract (below) released by the Treasury Department on Tuesday has blacked-out text in the area covering the firm's bid, and also conceals the name of the PricewaterhouseCoopers partner who signed the deal.

The Ernst & Young contract has no blacked-out sections, just notes saying that two parts of the agreement were redacted. Those were the firm's price quotation and technical quote.

The Treasury Department put out an announcement about a major bailout-related contract with Bank Of New York Mellon. The copy of the agreement (below) that was made public had blacked-out paragraphs in the section covering Bank of New York Mellon's compensation.



  1. So now we are not even allowed to know what these firms are being paid or even who is some cases is being hired.

    And I am betting that Ernst & Young and Pricewaterhouse Coopers were the accounting firms for many of the banks which are now falling.

    Every day I think to myself that the corruption and fraud can’t get worse and then I read another story and realize that it has.

    They keep on saying they are fixing things, but they keep on using methods which got us into trouble, bad lending practices, hiring the incompetent and crooked, creating complex deals which are non-transparent, using accounting practices that cover up what is happening, and sweetheart deals for their buddies.

    You can’t fix something by using methods and practices that broke it in the first place.


  2. Great Article! a new blog giving deeper meaning into the $700 billion bailout or rescue plan