Big 4 financial services firms PricewaterhouseCoopers (PwC) and Ernst and Young have been chosen by the US government to help rescue the country’s troubled banks .
PwC has hired selected as the auditor for the $700 billion (£428 billion) Troubled Asset Relief rescue programme, with Ernst and Young taken on board to provide support .
According to statement by the US Treasury, the firms have been hired to help with " accounting and internal control services needed to administer the complex portfolio of troubled assets the department will purchase, including whole loans and mortgage -backed securities".
PwC will initially receive $191,469.27 for its services, while Ernst and Young will pocket $492,006.95 at the outset, with the contracts lasting until September 30th, 2011.
The US government agreed upon a $700 billion bailout of its leading financial institutions last month in an effort to revive the global finance sector and stabilise economies around the world.
Big 4 Firms Hired For US Bank Bailouts
Tue, 28 Oct 2008
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