Two big accounting firms chosen for rescue program
Published 8:32 am Tuesday, October 21, 2008
WASHINGTON (AP) – The government has selected two major accounting firms to help it manage the $700 billion rescue program for the financial system.
The Treasury Department said Tuesday it had chosen PricewaterhouseCoopers to be the auditor for the program. Ernst & Young will provide general accounting support.
The two firms will work on the part of the rescue program that is handling the purchase of troubled assets from banks as a way of encouraging them to resume more normal lending.